Chancellor

Bank of England cuts interest rates to help combat coronavirus impact

The Bank of England has cut UK interest rates back down to the lowest level in history to help mitigate the impact of the coronavirus outbreak on the economy. The governor of the Bank of England, Mark Carney, announced the 50 basis point (0.5 percentage point) reduction, from 0.75% to…

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February retail sales hit by poor weather and Coronavirus concerns

Total in-store retail sales declined by 0.9% in February, according to BDO’s monthly High Street Sales Tracker. The accountancy firm said a mix of poor weather and “growing concerns” around the spread of coronavirus caused retailers to take a hit during the month. Despite this, online sales saw a slight…

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Entrepreneurs relief may be scrapped by Sunak

The new chancellor, Rishi Sunak, may scrap entrepreneur’s relief to raise £3bn a year as a means to bring in some extra dosh for the Treasury. Sunak will undoubtedly be looking for ways to raise extra revenue given the government’s infrastructure spending plans as it seeks to make a visible…

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Inflation jumps, physical money nearing the end, immigration to prioritise skills, £150m film studio to launch

Inflation has reached its highest rate in six months, at 1.8%, after the price of fuel and energy rose over the course of the last year. The consumer prices index (CPI) which measures the rate by monitoring the price of consumer goods, was expected to come in at 1.6%, so…

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Revo calls on Government to ‘make good’ on review of business rates system

Revo, which supports businesses in the retail property and placemaking sector, has called on the UK Government to “make good” on its stated commitment to a fundamental review of the business rates system. The organisation said the review is “crucial” to ensuring that the UK remains “internationally competitive”, particularly after…

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HSBC to cut 35,000 jobs, new chancellor sticks to schedule, Bezos creates $10bn ‘Earth fund’

HSBC has announced plans to cut 35,000 jobs over the next three years after a dire set of financial results. Profits have fallen by 33% year on year and that is before the impact of the coronavirus can even be fully measured in Q1 and the months to come. The…

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German stagnation, Javid out, RBS gets environmental, Norton no-show

The German economy has stagnated due to significant falls in spending and exports. New figures show that GDP ‘flat lined’ (financial jargon for neither growing nor contracting) in the final quarter of 2019, bad news since economists and analysts had hoped that it would grow about 0.1%. It means Germany’s…

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Frasers Group backs BRC’s calls for government review of business taxes

Frasers Group has backed the campaign by the British Retail Consortium (BRC) and 52 other retailers calling for the government to take urgent action on business rates. In a letter to now former chancellor Sajid Javid, which was signed by retailers including Debenhams, Harrods, John Lewis, Marks and Spencer, Primark…

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Yes, the trade barriers are coming

I think both Leavers and Remainers probably expected this in the long run – Michael Gove announced yesterday that businesses should “accept” that frictionless trade with the EU will be impossible whatever agreement is finally reached by the deadline of 31 December this year. This is the cost, he says,…

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Retail sales fall flat for third consecutive month, CBI finds

Retail sales volumes were flat for the third consecutive month in the year to January with no growth expected next month, according to the latest monthly CBI Distributive Trends Survey. The figures indicate retail sales volumes posted no growth in the year to January (0%, unchanged from December) and that…

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