Economy news and archive

UK economy shrinks for second month running

The UK economy shrank for the second consecutive month in April, new data shows. Gross domestic product (GDP) fell by 0.3 percent in April following a decline of 0.1 percent in March, according to the Office for National Statistics (ONS). That drop was bigger than expected. The average response from economists polled by Reuters was that GDP...

Retail

UK January retail sales slump amid lockdown

Sales plummeted in the UK in January as stores remained shut amid the latest national lockdown, according to recent figures. January 2021 saw retail sales volumes decrease by 8.2 percent compared to December 2020, said the Office for National Statistics (ONS). Retail sales volumes remain 5.5 percent below pre-pandemic levels. However, these...

Business

UK economy suffers record drop in 2020

The UK’s annual GDP fell by 9.9 percent in 2020 amid the pandemic, the largest yearly slump on record. The economy returned to growth in December, up 1.2 percent compared to a drop of 2.3 percent in November as restrictions eased, according to new data from The Office for National Statistics (ONS). Despite strong growth through the second half...

FashionPress ReleasePartner Content

Retailers encouraged by Key Provisions in HEALS Act

The National Retail Federation issued the following statement from NRF Senior Vice President for Government Relations David French regarding the Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act, the Republican version of additional stimulus funds, in response to the coronavirus pandemic: While understanding that the...

Business

UK economic growth hits six-month low

Growth in the UK economy has slowed in the three months to November to its weakest pace in six months. The economy grew by 0.3 percent in this period, down from 0.4 percent in the three months to October, according to new data by the Office for National Statistics (ONS). The economy grew by 0.2 percent in November, up from October’s 0.1 percent...

Retail

Luxury shoppers seize the day amid Turkey’s sliding currency

One country’s woes are a luxury shopper’s gain. As Turkey fights for its sliding lira, international luxury shoppers are taking advantage of its attractive prices for designer goods. Queues outside Chanel and Louis Vuitton this week saw Chinese, Middle Eastern and a plethora of nationalities hoping to score a designer bag at near bargain prices,...

Business

Consumer confidence dips as fear of increasing prices grows

UK consumer confidence in the economy, personal finances and future spend has seen a sharp decline this month according to Verdict Retail’s Consumer Confidence tracker, dropping 6.2 points to minus 26.3 points from August to September. As consumers worries over the fall out of the Brexit continue to surge amid a falling pound, more and more...

Fashion

Retailers to see cap on credit card fees

British fashion retailers are to see an ease of card processing fees, as a new ruling will cap "unjustifiably high fees" for processing customer purchases. Whether buying online or in brick & mortar stores, the cap could save the industry as much as 362 million pounds a year. Retailers pay a fee for each customer transaction Currently retailers...

Fashion

High street sales see good start to December

The high street saw its strongest sales in early December since April 2002, suggesting a very strong run-up to the Christmas season, according to a closely watched survey.The CBI’s Distributive Trades Survey, conducted between November 25 and December 8, found a balance of 56 per cent more retailers reported sales above their levels of one year...

Design

Retail and the economy

The British Retail and Consortium (BRC) Parliamentary Reception 2010 will take place in London next week to put retail and the economy high on the agenda. The theme will be the role that retail plays in employment, skills and training, particularly under the new political landscape. According to the BRC, the leading trade association for the UK...

Fashion

Retail property market on the rise

The value of the retail property market could soar by £2bn if controversial car parking charges are introduced at out-of-town shopping centres. Research by the property services group Donaldsons has concluded that an average centre with 3,000 parking spaces could generate between £4.5m and £6m in additional income every year by charging shoppers...

Fashion

Minimum wage increase costs retailers

On the day official figures show unemployment up again, retailers are calling for a fundamental reassessment of the National Minimum Wage (NMW). They say the next inflation-busting increase will add over £1 billion to retailers' wage bills, threatening retail jobs. Preliminary findings from the British Retail Consortium's (BRC) annual NMW survey...