Chancellor

Consumer sentiment improves slightly but remains in ‘doldrums’, BRC finds

Consumer expectations for the next three months improved marginally in August but remain historically low, according to the latest data from the British Retail Consortium (BRC) and Opinium. Expectations for the state of the economy rose slightly to -32, up from -33 in July. Views on personal finances also improved…

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Inflation jumps more than expected to 3.8%

Inflation rose more than expected in July, rising to 3.8%, the highest rate in 18 months.  On a monthly basis, it rose by 0.1% last month, compared with a fall of 0.2% in July 2024. This was up from 3.6% in June, and means that inflation is almost double the…

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Iceland links food price rises to Reeves’ budget measures

Iceland has warned that food prices will rise as suppliers pass on higher costs linked to last autumn’s budget measures, The Telegraph has reported. The supermarket said the increase in employers’ National Insurance contributions and the National Living Wage was pushing up its suppliers’ labour costs, which in turn were…

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Carlyle poised to take control of Very Group from Barclay family

The US private equity firm Carlyle is reportedly expected to seize control of Very Group later this year, ending the Barclay family’s long-running ownership of one of the UK’s largest online retailers, according to Sky News. Sources told the outlet that Carlyle, which is the biggest lender to Very Group’s…

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British shoppers drive surge in EU VAT-free spending after UK scheme scrapped

British spending on VAT-free shopping in the European Union (EU) has risen more than fivefold since 2021, as consumers increasingly choose to buy luxury goods abroad rather than in UK stores, according to the Times.  New figures from the Association of International Retail (AIR) show that Britons spent £742m in…

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Consumer confidence dips in July as inflation bites

Consumer confidence dipped in July as inflation and economic contraction weighed on household sentiment, new figures from the British Retail Consortium (BRC) show. According to the BRC-Opinium Consumer Sentiment Monitor, expectations for the UK economy over the next three months fell to -33, down from -28 in June. Forecasts for…

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Reeves eyes business rates rise for supermarkets and department stores

Chancellor Rachel Reeves is reportedly considering increasing business rates for department stores and supermarkets as she looks to raise £1.7bn from businesses this autumn, according to The Telegraph. The outlet revealed that the chancellor is looking to plug the £5bn hole left after the government was forced to abandon cuts…

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Retail sales see sharpest monthly fall since December 2023

Retail sales volumes fell by 2.7% in May, according to the latest retail sales figures from the ONS, marking the sharpest monthly decline since December 2023. The fall followed a revised 1.3% rise in April and was driven largely by reduced spending in food stores and weaker sales of clothing…

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Warm weather fails to boost footfall in May

Retail footfall across the UK declined by 1.7% compared with May 2024, spelling a sharp drop from the 7.2% rise recorded in April, according to the latest data from the British Retail Consortium (BRC) and Sensormatic Solutions. The downturn affected most retail locations, with High Streets down 2.5% year-on-year, and…

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Retailers welcome £2bn police boost but urge for more action

Retail trade bodies have welcomed the £2bn funding boost for police forces in England and Wales, but cautioned that the investment alone will not be enough to tackle rising levels of high street crime. It comes as Rachel Reeves announced in yesterday’s Spending Review (11 June) that the police’s spending…

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