Chancellor

Chancellor considers Amazon tax in bid to boost British high streets

Chancellor Rachel Reeves is reportedly mulling plans to impose higher taxes on Amazon as part of a shake up that aims to level the playing field between online giants and in-store retailers. According to The Telegraph, the chancellor is believed to be reviewing the business rates paid by companies like Amazon,…

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Inflation falls to lowest rate in over three years

UK inflation fell to 1.7% in September, down from 2.2% in August, marking the lowest rate in over three years.This means inflation is now below the Bank of England’s 2% target, meaning the bank may face pressure to cut interest rates next month. According to the Office for National Statistics,…

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Today’s news in brief-14/10/24

Mulberry’s majority shareholder has rejected an increased bid from Frasers Group, which had offered £111m to take control of the luxury fashion brand. Frasers, already owning 37% of Mulberry, raised its offer to 150p per share after a previous £83m bid was turned down. However, Mulberry’s majority shareholder, Challice, expressed…

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Retailers urge chancellor to apply Retail Rates Corrector

More than 70 retail CEOs have urged chancellor Rachel Reeves to ease business rates amid warnings that a £2.7bn tax would hit retailers, leisure and hospitality firms, The Guardian has reported.   In an open letter coordinated by the British Retail Consortium, CEOs have called on the government to introduce a…

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Very Group owners to appoint banks ahead of potential £2.5bn sale

The owners of the Very Group, the Barclay family, have reportedly appointed banks as they eye a £2.5bn sale of the group, according to reports from Sky News. The board, now chaired by former chancellor Nadhim Zahawi, is lining up Barclays, JP Morgan and Morgan Stanley to handle a strategic…

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September retail sales see biggest boost in half a year

UK Total retail sales increased by 2% year on year in September marking the largest increase in over six months, according to the latest BRC-KPMG Retail Sales Monitor. Food sales increased 3.1% year-on-year over the three months to September, against a growth of 7.4% in September 2023. This is below…

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UK footfall jumps 3.3% in September

UK footfall has risen by 3.3% in September, up from 0.4% in August, as shopper numbers return to increase for the first time in over a year.  According to the BRC, retail parks enjoyed the biggest boost with a 7.3% increase during the month, up from 2.6% in August.  Shopping…

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Amazon UK pays corporation tax for first time since 2020

Amazon’s main UK division has paid corporation tax for the first time since 2020 following the end of a ‘super-deduction’ tax break, The Guardian has reported.  The group’s UK services paid £18.7m in “current tax” last year on sales of £27bn. This marks a shift from the £7.8m tax credit…

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Retail industry is overtaxed, says BRC

The British Retail Consortium (BRC) has claimed that the retail industry is overtaxed compared with other sectors of the economy after new research found retail pays 7.4% of all business taxes (£33bn), a share 1.5 times greater than its share of the overall economy (5% GDP). The BRC said this…

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August sales jump 1% YOY despite weak back to school performance

UK Total retail sales increased by 1.0% year on year in August, against a growth of 4.1% in August 2023, despite back to school sales performing weaker than expected, according to the latest BRC-KPMG Retail Sales Monitor. The performance was above the three-month average growth of 0.4% and below the…

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