Interest Rates
This coverage examines interest rate changes and their impact on the UK petcare industry, focusing on implications for retailers, wholesalers, distributors, and supply chain operators. Pet Gazette reports on Bank of England decisions, financial market trends, and economic forecasts, alongside analysis of how borrowing costs, consumer spending, and business investment are affected. Our coverage helps pet trade professionals understand the financial landscape, plan budgets, and adapt strategies in response to interest rate movements.
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Sep- 2022 -22 SeptemberEconomy
BoE raises interest rates to 2.25%
The Bank of England has today (22 September) announced that interest rates will be raised by 0.5%, with rates rising from 1.75% to 2.25%. The latest announcement from the Monetary Policy Committee (MPC) comes as inflation remains at record highs for the UK, and marks the seventh consecutive rise in…
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Aug- 2022 -10 AugustRetailing
Heatwave helps boost retail sales 2.3% in July
Retail sales increased 2.3% in July as the heatwave experienced across the UK helped boost demand for “hot weather essentials”, according to the latest data from the BRC and KPMG retail sales monitor. UK retail sales increased 1.6% on a like-for-like basis from July 2021, when they had increased 4.7%.…
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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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Jul- 2022 -8 JulyRetailing
Cost of living crisis weighs on retail sales growth
High levels of inflation and the deepening cost of living crisis have prompted further slowing of retail sales growth, according to BDO’s High Street Sales Tracker (HSST). It found that total like-for-like (LFL) sales, combined in-store and online, increased by +8.4% in June compared to the equivalent month in 2021,…
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Jun- 2022 -16 JuneEconomy
BoE raises interest rates to 1.25%
The Bank of England’s (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. 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. The new rate of 1%, up from 0.75%, is the BoE’s latest attempt to curb the rampant rise in inflation – also at its…
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Mar- 2022 -17 MarchEconomy
BoE raises interest rates to 0.75%
The Bank of England has raised interest rates back to the pre-pandemic level of 0.75% as it tries to mitigate the effect of the rising costs of living and the impact that the conflict in Ukraine is having on the global economy. The Monetary Policy Committee (MPC) voted with a…
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Feb- 2022 -3 FebruaryEconomy
BoE raises interest rates to 0.5%
The Bank of England (BoE) has raised interest rates for the second time in three months to 0.5%, up from 0.25% previously. The BoE Monetary Policy Committee (MPC) confirmed it voted by a majority of 5-4 to increase Bank Rate by 0.25 percentage points, to 0.5%. Interestingly, it revealed those…
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Jun- 2021 -16 JuneEconomy
UK inflation hits 2.1% as clothing prices rise
Inflation in the UK rose to 2.1% in May, up from 1.5% in April, according to the latest figures from the Office for National Statistics (ONS). This increase has been fuelled by an increase in consumer spending as the British public comes out of lockdown. Meanwhile, clothing prices jumped by…
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Nov- 2020 -5 NovemberCoronavirus
Chancellor extends furlough scheme to March
Chancellor Rishi Sunak has announced that the furlough scheme will be extended until the end of March, amid increased measures for business support as the UK enters a four-week lockdown. Payments are set to remain at 80% of employee’s wages. It comes as the chancellor said that it was “right…
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