Philip Hammond
This coverage examines Philip Hammond’s policies, statements, and their impact on the UK retail sector, offering insights for executives, managers, and industry professionals. Reporting includes analysis of budgets, taxation, business rates, economic policy, and other government initiatives relevant to retail operations, strategy, and market conditions during his tenure as Chancellor of the Exchequer.
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Oct- 2018 -29 OctoberGovernment
Autumn Budget 2018: Business rates cut for SMEs and new digital services tax
Chancellor Philip Hammond has confirmed plans to give smaller retailers a 33% cut to business rates and introduced a new digital services tax for companies with at least £500m in global revenue. The reduction in rates will take place over the next two years and is expected to save businesses…
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29 OctoberGovernment
Chancellor to propose £900m rates relief plan for smaller retailers
Chancellor Philip Hammond is expected to announce a rates relief for retail SMEs and relax town planning rules on the high street. The budget announcement will be made today (29 October) and Hammond is expected to cut business rates by 33% for 496,000 small retailers, saving £900m. It is also…
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23 OctoberGovernment
New West End Company issues ‘stark’ warning to government over tax-free shopping
The New West End Company (NWEC) has issued a “stark” warning to the government over tax-free shopping in a joint letter to chancellor Philip Hammond, signed by over 300 West End retailers. In the letter, the trade body warned that the UK risked a further loss of international competitiveness post-Brexit…
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18 OctoberEconomy
Retail sector ‘to face £186.45m business rates increase next April’
Retail firms will see business rates increase by £186.45 next April for the year 2019/20, according to real estate advisor Altus Group. September’s Consumer Prices Index (CPI) measure of inflation, announced on 17 October at 2.4% will determine business rate rises in England for the next year. It is its…
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1 OctoberHigh Street
Business rates could be changed to help retailers, says Greg Clark
Secretary of state for business Greg Clark has admitted that business rates could be changed in order to help high street retailers. Clark told a fringe event at the Conservative party conference that a change in business rates would be “one way” of recognising the role that high street retailers…
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Jul- 2018 -6 JulyEconomy
UK Treasury rejects retailers’ business rates reform calls
The UK Treasury has today rejected calls from retailers who say business rates should be reformed to create a level playing field with online retailers. During a meeting of parliament’s Treasury Select Committee, chancellor Philip Hammond said reforming international corporation tax was a higher priority for the government, adding that…
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2 JulyHigh Street
Estate agents join high street casualties as insolvencies rise
Around 153 estate agents have gone insolvent in the last year, up from 148 the year before, according to a new report. Accountancy firm Moore Stephens found that as the online estate agency market continues to grow, firms such as Hatched, Rightmove, Yopa and Zoopla have squeezed high street rivals.…
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Jun- 2018 -7 JuneOnline & Digital
Amazon to create 2,500 UK jobs
Online retail giant Amazon has announced that it will create 2,500 permanent jobs in the UK in 2018, taking the total UK workforce to 27,500 by the end of the year. The company has said that there are roles available for people with all levels of experience, education and skills,…
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Jan- 2018 -17 JanuaryEconomy
Inflation drops for the first time in 6 months
The inflation rate saw a slight dip in December, falling to 3%, according to figures released by the Office of National Statistics (ONS). The level of inflation, according to Consumer Price Index (CPI), was less than November’s rate of 3.1%, which was at its highest for six years. The high…
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Nov- 2017 -21 NovemberEconomy
Online retail growth lower than average in pre-Black Friday lull
Despite showing a year-on-year growth of 12.6%, online retail sales figures in October were lower than average suggesting a pre-Black Friday lull. According to the latest figures from the IMRG Capgemini e-Retail Sales Index, this was lower than both the average YoY growth rate of 14.3% for the last 3…
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