Economy

Mar- 2021 -

22 March

Gov launches £56m high street fund

The government has announced a new £56m investment into UK high streets and seaside towns to ensure a “successful reopening” of the sector this summer. The ‘Welcome Back Fund’ aims to help councils improve the “look and feel” of local high streets, by investing in street planting, parks, green spaces…

12 March

UK GDP shrinks 2.9% amid January lockdown

Monthly GDP fell by 2.9% in January as a national lockdown proved to impact economic activity, new data from the Office for National Statistics (ONS) reveals. Figures released show that January’s GDP was 9.0% below the levels seen in February 2020, and 4.0% below October 2020 – the “initial recovery…

3 March

Budget 2021: Chancellor unveils new £65bn support package

Chancellor Rishi Sunak has outlined a new £65bn support package in his March budget, confirming the decision to extend the furlough scheme until the end of September as well as new loan schemes of up to £10m for businesses. In what is Sunak’s second budget since he joined office in…

Feb- 2021 -

12 February

UK suffers record 9.9% GDP slump

GDP declined by 9.9% in 2020, a figure which is more than double of what was recorded in 2009 after the UK’s financial crisis. According to the ONS, the fall was largely due to restrictions which were in place for most of the year, forcing the economy to operate at limiting trading levels. Figures…

Jan- 2021 -

15 January

UK GDP shrinks by 2.6%

GDP declined by 2.6% in November 2020 as government restrictions reduced economic activity, the latest ONS figures reveal. Figures released by the statistics office show that November GDP was 8.5% below its pre-pandemic levels. The decline follows a period of economic growth for the UK, with last October’s report revealing that the country had grown a…

Oct- 2020 -

23 October

UK retail sales grow for fifth consecutive month

Retail sales in the UK have risen for the fifth consecutive month, despite the introduction of the tiered lockdown system, according to the latest figures released by the ONS. Last month, overall growth in sales volume was up 5.5% compared with February’s pre-pandemic levels. In the three months to the…

Sep- 2020 -

16 September

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…

10 September

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…

8 September

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…

7 September

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…