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.
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Mar- 2024 -6 MarchEconomy
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 โlong-term growthโ. The reduction in National Insurance is expected to save the average worker ยฃ450 a year, or ยฃ350 for those who are…
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Sep- 2023 -21 SeptemberBusiness
Bank of England keeps interest rates unchanged at 5.25%
Following 14 straight rate rises, the Bank of England (BoE) has kept interest rates unchanged at 5.25%. At its latest meeting, the Monetary Policy Committee (MPC) voted by a slim majority of 5โ4 to maintain the current rate, though four members preferred to increase the rate to 5.5%. The MPC…
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May- 2023 -11 MayEconomy
BoE raises interest rate for 12th time to 4.5%
The Bank of England (BoE) has raised interest rates for the 12th consecutive time to 4.5%, up from 4.25%. The BoEโs Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by 0.25% in a bid to meet the 2% inflation target. The committee said it…
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Mar- 2023 -23 MarchBusiness
BoE raises interest rates to 4.25%
The Bank of England (BoE) has announced that interest rates will be raised by 0.25% to 4.25%, the highest rate in almost 15 years, following an unexpected rise in inflation last month.ย The move marks the 11th consecutive increase from the BoE and follows the jump in inflation to 10.4%…
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Nov- 2022 -17 NovemberGovernment & Legislation
Chancellor freezes tax thresholds in Autumn statementย
Chancellor Jeremy Hunt has announced a raft of measures to help โstabiliseโ the UK economy and reduce inflation, with tax cuts and spending cuts totalling ยฃ55bn in the Autumn statement.ย As part of the new measures, Hunt confirmed that tax as a percentage of GDP will rise by over 1%…
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Aug- 2022 -4 AugustEconomy
BoE hikes rates to 1.75%, warns UK to enter recession until 2024
The Bank of England (BoE) has raised interest rates from 1.25% to 1.75%, marking the biggest rise in rates since 1995. In its latest announcement, the BOE also projected that the UK would fall into a recession in the fourth quarter of the year, which is expected to last for…
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Jun- 2022 -16 JuneEconomy
BoE raises interest rates to 1.25%
The Bank of Englandโs (BoE) Monetary Policy Committee has voted to raise interest from 1% to 1.25% – marking its fifth rise in a row as it bids to offset the impact of rising inflation.ย The Monetary Policy Committee voted by a majority of 6-3 to increase the rate to…
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May- 2022 -5 MayEconomy
BoE raises interest rates to highest level since 2009
The bank of England (BoE) has raised interest rates to its highest level since 2009 – marking the fourth time it has taken action since December.ย The new rate of 1%, up from 0.75%, is the BoEโs latest attempt to curb the rampant rise in inflation – also at its…
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Apr- 2022 -11 AprilEconomy
UK GDP slows to 0.1% in February
Gross domestic product (GDP) slowed in the UK as the economy only saw 0.1% growth in February, down from a growth rate of 0.8% in January. According to the Office for National Statistics (ONS), services grew by 0.2% and was the main contributor to February’s growth in GDP, although this…
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Jan- 2022 -14 JanuaryEconomy
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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