Spring Budget
This coverage explores the UK Spring Budget and its implications for the retail sector, offering insights for executives, managers, and industry professionals. Reporting includes analysis of fiscal measures, tax changes, business rates, employment policy, and economic forecasts, helping professionals understand how budget decisions affect retail operations, strategy, and profitability.
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Feb- 2024 -26 FebruaryNews
Today’s news in brief-26/2/24
Frasers Group has announced the appointment of four new directors to its board, signalling a significant restructuring move. Among the appointees are David Al-Mudallal, the current chief operating officer, and Ger Wright, the managing director of Sports, who are elevated to executive director roles due to their notable contributions. Additionally,…
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26 FebruaryNews
Tourist tax unlikely to be scrapped in Spring Budget
Tourist tax is unlikely to be overturned in the Spring Budget despite recent campaigning from UK retailers, The Times has revealed. Last week, it was reported that the Association of International Retail (AIR) and New West End Company have submitted new evidence to Downing Street suggesting that the amount of…
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16 FebruaryHigh Street
NWEC calls for return to tax-free shopping as tourist spending gap widens
The New West End Company (NWEC) has called for the return of tax-free shopping as the gap between the number of international visitors in London and the spending associated with them widened in the final quarter of last year. According to the latest figures released by NWEC, despite a recovery…
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6 FebruaryEconomy
Retail sales slow as high cost of living enters third year
UK total retail sales increased by 1.2% year on year for the four weeks ended 27 January 2023, compared with a growth of 4.2% in January 2023, according to data from the British Retail Consortium (BRC). This was above the three-month average growth of 1.9% and below the 12-month average…
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Mar- 2023 -16 MarchEconomy
Retailers welcome budget but ‘missed opportunity’ for rates reform
Retail has welcomed the support for households in the face of the cost of living crisis in the chancellor’s Spring Budget but some have criticised it as a “missed opportunity” for business rates reform. Headline measures announced by the chancellor included an increase in corporation tax to 25% for businesses…
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15 MarchEconomy
Spring Budget: Corporation tax to rise to 25%
Corporation tax is set to rise from 19% to 25% for firms with profits over £250,000, as part of a number of measures announced in chancellor Jeremy Hunt’s Spring Budget. To help offset the corporation tax rise, Hunt also announced a provision of £9bn of “full capital expensing” which for…
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Feb- 2022 -18 FebruaryNews
Retail sales up 1.9% in January 2022
Retail sales volumes rose by 1.9% in January 2022 following a fall of 4.0% in December 2021, according to the latest figures from the Office for National Statistics. It also revealed sales volumes were 3.6% above their pre-coronavirus (Covid-19) February 2020 levels. Non-food stores sales rose by 3.4% as home…
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Feb- 2021 -8 FebruaryOnline & Digital
Amazon’s tax to turnover ratio dropped to 0.37% in 2020
Amazon saw its tax to turnover ratio fall to 0.37% last year, despite sales rising by more than 51% in the UK. In comparison, the Centre for Retail Research reported bricks-and-mortar retailers paid around 2.3% of annual retail sales overall in business rates. The online retailer’s sales for 2020, ending…
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Apr- 2018 -16 AprilEconomy
High street collapse down to higher business rates, says Colliers
Fifteen major retailers or restaurant groups have gone into CVA or administration in the twelve months since the April 2017 Business Rates Revaluation, according to Colliers International, the global commercial real estate agency and consultancy. Ten of those have happened since the beginning of this year – in the last…
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