Budget
This coverage examines the UK government’s seasonal budget announcements and their implications for the retail sector. Reporting focuses on tax changes, business rates, employment policies, and economic forecasts that directly affect retailers, brand managers, and executives. With analysis tailored to commercial strategy, the insights help professionals assess how fiscal policy shapes retail operations, profitability, and investment decisions.
-
Nov- 2024 -22 NovemberNews
Retail sales dip by 0.7% in October
Retail sales have dipped in October by 0.7% following a rise of 0.1% in September, the ONS has revealed. New figures released today (22 November) show that when compared with their pre-coronavirus pandemic level in February 2020, volumes were down by 1.5%. However, over the year to October 2024, sales…
Read More » -
15 NovemberNews-In-Brief
Today’s news in brief-15/11/24
The UK economy stagnated in Q3 2024, with GDP rising just 0.1%, a sharp slowdown from 0.5% growth in Q2. The services and construction sectors saw modest gains, but production shrank. Nominal GDP increased by 0.8%, driven by rising employee compensation. Economic uncertainty, partly due to the upcoming budget, hindered…
Read More » -
15 NovemberEconomy
BRC warns chancellor Budget could cause inflation and job losses
The British Retail Consortium (BRC) has warned that the latest budget could cause inflation and job losses, in a draft letter seen by Sky News. In the draft, the BRC estimated that the National Insurance changes would increase retailers’ tax burden by £2.3bn annually. It also argued that the number…
Read More » -
13 NovemberSupermarkets
M&S overtakes Waitrose in Middle England ahead of Christmas
Marks and Spencer has overtaken Waitrose for the first time in Middle England ahead of the Christmas season, according to the Telegraph. Unpublished market data seen by the Telegraph revealed that M&S surpassed Waitrose and every other supermarket in sales growth over the last month. According to the recent Kantar…
Read More » -
11 NovemberSupermarkets
Tesco to face £1bn increase to NI bill following Labour’s Budget
Tesco is expecting to see an increase of £1bn in its national insurance bill over the next four years following Labour’s Autumn budget, according to the Times. The chancellor Rachel Reeves has increased Employers’ National Insurance contributions in a bid to help raise as much as £40bn in taxes, pledging…
Read More » -
8 NovemberNews
Sainsbury’s CEO warns NI contributions will cause spike in prices
Sainsbury’s CEO Simon Roberts has warned that the rise in employer’s national insurance contributions announced in the Autumn Budget will cost the supermarket £140m, Sky News has reported. Roberts said that the rise of NI would cause inflation to be higher than originally predicted and that Sainsbury’s won’t have the…
Read More » -
5 NovemberEconomy
Retail sales see weak growth in October amid pre-budget uncertainty
Total retail sales in the UK nudged up by only 0.6% in October, compared with a growth of 2.6% in October 2023, as retail was hit by ongoing uncertainty surrounding the autumn budget, the BRC has reported. The BRC also attributed this slowdown to the fact that the October half-term…
Read More » -
Oct- 2024 -31 OctoberNews-In-Brief
Today’s news in brief-31/10/24
The UK retail industry has raised concerns following Chancellor Rachel Reeves’ Autumn Budget, which aims to generate £40bn through measures like a rise in employers’ National Insurance to 15% and hikes in minimum wage rates. The British Retail Consortium (BRC) has warned that the new measures, which will add over…
Read More » -
31 OctoberEconomy
Budget reaction: Retail warns that higher costs will hamper investment
The retail industry has warned that increased costs following the Autumn Budget may hit businesses hard, with retailers facing higher costs amid new measures that come into place next April, with some warning the sector will face over £2.5bn in new costs in 2025.Yesterday, chancellor Rachel Reeves announced a series…
Read More » -
30 OctoberEconomy
Budget: Increases to employers’ NI and minimum wage
The chancellor Rachel Reeves has increased Employers’ National Insurance contributions in a bid to help raise as much as £40bn in taxes, pledging to also boost long-term growth and “mark an end to short term-ism” as part of Labour’s first budget since it came into power. Employers’ national insurance contributions…
Read More »
