Recession

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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How pet brands can continue to raise the standards in their branding

With 57% of the UK population claiming to own a pet, the pet food category has never been as buoyant or diverse as it is currently. Not only is it huge in monetary value and considered relatively recession proof, as we would rather economise on our own grocery needs than…

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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.  The move marks the 11th consecutive increase from the BoE and follows the jump in inflation to 10.4%…

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Spring Budget: Corporation tax to rise to 25%

Corporation tax is set to rise from 19% to 25% for firms with profits over £250,000, as part of a number of measures announced in chancellor Jeremy Hunt’s Spring Budget. To help offset the corporation tax rise, Hunt also announced a provision of £9bn of “full capital expensing” which for…

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BoE raises interest rates to 4%

The Bank of England (BoE) has announced that interest rates will be raised by 0.5%, bringing the base rate of interest to 4%, the highest level in 14 years. The increase, which is the tenth consecutive increase, was decided after the bank’s Monetary Policy Committee (MPC) voted by a majority…

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Vegan pet food brand Omni hits £400k funding target in 15 minutes

Vegan dog food brand Omni has announced that it has hit its crowdfunding target of £400k within 15 minutes of starting the campaign. Consumers have been offered an investment opportunity for as little as £11, with the campaign already over its funding goal. The company has seen 30% average month-on-month…

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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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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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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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Retail accounts for 10% of UK administrations in 2022, study finds

The retail sector accounted for 10% of administrations in the first six months of the year – the third highest industry in the UK – according to analysis by full-service law firm Shakespeare Martineau. It found more than 620 businesses, 62 of which came from the retail industry, filed for…

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