Chancellor
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May- 2025 -19 MayEconomy
Retailers urge Reeves to reinstate VAT-free shopping
Retailers are urging chancellor Rachel Reeves to reinstate tax-free shopping for tourists as US escalating tariffs continue to cause disrupture, The Times has revealed. In a joint letter to the chancellor, seen by The Times, four major trade bodies — the British Retail Consortium, the British Beauty Council, Walpole and…
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15 MayNews-In-Brief
Today’s news in brief-15/5/25
B&M has appointed former Tesco executive Tjeerd Jegen as its new CEO, effective 16 June 2025. Jegen brings 25 years of retail experience from companies including Ahold Delhaize and Woolworths. Chair Tiffany Hall praised his strategic insight and customer-centric approach. Despite a 3.1% drop in UK like-for-like sales to £4.5bn…
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15 MayEconomy
UK economy grows by more than expected 0.7% in Q1
The UK economy performed better than expected in the first quarter of the year, with GDP growing by 0.7% between January and March, following a 0.1% rise the prior quarter. This was ahead of analysts’ expectations, who had forecast a growth of 0.6% for the period. According to the Office…
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9 MayFeatures
Why is Rachel Reeves reviewing the Low Value Import Scheme?
The global economy is currently experiencing turbulent times as a result of Donald Trump’s trade war. Currys CEO Alex Baldock, alongside a number of other retail CEOs, recently warned that more Chinese products could “flood” the UK and Europe market through platforms like Temu, Shein and Amazon, as a result.…
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Apr- 2025 -24 AprilNews-In-Brief
Today’s news in brief-24/4/25
Chancellor Rachel Reeves is reviewing the Low Value Import scheme, which allows goods under £135 to enter the UK tariff-free, amid concerns over Chinese companies flooding the market with cheap products. Major retailers like Next, Currys, and Sainsbury’s have warned that such imports could undercut UK businesses. The potential reform…
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24 AprilGovernment
Chancellor mulls ending tariff-free import scheme to combat Chinese dumping
Chancellor Rachel Reeves is considering ending the Low Value Import scheme, which currently allows online retailers to bring goods worth up to £135 into the country without paying customs duties. The move comes as the UK prepares for an influx of Chinese companies dumping stock for cheap as a result…
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9 April
Today’s news in brief-9/4/25
Boots UK reported a 1.6% sales increase in Q2, with comparable retail sales up 5.1% year-on-year across all categories. Pharmacy sales rose 5%, while online sales surged 19.5%, now accounting for over 20% of total retail sales. Parent company Walgreens Boots Alliance saw global Q2 sales grow 4.1% to $38.6bn…
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9 AprilGovernment
Chancellor rejects calls for ‘Buy British’ campaign
Chancellor Rachel Reeves has rejected calls for a “Buy British” campaign in the face of tariffs from president Donald Trump, claiming it would risk making the UK appear too “inward-looking”. Reeves was responding to a question from Daisy Cooper MP of the Liberal Democrats in the House of Commons to…
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7 AprilGovernment
Entry-level job costs jump over 10% for retailers
The cost of employing people into entry-level jobs has increased over 10% for retailers as a result of the rise in National Insurance Contributions (NICs) coupled with the increase to the National Living Wage, according to the British Retail Consortium. Alongside this, the trade body has claimed that the cost…
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1 AprilNews-In-Brief
Today’s news in brief-1/4/25
Retailers are bracing for a £5.56bn rise in costs following the implementation of recent Budget measures, including higher National Insurance contributions and an increased minimum wage. According to Retail Economics, these changes will force businesses to absorb £1.76bn in profit losses while passing £1.72bn onto consumers through price hikes. Chancellor…
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