Monetary Policy
This coverage examines monetary policy decisions and their implications for the UK retail sector, focusing on interest rate changes, inflation control, and central bank guidance. Reporting provides analysis of how these policies influence consumer spending, business costs, and strategic planning. Retail executives and managers can use these insights to assess market conditions, adjust pricing strategies, and plan for economic shifts affecting operations and demand.
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Aug- 2024 -1 AugustEconomy
BoE cuts interest rates for first time in 4 years
The Bank of England (BoE) has cut interest rates for the first time in four years, with the rate falling to 5%. The bank voted by a majority of 5–4 to reduce the rate by 0.25 percentage points to 5%, marking the first fall in inflation since March 2020, where…
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Jun- 2024 -21 JuneEconomy
UK retail sales jump 2.9% in May
UK retail sales volumes rose by 2.9% in May 2024, following a fall of 1.8% in April 2024, according to the Office for National Statistics (ONS). Sales volumes rose across most sectors, with clothing retailers and furniture stores rebounding following poor weather in April. More broadly, sales volumes rose by…
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20 JuneEconomy
BoE holds interest rates for 7th consecutive month
Interest rates have remained unchanged at 5.25% for the seventh consecutive month, the Bank of England has announced. The bank’s MPC voted by a majority of 7–2 to maintain the rate, despite inflation hitting its target and falling to 2% in May. UK inflation hit its target for the first time…
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Oct- 2023 -18 OctoberEconomy
Inflation remains at 6.7% despite fall in food prices
Inflation remained unchanged at 6.7% in September as a fall in food prices was offset by an increase in the price of fuel. According to the latest figures from the Office for National Statistics (ONS), food and non-alcoholic beverage prices fell by 0.1% between August and September 2023, compared with…
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Sep- 2023 -21 SeptemberEconomy
Bank of England keeps interest rates unchanged at 5.25%
Following 14 straight rate rises, the Bank of England (BoE) has kept interest rates unchanged at 5.25%. At its latest meeting, the Monetary Policy Committee (MPC) voted by a slim majority of 5–4 to maintain the current rate, though four members preferred to increase the rate to 5.5%. The MPC…
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20 SeptemberEconomy
Inflation ‘unexpectedly’ falls to 6.7%
The headline rate of inflation has fallen by 0.1% to 6.7% in August, according to the latest data from the Office for National Statistics (ONS), despite prior concerns from economists that the rate was set to rise. The largest downward contributions to the monthly change in annual rates came from…
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Aug- 2023 -3 AugustEconomy
BoE raises interest rates to 5.25%
The Bank of England (BoE) has raised interest rates for the 14th consecutive time to 5.25% in a bid to combat inflation. The bank’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target. At its meeting ending on 2 August 2023, the MPC voted by a…
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Jun- 2023 -22 JuneEconomy
BoE raises interest rate to 15-year high
The Bank of England (BoE) has raised interest rates for the 13th consecutive time to 5%, the highest level in 15 years, after it was revealed that inflation remained at 8.7% in May. The BoE’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by…
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May- 2023 -11 MayEconomy
BoE raises interest rate for 12th time to 4.5%
The Bank of England (BoE) has raised interest rates for the 12th consecutive time to 4.5%, up from 4.25%. The BoE’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by 0.25% in a bid to meet the 2% inflation target. The committee said it…
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Mar- 2023 -23 MarchEconomy
BoE raises interest rates to 4.25%
The Bank of England (BoE) has announced that interest rates will be raised by 0.25% to 4.25%, the highest rate in almost 15 years, following an unexpected rise in inflation last month. The move marks the 11th consecutive increase from the BoE and follows the jump in inflation to 10.4%…
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