Jeremy Hunt
This coverage analyses Jeremy Hunt’s fiscal policies and their implications for the UK retail sector during his tenure as Chancellor of the Exchequer. Reporting focuses on business rates reforms, national insurance adjustments, VAT policies affecting tourism and retail, and broader economic measures — providing retail executives, financial planners, and policy stakeholders with insights into the intersection of government policy and retail industry performance.
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Sep- 2024 -2 SeptemberHigh Street
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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Jun- 2024 -10 JuneHigh Street
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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May- 2024 -2 MayNews
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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Apr- 2024 -4 AprilNews
‘Missed opportunity’ not ending tourist tax says NWEC chief
Dee Corsi, New West End Company (NWEC) chief executive, has called the government’s decision not to end the tourist tax a “missed opportunity”. Ahead of the latest Budget in March a number of business leaders called upon Jeremy Hunt to scrap VAT on purchases made by tourists but Hunt resisted…
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2 AprilNews
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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2 AprilClothing & Shoes
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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Mar- 2024 -7 MarchNews
Today’s news in brief-7/3/24
The British Retail Consortium (BRC) criticised Chancellor Jeremy Hunt’s Spring Budget, stating that it lacked initiatives to boost investment and growth in communities, particularly for retail businesses. Despite calls to reduce business rates and reintroduce tax-free shopping for tourists, Hunt’s budget did not address these concerns. The BRC emphasised the…
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7 MarchEconomy
Budget will ‘do nothing to turbocharge investment’, says BRC
The British Retail Consortium (BRC) has stated that the latest Budget announcement will “do nothing to turbocharge investment and growth in communities”. This comes after Chancellor Jeremy Hunt revealed his Spring Budget without many big giveaways for retail businesses. Hunt resisted calls from business leaders to reduce business rates, reintroduce…
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6 MarchEconomy
Chancellor cuts NI by a further 2p as part of Spring Budget
Chancellor Jeremy Hunt has announced a further 2p cut to National Insurance, falling from 10% to 8% from 6 April, as part of his Spring Budget for “long-term growth”. The reduction in National Insurance is expected to save the average worker £450 a year, or £350 for those who are…
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4 MarchDepartment Stores
M&S CEO calls for business rates and apprenticeship levy reform
M&S CEO Stuart Machin has publicly called for Chancellor Jeremy Hunt to introduce reforms to business rates and the apprenticeship levy in his upcoming budget. In a post on LinkedIn, Machin stated that the government must do more to understand the importance of retail. He has urged the chancellor to…
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