Economy

UK inflation slumps to five-year low

The Consumer Prices Index (CPI) 12-month rate fell to 0.2% in August 2020, down from 1.0% in July, according to new data from the ONS. The ONS said falling prices in restaurants and cafes, arising from the Eat Out to Help Out Scheme, resulted in the largest downward contribution (0.44…

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Government launches new ‘bounce back’ plan for retailers

A new series of measures has been announced by the UK Government to support businesses in the consumer and retail industries during the Covid-19 pandemic.  The plans, announced by Minister for exports Graham Stuart, will offer immediate support to businesses by ensuring specialists provide advice on online retail and international…

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UK retail sales increase by 4.7% in August

UK retail sales in August have increased by 4.7% on a like-for-like basis from August 2019, according to figures released in BRC-KPMG’s Retail Sales Monitor report for the month. Overall sales increased by 3.9% in the period, in comparison to a decline of 0.4% in August 2019. This is above…

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GDP to contract £15.3bn each year if home working persists

Lower consumer spending and a decrease in economic clustering if pandemic levels of home working persist would reduce UK GDP by £15.3bn every year, according to new research published by PwC. The ‘Big Four’ accountancy firm said the hit to consumption is a result of office workers spending fewer days…

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Record economic growth anticipated for Q3

The UK is reportedly on track for a record economic resurgence during the third quarter of the year, following sharp declines in GDP at the peak of the Covid-19 pandemic in Q2. According to the Financial Times (FT), City of London economists have predicted a 14.3% rise in GDP for…

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UK in recession following 20% GDP slump

The UK economy has entered into a technical recession following a “record” fall in gross domestic product (GDP) during the second quarter of the year. According to the Office for National Statistics, GDP slumped by 20.4% between April and June 2020, compared with the 2.2% drop seen during Q1 2020…

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June retail sales show signs of recovery

Retail sales increased by 3.4% in June, against a decrease of 1.6% in June 2019, marking the first signs of growth registered since the UK lockdown began. This is according to the latest BRC–KPMG retail sales monitor, which found that the increase in retail sales to be above the three-month…

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Chancellor unveils new £9bn retention scheme

Chancellor Rishi Sunak has unveiled a new scheme to pay companies £1,000 bonus per employee for those they keep on until January on part pay. Sunak said if employers bring back all nine million people who have been furloughed, this will be a “£9bn policy to retain people in work”.…

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Government to crack down on violence against shopworkers

The government has vowed to crack down on violence and abuse against shopworkers. In a statement, yesterday the Home Office said it will work with National Retail Crime Steering Group (NRCSG) on a best practice guide to support staff in reporting these crimes, strengthening and making full use of existing…

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Usdaw urges chancellor to announce retail recovery plan

Retail trade union Usdaw is calling on the chancellor to announce in Wednesday’s (8 June) economic statement an “urgent recovery plan” for the “struggling retail industry”, which is developed with trade unions and retail employers. Some of the factors, Usdaw is urging the government to cover fundamental business rates, an…

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