Economy
The latest news, updates and analysis on the economy and how it is affecting the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Nov- 2022 -17 November
Chancellor freezes tax thresholds in Autumn statement
Chancellor Jeremy Hunt has announced a raft of measures to help “stabilise” the UK economy and reduce inflation, with tax…
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16 November
Rising energy and food costs push inflation to 11.1%
Inflation has risen to a 41-year high of 11.1% in October, according to data from the Office for National Statistics…
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15 November
Unemployment rate rises to 3.6%
The unemployment rate for July to September 2022 increased by 0.2% on the quarter to 3.6, according to the latest…
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11 November
UK economy contracts 0.2% in Q3
The first signs of the UK entering a recession reared its head in the last quarter as the economy contracted…
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8 November
Grocery price inflation hits record 14.7%
Four-week grocery price inflation has hit another record high figure at 14.7%, according to Kantar, marking another “record” high and…
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3 November
BoE raises interest rates to 3%
The Bank of England (BoE) has raised the base rate of interest to 3%, an increase of 0.75%, as it…
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Oct- 2022 -21 October
Retail sales fall below pre-pandemic levels
Retail sales volumes fell by 1.4% in September 2022, making them 1.3% below pre-coronavirus (Covid-19) February 2020 levels. According to…
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19 October
Rising food prices push inflation back to 10.1%
Inflation has returned to the 40-year high of 10.1% in September, up from 9.9% in August, with rising food prices…
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17 October
Chancellor reverses almost all mini-budget tax cuts
Newly appointed chancellor Jeremy Hunt has reversed almost all of the mini-budget commitments made by previous chancellor Kwasi Kwarteng last…
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11 October
Unemployment at lowest level in 50 years as pay levels fall
The UK unemployment rate dropped to 75.5% for June to August 2022, down 0.3 percentage points from the previous quarter…
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