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GDP

This coverage examines GDP trends and their implications for the UK petcare industry, providing analysis relevant to retailers, wholesalers, distributors, and supply chain professionals. Pet Gazette reports on national and regional GDP data, economic forecasts, and market conditions, alongside insights into how economic growth or contraction influences consumer spending, business investment, and trade performance. Our coverage helps pet trade professionals assess market health and adapt strategies in line with wider economic trends.

  • Mar- 2025 -
    26 March
    EconomyChancellor resists calls for business relief in Spring Statement

    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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  • 20 March
    EconomyBoE holds interest rates at 4.5%

    BoE holds interest rates at 4.5%

    The Bank of England (BoE) has voted to hold interest rates at 4.5%, having cut the rate last month to its lowest level since June 2023. At its meeting ending on 19 March, the bank’s monetary policy committee (MPC) voted by a majority of 8–1 to maintain the rate at…

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  • Feb- 2025 -
    6 February
    EconomyBoE cuts interest rates to 4.5%

    BoE cuts interest rates to 4.5%

    The Bank of England (BoE) has voted to cut interest rates from 4.75% to 4.5%, the lowest level since June 2023, but warned that GDP growth has been “weaker than expected”. At its meeting this week, the bank’s monetary policy committee voted by a majority of 7–2 to reduce the…

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  • Dec- 2024 -
    19 December
    EconomyBoE holds interest rates at 4.75%

    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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  • Nov- 2024 -
    15 November
    EconomyUK economy stagnates in three months to September

    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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  • Sep- 2024 -
    19 September
    EconomyBoE holds interest rates at 5%

    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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  • 13 September
    RetailersRetail industry is overtaxed, says BRC

    Retail industry is overtaxed, says BRC

    The British Retail Consortium (BRC) has claimed that the retail industry is overtaxed compared with other sectors of the economy after new research found retail pays 7.4% of all business taxes (£33bn), a share 1.5 times greater than its share of the overall economy (5% GDP). The BRC said this…

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  • Aug- 2024 -
    1 August
    EconomyBoE cuts interest rates for first time in 4 years

    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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  • Jun- 2024 -
    20 June
    EconomyBoE holds interest rates for 7th consecutive month

    BoE holds interest rates for 7th consecutive month

    Interest rates have remained unchanged at 5.25% for the seventh consecutive month, the Bank of England has announced. The bank’s MPC voted by a majority of 7–2 to maintain the rate, despite inflation hitting its target and falling to 2% in May. UK inflation hit its target for the first…

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  • Mar- 2024 -
    6 March
    EconomyChancellor cuts NI by a further 2p as part of Spring Budget

    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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