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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Jun- 2020 -11 June
Majority of SMEs believe UK is headed for deep recession post-pandemic
Almost seven in 10 (69%) small business owners believe the UK is heading for a deep recession following the coronavirus…
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10 June
UK GDP expected to decline 7.2% in 2020 amid ongoing pandemic
The continuing impact of the Covid-19 virus is expected to see the UK economy contract by 7.2% in 2020, with…
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9 June
Consumer spending drops 26.7% year-on-year in May
Consumer spending contracted 26.7% year-on-year in May. This is according to new data from Barclaycard, which revealed that spending on…
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May- 2020 -22 May
Consumer confidence drops further in May
GfK’s long-running Consumer Confidence Index has decreased by one point to -34 for May, as the Covid-19 pandemic continues. The…
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13 May
UK economy shrinks by 2% as pandemic takes its toll
The UK’s economy shrank by 2% in the three months to 31 March 2020, as a result of the Covid-19…
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12 May
Chancellor expected to extend furlough scheme to September
Chancellor of the Exchequer Rishi Sunak is expected to extend the Government’s coronavirus furlough scheme to September, but reduce the…
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1 May
Quarter of retail SMEs will need up to two years to recover
Nearly a quarter (22%) of SMEs in the retail sector believe it will take up to two years to recoup…
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Apr- 2020 -15 April
Covid-19 could cause UK economy to shrink by 35%, says OBR
The UK’s economy could shrink by as much as 35% in the second quarter of 2020 due to the Covid-19…
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6 April
Consumer confidences slumps to lowest level since records began
Gfk’s long-running Consumer Confidence Index has decreased drastically by 25 points between the first two and last two weeks of…
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Mar- 2020 -30 March
UK GDP expected to contract by 15% in Q2 2020
The UK economy is about to enter the deepest recession since the financial crisis, including the steepest quarter-on-quarter decline in…
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