Economy
The economy has a direct influence on the UK jewellery trade, affecting consumer spending, material costs, and business confidence across the sector. For jewellers, manufacturers, and suppliers, staying informed on economic trends is vital to planning and resilience. Jewellery Focus provides expert coverage of economic developments impacting the trade, including inflation, interest rates, consumer confidence, and supply chain challenges. Our reporting helps jewellery professionals understand the wider market forces shaping their business environment.
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Sep- 2020 -7 SeptemberEconomy
GDP to contract £15.3bn each year if home working persists
Lower consumer spending and a decrease in economic clustering if pandemic levels of home working persist would reduce UK GDP by £15.3bn every year, according to new research published by PwC. The ‘Big Four’ accountancy firm said the hit to consumption is a result of office workers spending fewer days…
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3 SeptemberRetailers
SMEs ‘plagued’ by late payments
UK freelancers and small business owners continue to be plagued by the problem of late payment, according to new research by cloud accounting software company Freeagent. Analysis of over two million invoices sent by FreeAgent customers between January 2019 and June 2020 has revealed the “startling impact” of late payment…
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Aug- 2020 -26 AugustAdvice
How COVID-19 has impacted global supply chains
The impact of COVID-19 has been swift and devastating to those directly affected. Not just from a health perspective but also for businesses who had to promptly close their doors as the country went into lockdown, particularly those in hospitality and retail. And as we now slowly emerge from these…
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24 AugustEconomy
Record economic growth anticipated for Q3
The UK is reportedly on track for a record economic resurgence during the third quarter of the year, following sharp declines in GDP at the peak of the Covid-19 pandemic in Q2. According to the Financial Times (FT), City of London economists have predicted a 14.3% rise in GDP for…
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19 AugustAuctions
John Pye welcomes highest auction figures in its history
John Pye Auctions has recorded its highest auction figures in its 52-year history, welcoming a 79% sales increase compared to pre-lockdown. The online auction house, which was crowned the UK’s Asset Valuer & Auctioneer for the last five years, said it has seen “unprecedented” liquidations with corporate insolvencies, product returns…
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13 AugustRetailers
Bira thanks government’s #ShopLocal Week
The British Independent Retailers Association (Bira) has thanked the government for the launch of #ShopLocal Week. The #ShopLocal campaign, which started on Monday (August 10) and runs until Sunday, August 16, aims to celebrate the British high street by encouraging customers to return to their safe, local shops, supporting the…
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12 AugustCurrent Affairs
UK in recession following 20% GDP slump
The UK economy has entered into a technical recession following a “record” fall in gross domestic product (GDP) during the second quarter of the year. According to the Office for National Statistics, GDP slumped by 20.4% between April and June 2020, compared with the 2.2% drop seen during Q1 2020…
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7 AugustCoronavirus
Poor July sales rock high street recovery
Poor in-store sales through the month of July have “dampened hopes of a recovery” across UK high streets, according to the latest High Street Sales Tracker from BDO. In-store like-for-like sales decreased by 39.4% last month, down from a marginal base of 0.1% that was reported the year before. According…
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7 AugustRetailers
Usdaw warns business rates increase could risk more jobs
Retail trade union Usdaw has expressed “major concerns” over reports that the government is considering increasing business rates for premises with a rateable value over £51,000. The news comes as reports suggest Rishi Sunak is considering increasing business rates in an effort to boost the UK economy. Instead, Usdaw is…
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6 AugustCurrent Affairs
Price of gold hits ‘record’ high
The price of gold has topped $2,000 (£1,527) an ounce for the first time in history, as investors look to move cash into gold amid increased concerns over the global economy and geo-political tensions. The price of gold first hit a “record” high last week, when its price was bumped…
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