Budget

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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Chancellor cuts NI by a further 2p as part of Spring Budget

Chancellor Jeremy Hunt has announced a further 2p cut to National Insurance falling from 10% to 8% from 6 April, as part of his Spring Budget for “long-term growth”. The reduction in National Insurance is expected to save the average worker £450 a year, or £350 for those who are…

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Chancellor cuts National Insurance to 10% alongside NLW rise

Chancellor Jeremy Hunt has announced a series of measures to help boost the UK economy as part of his Autumn Budget including slashing National Insurance by 2% and freezing business rates for retail and hospitality. As part of the new measures, Hunt revealed that National Insurance will be cut from…

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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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Chancellor unveils 50% rates discount for Retail, Hospitality and Leisure

Chancellor Rishi Sunak has unveiled a 50% discount on business rates for the hospitality, retail and leisure sectors (up to £110,000), equating to a business tax cut worth £1.7bn, the biggest single-year rates cut for firms in over 30 years. Unveiling his latest Budget in the Commons today (27 October),…

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Over 40 employee groups pen letter urging Sunak to cut business rates

The CBI, along with 41 trade associations spanning the UK economy, have issued a joint statement urging the chancellor Rishi Sunak to reform the business rates system and “unleash a wave of business investment across key government priorities, including net zero and levelling up”. The joint statement from businesses is…

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Footfall drops to 73.5% in February

The UK witnessed the second-largest drop in retail footfall since May 2020 last month, with figures falling 73.5%.  According to the BRC, the drop represented only a 3.4% percentage point improvement from January.  The figures come from the latest ShopperTrak analysis, which has recently joined retail solutions company, Sensormatic Solutions.…

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Bira urges Sunak to extend business rates relief for full year

The British Independent Retailers Association (Bira) is appealing to Chancellor Rishi Sunak to extend the 100% business rates relief in England for a full year. The plea follows a decision by the government in Wales earlier this week to give retailers 100% rates relief until next March. In February, Scotland…

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February footfall rises across all destinations despite lockdown

Footfall across UK retail destinations rose by 16% in February against the previous month, despite the continuation of lockdown and ongoing restrictions on non-essential retail.  According to Springboard’s latest footfall monitor, this marks the largest month-on-month increase for February since its footfall data first became available in 2009.  Footfall rose…

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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…

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