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 -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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11 October
Retail sales rise 2.2% in September
The British Retail Consortium (BRC) Sales Monitor reports that, on a total basis, sales increased by 2.2% in September, against…
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Sep- 2022 -29 September
Food inflation rises to a ‘record’ 10.6% in September
Food inflation has grown to 10.6% in September 2022, up from 9.3% in August, which is above the three-month average…
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27 September
Boohoo and Wilko cancel orders with suppliers amid slow sales
Boohoo has been cancelling and deferring orders from suppliers and Wilko has deferred payments to suppliers to protect its squeezed…
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26 September
Pound plunges to historic low
The pound has plummeted to an all-time low against the dollar following the sweeping tax cuts announced by chancellor Kwasi…
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23 September
Chancellor announces sweeping tax cuts in first mini-budget
Chancellor Kwasi Kwarteng has today (23 September) announced a ream of tax cuts alongside a £60bn energy support package as…
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