Office for National Statistics

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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Bank of England cuts interest rates to 4.75%

The Bank of England has cut interest rates for the second time this year, with rates now cut to 4.75%. The bank voted by a majority of 8–1 to reduce Bank Rate by 0.25 percentage points to 4.75%. One member preferred to maintain the previous rate of 5%. It had…

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UK retail sales rose 2.9% in May

UK retail sales volumes rose by 2.9% in May 2024, following a fall of 1.8% in April 2024, according to the Office for National Statistics (ONS). Sales volumes rose across most sectors, with clothing retailers and furniture stores rebounding following poor weather in April. More broadly, sales volumes rose by…

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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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Retail sales slump 2.3% in April amid wet weather

Retail sales fell by 2.3% in volume over April, following a fall of 0.2% in March, as the retail sector was hampered by ongoing wet weather over the period. According to the Office for National Statistics (ONS), sales volumes were down across most sectors, with non-food stores particularly “doing badly”…

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Vet market grows as pet ownership continues to increase

The UK’s veterinary market, which comprises 5,331 practices, has risen from £5.04bn in 2021, to £6.3bn in 2023, according to the Office for National Statistics. Over the past five years, there has been a significant increase in the number of independent practices acquired by corporate operators. According to RCVS the…

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Retail sales jump 3.4% giving optimism despite recession

Retail sales in the UK jumped 3.4% in January 2024 after falling 3.2% in December, according to data from the Office for National Statistics. This is the biggest rise in retail sales since April 2021 when the UK had just emerged from the third covid lockdown. The price of goods…

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UK inflation falls to two-year low of 3.9%

UK inflation has fallen to 3.9% in the year to November, the lowest level seen in two years, according to new figures from the Office for National Statistics. The rate of inflation was lower than expected after falling from a rate of 4.6% in October, though the ONS said prices…

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UK retail sales growth slows by 0.3% in October

Retail sales volumes fell by 0.3% in October 2023, following a fall of 1.1% in September 2023, according to the new figures from the Office for National Statistics (ONS). Automotive fuel sales volumes fell by 2.0% in October 2023, as retailers reported that consumers were spending their money more cautiously,…

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Almost half of businesses hit with price increases

Approximately half (48%) of businesses currently trading have reported that the prices of materials, goods, or services bought in April 2022 had increased from March 2022, while 23% reported that prices sold had increased across the same period. According to the Office for National Statistics (ONS), the wholesale and retail…

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