UK news and archive

Labour to launch five-point plan to ‘revitalise’ local high streets

The UK’s Labour party has outlined a new five-point plan to “revitalise local high streets”, after the sector took a hit due to rising inflation, costly energy bills and offsets of the pandemic. Among its efforts, the party said it would launch a Police Efficiency and Collaboration Programme that aims to combat anti-social behaviour and “deliver...

Business

CMA urges UK shoppers to report online rip-offs

The Competition and Markets Authority (CMA) is promoting the next step of its ‘Online Rip-Off Tip-Off’ campaign, by educating consumers on misleading online sale tactics and encouraging them to report businesses who make use of them. The campaign is led by Martin Lewis Money Show co-presenter Angellica Bell and enables consumers to tip off...

Business

Fashion businesses to see corporation tax hike in new spring budget

The UK economy is set to shrink 0.2 percent in 2023, better than earlier predictions of 1.4 percent last November, according to the Office for Budget Responsibility (OBR), the UK government’s fiscal watchdog. In a new annual spring budget outlined by chancellor Jeremy Hunt, the major measure that will affect the fashion industry is a rise in...

Business

'It's hard to survive', say striking UK Amazon workers

"Amazon won't give you anything if you don't fight for it," a union organiser shouted through a bullhorn as dozens of disgruntled workers staged a strike outside the US tech warehouse in Coventry, central England. "We're asking for a raise. One of my children has eczema, I told him to take a bath every other day, I can't pay for the hot water,"...

RetailFeatured

UK store closures are at slowest rate since 2021, according to new report

A new report has found that store closures in the UK are currently at their slowest rate since 2014, with net closures also at their lowest level in five years. Latest figures by PwC, developed alongside the Local Data company, found that in 2022 a total of 11,530 chain outlets exited UK high streets, shopping centres and retail parks, a drop on...

BusinessFeatured

‘Tax grab’ or ‘fairer’ commitments: Retail responds to chancellor’s autumn budget

Conservative chancellor Jeremy Hunt announced his Autumn Statement yesterday, prioritising “stability, growth and public services” through tax rises and spending cuts in a bid to tackle cost-of-living and inflation. Speaking to MPs in the House of Commons, Hunt said the budget had involved “difficult decisions” after announcing the UK was...

BusinessFeatured

UK ‘now in recession’: chancellor outlines tax rises and spending cuts in new autumn budget

As part of his newly announced autumn budget, Conservative chancellor Jeremy Hunt has unveiled a slew of tax rises and spending cuts in a bid to tackle the cost of living crisis and rebuild the UK’s economy. Speaking to MPs in the House of Commons, Hunt said the government’s priorities were “stability, growth and public services”, however he...

RetailFeatured

UK store vacancy rates drop, but rising costs put retailers at risk

A new report by the British Retail Consortium (BRC) has found that overall UK store vacancy rates had decreased to 13.9 percent in Q3, however it warned that rising business costs could put retailers at risk. In its report, the organisation said for this quarter there was a 0.1 percent improvement compared to the last, as Great Britain begins to...

BusinessFeatured

UK advertising market to reach 35 billion pounds as holiday season approaches

A new report has stated that the UK’s advertising market is set to grow to 35 billion pounds by the end of 2022 as retailer’s up their spending towards the holiday season. The Advertising Association and World Advertising Research Centre (WARC) came together to form the report, which was said to be based on direct data from UK media owners...

BusinessFeatured

Liz Truss resigns as prime minister just 44 days after appointment

Liz Truss has announced she will be stepping down as prime minister just 44 days after defeating Rishi Sunak in the Conservative Party leadership election. Truss succeeded Boris Johnson on September 6 and was immediately tasked with tackling rising inflation, increasing energy costs and general market chaos. In a press conference outside Downing...

Business

Truss makes U-turn on cancelling 25 percent rise in corporation tax

Liz Truss has reversed her initial plan to cut corporation tax by 25 percent, a move she said would save 18 billion pounds a year on the ill-received mini-budget. Revealed during a Downing Street press conference, the decision comes after weeks of pressure following a fiscal statement by chancellor Kwasi Kwarteng, who Truss revealed had been...

Business

UK chancellor brings forward medium-term fiscal plan

The Treasury has announced that chancellor Kwasi Kwarteng has brought forward the date of his medium-term fiscal plan to October 31. The statement, which was originally planned for publication November 23, will outline how Kwarteng intends to pay for the tax cuts detailed in the mini-Budget, as announced in September. In his letter to the...