Chancellor

Retailers face £5.6bn rise in costs as Budget comes into play

New research by Retail Economics, along with frontline specialist Yoobic, has found that retailers face a £5.56bn rise in costs from this week as changes from the Budget are enacted, The Telegraph has reported. The rising bills will reportedly cost shoppers £1.7bn over the next year as costs are passed…

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Spring Budget 2025: what it means for the retail industry

The UK retail sector has been navigating a volatile economic landscape, with rising operational costs, shifts in consumer spending, and policy changes placing unprecedented pressure on businesses.  The Spring Budget 2025, delivered by Chancellor Rachel Reeves, was highly anticipated by industry leaders, who had hoped for measures that would alleviate…

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Clothing and household goods help boost retail sales 1% in Feb

Retail sales rose by 1% in February, thanks to a strong performance in non-food stores such as clothing, household goods and department stores. according to The Office for National Statistics (ONS).  The largest monthly increase was seen in household goods stores, which were up 6.8% month-on-month, their biggest increase since…

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Chancellor resists calls for business relief in Spring Statement

Chancellor Rachel Reeves has resisted calls from businesses for relief ahead of the upcoming tax changes this April, as part of her Spring Statement today (26 March). UK businesses had been hopeful the chancellor would raise the relief rate for retail, hospitality, and leisure after cutting it to 40% in…

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Inflation ‘unexpectedly’ falls to 2.8% in February

Inflation unexpectedly fell to 2.8% in February in much welcome news for the chancellor ahead of the Spring Statement later today (26 March). A fall in the prices of clothing had the biggest impact on inflation in February, according to the latest figures from the Office for National Statistics (ONS).…

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HMV halts UK expansion amid rising wage costs

HMV has halted its UK expansion in anticipation of the rising wage costs due to commence next month, and will open stores in Ireland and Belgium instead, The Guardian has reported.   According to managing director Phil Halliday, HMV had ambitions to open as many as 10 additional stores in the…

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M&S and John Lewis top list for highest female board representation

M&S and John Lewis are among several retailers who are leading the way for gender equality in boardrooms. According to the FTSE Women Leaders Review report for 2025, women now occupy nearly 43% – or a total of 1,275 – of roles on company boards in the UK.  A number…

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Co-op unveils new board appointments

The Co-operative Group (Co-op) has appointed Wais Shaifta and Lord Simon Woolley as Independent non-executive directors (NED). Wais is an expert in digital growth and transformation and Co-op said his experience in leading technology businesses brings “depth of understanding of the role technology plays in delivering more value to member-owners”.…

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West End loses out on £640m in sales due to tourist tax, NWEC says

West End retailers have reportedly lost around £640m in sales last year due to the lack of tax-free shopping for international tourists, according to New West End Company research.  The losses rose by 60% last year from £400m in unrealised sales in 2023, and impacted some 600 businesses in the…

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Economy unexpectedly grows by 0.1% in Q4

Britain’s economy unexpectedly grew in the final quarter of 2024, according to new figures from the Office for National Statistics, easing pressure on chancellor Rachel Reeves.Gross domestic product (GDP) rose by 0.1% in the fourth quarter of 2024, after zero growth the previous quarter, beating forecasts of economists and the…

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