Economy

UK festive spending set to rise to £24.6bn, PwC survey finds

UK consumers are expected to spend £24.6bn on presents and celebrations this Christmas, a 3.5% increase on last year, according to new research by PwC. PwC’s Festive Predictions Survey forecasts average spending of £461 per adult over the period, up from £449 in 2024, despite continued pressure on household finances…

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Black Friday delivers limited lift to discretionary retail sales in November

Black Friday provided only a modest boost to discretionary retail sales in November, with total like-for-like sales rising 3.4% against a weak comparison period in 2024, according to BDO’s latest High Street Sales Tracker. The increase followed a 5.8% fall a year earlier. The month, which included the peak promotional…

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BUDGET: Income tax bands frozen, minimum wage to increase, NI-exempt pension threshold scrapped

Income tax and NI thresholds will be frozen while the minimum wage will rise by 50p from April 2026, the chancellor Rachel Reeves said in her Autumn Budget statement today.  Reeves announced a series of tax changes in other areas, including salary-sacrificed NI contributions on pensions, as part of measures…

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Retail sales slip as shoppers await Budget and Black Friday

Retail sales volumes fell by 1.1% in October 2025, the first monthly drop since May, as retailers reported that many shoppers held off spending in the run-up to Black Friday. The fall followed a revised 0.7% rise in September and a 0.5% increase in August. Supermarkets, clothing stores and mail…

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46% of independent retailers report lower Q2 sales, Bira finds

Nearly half (46%) of Britain’s independent retailers reported lower sales in the second quarter of 2025 compared with the same period last year, according to new figures from the British Independent Retailers Association (Bira). The decline was attributed to a squeeze on household budgets and falling consumer confidence as key…

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UK quarterly GDP beats expectations despite slowdown

UK GDP grew 0.3% in the three months to June, behind the 0.7% it grew in the first quarter, as a result of US tariffs and higher business costs, according to data from the Office for National Statistics (ONS). However, it is better than expected growth as economists polled by…

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Consumer confidence hasn’t recovered since Brexit vote, Barclays finds

Consumer confidence reached its highest point in the past 10 years in September 2016, at 48%, just after the Brexit referendum, according to Barclays’ “10 Years of Spend” report. Barclays has been tracking consumer confidence monthly since 2015 and also surveyed 2000 people in the UK for the report, which…

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UK footfall jumps 7.2% in April

UK footfall increased by 7.2% in April (YoY), up from -5.4% in March, the BRC has revealed. During the four weeks from 6 April to 3 May, footfall increased across all segments – high street by 5.3%, retail parks by 7.5% and shopping centres by 5.6%. Across nations, footfall also…

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Diamond prices rise in April amid tariff uncertainty

Diamond prices rose sharply at the beginning of April in response to announcements of new U.S. import tariffs, and then stabilised later in the month when the U.S. delayed their implementation by 90 days, according to Rapaport’s RapNet Diamond Index. It comes as the RapNet Diamond Index (RAPI) for 1-carat…

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Chancellor resists calls for business relief in Spring Statement

Chancellor Rachel Reeves has resisted calls from businesses for relief ahead of the upcoming tax changes this April, as part of her Spring Statement today (26 March). UK businesses had been hopeful the chancellor would raise the relief rate for retail, hospitality, and leisure after cutting it to 40% in…

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