Economic Growth

OATA calls for simplified tariff regime on US imports

OATA has written to the Department for Business and Trade to raise concerns over potential US retaliatory tariffs, with OATA chief executive Dominic Whitmee urging for a simplified regime and lower tariffs to benefit the UK aquatics industry. In its letter, the trade organisation highlighted three key issues that could…

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Chancellor resists calls for business relief in Spring Statement

Chancellor Rachel Reeves has resisted calls from businesses for relief ahead of the upcoming tax changes this April, as part of her Spring Statement today (26 March). UK businesses had been hopeful the chancellor would raise the relief rate for retail, hospitality, and leisure after cutting it to 40% in…

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R&E Bamford eyes European expansion following Boost support

Fourth-generation family-run animal feed manufacturer R&E Bamford has its sights set on expanding its export markets after receiving a range of funded support through Boost and its support partners. Founded over 100 years ago R&E Bamford, employs 53 people and already has export markets in Ireland and Kuwait but is…

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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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Starmer vows to ‘make work pay’ in King’s Speech

The new Labour government has outlined its main goals for the new parliament as part of the King’s Speech today (17 July) with a central focus of “ improving living standards for working people through economic growth”.  Key points outlined in the speech, read by the King but written by…

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Supply chain pressures slow down retail growth

Continued supply chain pressures, including cost increases, delayed materials and shortages are the main concern for over a third of businesses, according to advisory firm BDO. The bi-monthly survey, which was conducted on 500 medium-sized businesses, reveals over three quarters (77%) are facing persistent disruptions within the supply chain. Faced…

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86% UK pet retailers claim exporting boosts business

Some 86% of pet retailers have claimed that exporting has increased their revenue and made their businesses stronger, according to new research released from the Alibaba Group UK. The study of more than 3,000 pet businesses across the UK in partnership with the Institute of Export and International Trade found…

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Chancellor announces sweeping tax cuts in first mini-budget

Chancellor Kwasi Kwarteng has today (23 September) announced a ream of tax cuts alongside a £60bn energy support package as part of the new government’s first mini-budget. Setting out his aims for economic growth, Kwarteng said that he wants the economy to increase by 2.5% annually in the medium-term, through…

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Retail responds to ‘underwhelming’ Spring Statement

Both Bira and CBI have expressed disappointment in the chancellor’s Spring Statement, with Bira having declared it is “underwhelmed with the offerings for independent businesses”. In his speech yesterday, Rishi Sunak outlined a series of measures to help combat the rising cost of living in his latest spring statement, including…

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UK economy surpassed pre-Covid levels in November

Gross domestic product (GDP) has surpassed its pre-pandemic level for the first time as it grew by 0.9% in November 2021, according to the latest Office for National Statistics (ONS) data. In the latest release, output in consumer-facing services grew by 0.8%, mainly because of a 1.4% increase in retail…

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