Chancellor

End of tax-free shopping hitting retail hard, warns Kurt Geiger CEO

Kurt Geiger’s CEO has warned that scrapping tax-free shopping for tourists is having a “massively negative effect” on retail in the UK.  According to The Times, Neil Clifford said tourists were now travelling to other European countries for their shopping after the scheme was scrapped in 2021. Under the scheme,…

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UK economy beats expectations as GDP jumps 0.4%

UK gross domestic product (GDP) beat expectations in May, increasing 0.4%, as a result of better weather, according to data from the Office for National Statistics (ONS). An unseasonably wet April dented consumer sentiment and hurt construction leading to the slight increase. Construction grew at the fastest rate in almost…

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Today’s news in brief-10/6/24

Labour has pledged to overhaul the business rates system if it wins the upcoming general election. The party aims to create a fairer system that supports small businesses and high streets while ensuring that large multinationals and tech companies pay their fair share. Shadow Chancellor Rachel Reeves highlighted the need…

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Labour vows to overhaul business rates system

The Labour party has vowed to overhaul the current business rates system should it be victorious in the general election. The party stated that it would replace the current system with a new system that will “level the playing field between the high street and online giants”. Shadow chancellor Rachel…

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The Very Group appoints Nadhim Zahawi as non-exec chair

The Very Group, which operates digital retailers Very and Littlewoods, has appointed former senior government minister and MP for Stratford-on-Avon Nadhim Zahawi as non-executive chair and board member. Zahawi, who recently announced he will stand down as an MP at the next general election, will replace current non-executive chair Aidan…

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Retail bosses lose confidence in tax-free shopping return

Retail bosses have reportedly warned the government that the decision not to restore tax-free shopping for international tourists will have a knock-on effect on other industries, according to The Times. Janine Constantin-Russell, boss of the outlet shopping centre at the O2 Arena, has accused the government of not paying attention…

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Today’s news in brief-2/4/24

Superdry CEO Julian Dunkerton’s plans for a takeover have fallen through, leading to an extension of a £20m funding facility with Hilco. Dunkerton, while remaining committed to the business, does not intend to make an offer, according to a statement on the London Stock Exchange. Talks of a possible equity…

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Shein profits clear $2bn mark ahead of IPO

Shein has seen its profits double to over $2bn (£1.6bn) while it waits to launch its IPO in either London or New York, according to the Financial Times. Furthermore, the company saw its sales jump to $45bn, becoming one of the most profitable fashion companies in the world. Only Inditex,…

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Today’s news in brief-25/3/24

Former UK Chancellor Nadhim Zahawi is reportedly in discussions with online retailer The Very Group regarding the role of its new chair. While talks are ongoing, Zahawi’s potential appointment could signal a shift in leadership dynamics within the company, following the departure of its previous chair, Dirk Van den Berghe.…

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Ex-chancellor Nadhim Zahawi in talks to become The Very Group chair

Former chancellor Nadhim Zahawi is reportedly in talks with The Very Group regarding the possibility of becoming its new chair, according to Sky News. The MP for Stratford-upon-Avon is believed to be among the candidates that could become the next chairman for the online retailer.  City sources told Sky News…

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