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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Mar- 2023 -15 MarchRetailers
Berry’s Jewellers opens new Leeds boutique
Family-owned luxury jewellers, Berry’s has opened a new boutique on Leeds High Street, dedicated to selling Vacheron Constantin watches. Vacheron Constantin is a luxury maison established in Switzerland with more than 265 years of heritage and is known for its “intricate handcrafted timepieces”. With the opening of the Vacheron Constantin…
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15 MarchNews
Spring Budget: Corporation tax to rise to 25%
Corporation tax is set to rise from 19% to 25% for firms with profits over £250,000, as part of a number of measures announced in chancellor Jeremy Hunt’s Spring Budget. To help offset the corporation tax rise, Hunt also announced a provision of £9bn of “full capital expensing” which for…
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Feb- 2023 -21 FebruaryDesigners
Auree founder named in top 100 inspiring female entrepreneurs list
Amelia Carmichael, founder of Auree Jewellery, has been named as one of the UK’s most inspirational female entrepreneurs by the f:entrepreneur ‘#ialso100’ campaign. Carmichael, who founded Auree in 2014, has been profiled alongside 100 female entrepreneurs from across the country, as part of the campaign to celebrate the achievements of…
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6 FebruaryNews
Trade bodies urge Govt to reform ‘broken’ apprenticeship levy
Four trade bodies within UK retail and hospitality, including the BRC, have called on the government to reform the “broken” apprenticeship levy system, as so far, £3.5bn has reportedly expired before businesses could make use of it. This call on the government comes as businesses were also unable to meet…
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2 FebruaryRetailers
BoE raises interest rates to 4%
The Bank of England (BoE) has announced that interest rates will be raised by 0.5%, bringing the base rate of interest to 4%, the highest level in 14 years. The increase, which is the tenth consecutive increase, was decided after the bank’s Monetary Policy Committee (MPC) voted by a majority…
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Jan- 2023 -25 JanuaryNews
Footfall improves throughout 2022 but remains 14% behind 2019
UK footfall improved throughout 2022, but there still remains a “significant” 14.2% gap to pre-pandemic 2019 levels, according to Springboard’s annual retail review for 2022. However, the figure does mark “a steady improvement”, from -20.8% below 2019 in January 2022 to -10.9% in December 2022. The uplift from 2021, however,…
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23 JanuaryEconomy
Consumer confidence improves for first time in 15 months
UK consumer confidence in the final quarter of 2022 improved by half (+0.6) a percentage point, according to the latest Deloitte Consumer Tracker, marking the end of a 15-month period of consecutive decline. Deloitte said overall confidence was boosted by “significant” quarter-on-quarter improvement in sentiment towards levels of debt (+3.8…
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13 JanuaryEconomy
UK GDP beats expectations as it grows 0.1% in Nov
The UK economy unexpectedly grew by 0.1% in November as the World Cup helped boost restaurant and pub sales, according to the latest data from the Office for National Statistics (ONS). It comes as analysts had predicted a fall of 0.3% for the month and has raised hopes that the…
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Dec- 2022 -15 DecemberEconomy
Bank of England raises interest rates by 0.5% to 3.5%
The Bank of England (BoE) has announced that interest rates will be raised by 0.5%, bringing the base rate of interest to 3.5%, the highest level in 14 years. At a meeting held on 14 December 2022, the Bank’s MPC voted by a majority of 6-3 to increase rates by…
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12 DecemberEconomy
UK economy returns to growth in October
The UK economy returned to growth in October following the period of national mourning after the death of the Queen, according to the latest figures from the Office for National Statistics (ONS). UK GDP is estimated to have grown by 0.5% in October 2022, following a fall of 0.6% in…
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