Chancellor

Shop price inflation drops to 2.5% in February

Shop price annual inflation eased to 2.5% in February, down from 2.9% in January, new figures from the BRC have revealed.  The analysis shows that February’s figures are below the three-month average rate of 3.3% and that shop price annual growth is its lowest since March 2022. Non-food inflation was…

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NWEC calls for return to tax-free shopping as tourist spending gap widens

The New West End Company (NWEC) has called for the return of tax-free shopping as the gap between the number of international visitors in London and the spending associated with them widened in the final quarter of last year. According to the latest figures released by NWEC, despite a recovery…

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Today’s news in brief-5/2/24

Authentic Brands, the owner of Ted Baker, is reportedly exploring cost-saving options after terminating its relationship with AARC, the company responsible for Ted Baker’s UK operation. The potential measures include store closures, job cuts, or a Company Voluntary Agreement (CVA) to reduce rent rates or exit stores. Authentic had provided…

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Jeremy Hunt to review tourist tax ahead of Budget

Chancellor Jeremy Hunt has reportedly asked the Office for Budget Responsibility to look at whether the scrapping of VAT-free shopping for tourists should be reversed, delivering a much-needed boost to Britain’s retail and leisure sectors, according to The Sunday Times. The Office for Budget Responsibility (OBR) has been asked to…

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Currys boss criticises gov’s minimum wage plans

Currys CEO Alex Baldock has accused the government of not caring about the retail industry after claiming its decision to raise the minimum wage would “load more costs onto an already overburdened sector”.  It comes after chancellor Jeremy Hunt outlined plans to raise the legal minimum wage by 10% to…

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What’s in store for retailers in 2024?

The announcement made by Chancellor Jeremy Hunt in the Autumn Budget has unveiled a series of measures aimed at bolstering the UK economy, with the aim to particularly benefit retail. Hunt believes that the reduction in National Insurance, the freezing of business rates, and increments in the National Living Wage…

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Early signs of footfall recovery ahead of festive trading, BRC finds

The retail sector experienced early signs of footfall recovery in November as total UK footfall decreased by 0.7% in November(YoY), an improvement on -5.7% in October, according to the latest data from the BRC. High Street footfall decreased by 1.7%, an improvement on -4.6% in October, whereas Retail Parks again…

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Today’s news in brief-23/11/23

The British Retail Consortium (BRC) has criticised the chancellor, accusing him of neglecting larger businesses in his Autumn Statement. While the business rates multiplier for small businesses was frozen, larger ones received no relief. The decision to increase the business rates standard multiplier has drawn sharp criticism, with BRC’s CEO,…

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BRC accuses Hunt of ‘selling out’ retailers and customers

The British Retail Consortium (BRC) has accused the chancellor of selling out retailers and customers in his Autumn Statement delivered yesterday (22 November). In the budget Hunt froze the business rates multiplier for small businesses but offered nothing to larger ones. He also increased the National Living Wage to £11.44…

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Chancellor cuts National Insurance to 10% alongside NLW rise

Chancellor Jeremy Hunt has announced a series of measures to help boost the UK economy as part of his Autumn Budget including slashing National Insurance by 2% and freezing business rates for retail and hospitality. As part of the new measures, Hunt revealed that National Insurance will be cut from…

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