BRC news and archive

‘Tale of two halves’: Industry reacts to ‘damaging’ Autumn Budget

The Autumn Budget, the first to have been issued by Labour in 13 years, has received mixed reactions from industry insiders and experts alike, with a 40 billion pound uptick in taxes being at the centre of discussion. On Wednesday, Chancellor Rachel Reeves unveiled the budget via a lengthy speech in which she noted that she did “not take this...

Business

Over 70 retail bosses urge chancellor to cut UK business rates

More than 70 UK retailers have called on chancellor Rachel Reeves to cut business rates by 20 percent as part of a push to introduce a ‘Retail Rates Corrector’ in order to help “level the playing field”. The bosses of the companies, including those of Marks & Spencer, Primark and Tesco, co-signed an open letter coordinated by the British Retail...

Retail

Five retail leaders respond to ONS August sales data

UK retail sales showed unexpected strength in August, driven by warmer weather and end-of-season discounts, according to the latest figures from the Office for National Statistics. The data revealed a 2.4 percent increase in sales by value and a 2.3 percent rise by volume, according to the British Retail Consortium (BRC), surpassing economists'...

Retail

UK retail sales show modest growth amid summer spending

Retail sales in the UK saw a slight uptick in August, driven by summer-related purchases, according to the latest BRC-KPMG Retail Sales Monitor. Total retail sales increased by 1 percent year-on-year, outpacing the three-month average growth of 0.4% but falling short of the 12-month average of 1.2 percent. Non-food sales, which includes fashion,...

Retail

UK shop prices enter deflation for first time since 2021

In a significant shift for the UK retail sector, shop prices have entered deflation for the first time in almost three years, according to the latest data from the British Retail Consortium (BRC). The Shop Price Index for August 2024 showed a 0.3 percent decline, reversing the 0.2 percent inflation recorded n July. This unexpected turn towards...

Business

UK inflation edges up in July for first time this year

After a promising few months of falling inflation in the UK, it appears that such an outcome wasn’t able to extend into July 2024, with headline inflation once again rising to 2.2 percent. This is according to the latest CPI figures, collected by the Office of National Statistics (ONS), which showed that, despite food inflation remaining...

Retail

UK retail sales show modest growth amid economic uncertainty

Retail sales in the UK demonstrated a tepid recovery in July, with total sales increasing by 0.5 percent year-on-year, according to the latest figures from the British Retail Consortium (BRC). This growth, while modest, surpassed the three-month average of 0.3 percent but fell short of the 12-month average of 1.4 percent. The food sector emerged...

Retail

UK fashion retail prices dip amid broader economic uncertainties

The UK fashion and retail sector experienced a notable deflationary trend in July, according to the latest British Retail Consortium (BRC) data, offering a temporary respite for consumers amidst broader economic pressures. Non-food prices, which encompass fashion and retail goods, remained in deflation at -0.9 percent, a slight improvement from...

BusinessFeatured

In the UK, a new Labour government is incoming: What this means for retail

In what has been a largely anticipated turnout, Labour has swung the election with a landslide majority, making Keir Starmer the UK’s next prime minister (made official once King Charles III formally requests him in during a ceremony later today). It marks the first change in government in 14 years, throughout which the Conservatives served at...

Business

BRC: Retail still lacking in the way of inclusion despite slight improvements

A new report by the British Retail Consortium (BRC) has outlined slight improvements in the UK’s retail sector in the way of diversity and inclusion, yet such elements remain tough to crack. Together with The MBS Group, the BRC released a Diversity and Inclusion in UK Retail report, looking into areas such as gender, ethnicity and disability,...

Business

UK inflation drops to 2 percent, hitting Bank of England targets

New figures drawn up by the Office for National Statistics (ONS) have shown inflation in the UK fell to 2 percent during May, hitting the Bank of England’s target. According to ONS, the consumer prices index (CPI) rose 2 percent in the 12 months to May 2024, dropping from 2.3 percent in the 12 months to April. Including owner occupiers’ housing...

Business

BRC: UK inflation returns to ‘normal levels’

Inflation in the UK is finally taking a turn for the better, with a new report by the British Retail Consortium (BRC) showing that levels are returning to “normal” as food inflation begins to slow. Shop price annual inflation for the period between May 1 and 7 eased to 0.6 percent, down from 0.8 percent in the month prior. This was also below...