Base Rate
This coverage focuses on the UK base rate and its impact on the retail sector. Stay informed on how changes to the base rate affect consumer spending, borrowing costs, and overall economic conditions. Tailored for retail professionals, our reporting provides insights into how monetary policy influences retail pricing, supply chain decisions, and broader business strategies within the UK retail industry.
-
Dec- 2022 -15 DecemberEconomy
Bank of England raises interest rates by 0.5% to 3.5%
The Bank of England (BoE) has announced that interest rates will be raised by 0.5%, bringing the base rate of interest to 3.5%, the highest level in 14 years. At a meeting held on 14 December 2022, the Bank’s MPC voted by a majority of 6-3 to increase rates by…
Read More » -
Nov- 2022 -3 NovemberEconomy
BoE raises interest rates to 3%
The Bank of England (BoE) has raised the base rate of interest to 3%, an increase of 0.75%, as it warned that the UK is set to face its longest recession since records began. At its meeting ending on 2 November 2022, the Bank’s MPC voted by a majority of…
Read More » -
Sep- 2022 -22 SeptemberEconomy
BoE raises interest rates to 2.25%
The Bank of England has today (22 September) announced that interest rates will be raised by 0.5%, with rates rising from 1.75% to 2.25%. The latest announcement from the Monetary Policy Committee (MPC) comes as inflation remains at record highs for the UK, and marks the seventh consecutive rise in…
Read More » -
12 SeptemberEconomy
BoE delays interest rates decision
The Bank of England (BoE) has delayed its interest rates decision for one week, following the death of Queen Elizabeth II. The meeting of the Monetary Policy Committee, which was expected to further raise interest rates, is now expected to be held at 12pm on 22 September, in light of…
Read More » -
Aug- 2022 -4 AugustEconomy
BoE hikes rates to 1.75%, warns UK to enter recession until 2024
The Bank of England (BoE) has raised interest rates from 1.25% to 1.75%, marking the biggest rise in rates since 1995. In its latest announcement, the BOE also projected that the UK would fall into a recession in the fourth quarter of the year, which is expected to last for…
Read More » -
Mar- 2022 -16 MarchElectrical
Currys boosts hourly base rate for colleagues
Currys plc has today announced a 5.2% increase to the minimum pay rate of its hourly paid colleagues in the UK to £10 per hour, and £11.05 per hour in London, effective from 1 August 2022. This will result in an hourly rate increase for approximately 10,000 colleagues and any…
Read More » -
Feb- 2022 -16 FebruaryHR
M&S raises hourly pay for all store colleagues
M&S has announced it has increased its hourly pay to £10 for all store colleagues across the UK as part of a broader reward package. Set to take place from the beginning of April, over 40,000 colleagues will see their base rate of pay increase by 50p an hour from…
Read More » -
Jan- 2022 -10 JanuarySupermarkets
Sainsbury’s to raise store staff pay to £10 per hour
Sainsbury’s has revealed it will increase its basic hourly rate of pay for all Sainsbury’s and Argos store colleagues from £9.50 to £10 an hour. The pay rise will come into effect on Sunday 6 March 2022 with the first payday being 8 April 2022. For colleagues in inner London,…
Read More » -
May- 2020 -27 MayComment
Collaborating with landlords in a post-lockdown world
Earlier this month the government published its roadmap to ending the lockdown. It’s clear from the document that retail’s exit from lockdown will be slow and taken in phases. Even when retailers are allowed to reopen bricks and mortar stores, they will have to contend with a dip in economic…
Read More » -
May- 2019 -17 MaySupermarkets
Asda experiences sales dip after failed merger
Asda has seen its sales drop amid an “incredibly challenging backdrop” during which it also saw its Sainsbury’s merger plans with rival Sainsbury’s scuppered by the CMA. Asda said the decline, which ends its record of seven consecutive quarters of growth, arose due to the later timing of the busy…
Read More »
