Economy

BRC warns of ‘spending squeeze’ in January

The British Retail Consortium has warned of a January spending squeeze, as BRC-Opinium data between 10 and 13 December showed that people’s spending intentions dropped 6pts. It comes as public confidence in the state of the economy “took a nosedive”, falling 8pts to -27, creating a widening gap between expectations…

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BoE holds interest rates at 4.75%

The Bank of England (BoE) has voted to hold interest rates at 4.75%, following a recent hike in both inflation and wage growth. At its meeting this week, the bank’s monetary policy committee voted by a majority of 6–3 to maintain the current rate. Three members voted to reduce interest…

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UK retail sales dip 3.3% in November

UK total retail sales decreased by 3.3% year on year in November, against a growth of 2.6% in November 2023, the British Retail Consortium showed. According to the new figures, this was below the 3-month average growth of -0.1% and the 12-month average growth of 0.5%. However, the BRC said…

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UK economy stagnates in three months to September

UK gross domestic product (GDP) is estimated to have stagnated during the third quarter of the year as uncertainty ahead of the budget affected decision making, according to the latest figures from the Office For National Statistics. The ONS found that UK GDP increased by 0.1% in Quarter 3 (July…

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Bank of England cuts interest rates to 4.75%

The Bank of England has cut interest rates for the second time this year, with rates now cut to 4.75%. The bank voted by a majority of 8–1 to reduce Bank Rate by 0.25 percentage points to 4.75%. One member preferred to maintain the previous rate of 5%. It had…

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Budget: Increases to employers’ NI and minimum wage

The Chancellor Rachel Reeves has increased Employers’ National Insurance contributions in a bid to help raise as much as £40bn in taxes, pledging to also boost long-term growth and “mark an end to short term-ism” as part of Labour’s first budget since it came into power. Employers’ National Insurance contributions…

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BoE holds interest rates at 5%

The Bank of England (BoE) has decided to hold interest rates at 5% this month, having lowered them for the first time in four years in August. The bank voted by a majority of 8-1 to keep the rate the same in a bid to help “sustain growth and employment”.…

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Retail sales jump 0.5% in July

UK Total retail sales increased by 0.5% year on year in July, against a growth of 1.5% in July 2023, amid improved performance from clothing as shoppers enjoyed the summer weather, according to the latest figures from the KPMG-BRC retail sales monitor. This was above the three-month average growth of…

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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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Global pet industry to grow to $500bn in revenue by 2030, BI finds

The global pet industry will expand by more than 45% over the next six years, surpassing $500bn (£386.8bn) by 2030, according to a new report from Bloomberg Intelligence (BI). The surge will be driven by increasing pet ownership, particularly in emerging markets like China, robust sales in pet food, strong…

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