Economy
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Mar- 2025 -26 March
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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4 March
Shop price inflation remains at 0.7% despite surge in food prices
Shop price inflation remained in deflation at 0.7% in February, after also falling to -0.7% in January, according to data from the British Retail Consortium. However, this comes despite food inflation increasing to 2.1% year on year in February, an increase from the 1.6% rise in January and above the…
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Feb- 2025 -20 February
UK consumer confidence drops to new low in February
UK consumer confidence slipped to a new low of -37 in February, amid the worsening state of the economy. According to the latest BRC-Opinium Consumer Sentiment Monitor, the economy worsened for the fifth consecutive month, down from -34 in January. The BRC reported that even Gen Z, despite being the…
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17 February
Average diamond price rose 2.7% in 2024
The average price of a diamond rose 2.7% to $2,360 (£1872) in 2024, according to data from the Natural Diamond Council (NDC). Furthermore, overall jewellery sales across all product segments grew 5.2% in 2024. Round diamonds still accounted for 82% of centre stones, oval cuts featured in 165 of engagement…
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6 February
BoE cuts interest rates to 4.5%
The Bank of England (BoE) has voted to cut interest rates from 4.75% to 4.5%, the lowest level since June 2023, but warned that GDP growth has been “weaker than expected”. At its meeting this week, the bank’s monetary policy committee voted by a majority of 7–2 to reduce the…
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Jan- 2025 -30 January
Value of diamonds has plummeted in past 2 years, warns 77 Diamonds
Both natural and lab grown diamonds have seen a significant reduction in value, according to online jeweller 77 Diamonds. Over the last two years, the value of a 1ct natural diamond, based on the cost price of round diamonds, has fallen by 34%, whilst a 2ct stone is now worth…
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7 January
BRC warns of 2025 falling sales volume despite December sales growth
The British Retail Consortium (BRC) has warned of possible falling sales volume in 2025 despite the modest increase in total retail sales experienced in December 2024. UK total retail sales in December 2024 increased by 3.2% year on year, against a growth of 1.9% in December 2023, according to new…
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3 January
Total footfall was down 2.2% in 2024
Total UK footfall in 2024 was down 2.2% compared with 2023 according to data from the British Retail Consortium (BRC). Footfall decreased year-on-year for all four nations, with Scotland falling by 1.5%, England by 2.1%, Wales by 2.6%, while Northern Ireland experienced the biggest decline at 5.8%. Alongside this, total…
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Dec- 2024 -24 December
Footfall rises ahead of Christmas but remains lower than 2023 levels
Footfall rose for the second consecutive week last week across all UK retail destinations with retail parks and shopping centres paving the way, according to MRI Software’s new data. However, levels were still considerably lower than the same week last year. For the week to 22 December, footfall rose by…
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23 December
BRC warns of ‘spending squeeze’ in January
The British Retail Consortium has warned of a January spending squeeze, as BRC-Opinium data between 10 and 13 December showed that people’s spending intentions dropped 6pts. It comes as public confidence in the state of the economy “took a nosedive”, falling 8pts to -27, creating a widening gap between expectations…
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