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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May- 2023 -11 MayNews
BoE raises interest rate for 12th time to 4.5%
The Bank of England (BoE) has raised interest rates for the 12th consecutive time to 4.5%, up from 4.25%. The BoEโs Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by 0.25% in a bid to meet the 2% inflation target. The committee said it…
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Mar- 2023 -28 MarchDesigners
Faberge owner posts record revenues
Faberge owner Gemfields has posted record revenues of $341m (ยฃ279m), an increase of 32%, for the year ended 31 December 2022. The company also posted strong EBITDA growth of 25% up to $166m (ยฃ136m) and an EBITDA margin of 45%. Gemfieldsโ net profit was also up to $74m (ยฃ60m) compared…
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23 MarchNews
BoE raises interest rates to 4.25%
The Bank of England (BoE) has announced that interest rates will be raised by 0.25% to 4.25%, the highest rate in almost 15 years, following an unexpected rise in inflation last month.ย The move marks the 11th consecutive increase from the BoE and follows the jump in inflation to…
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15 MarchRetailers
Berryโs Jewellers opens new Leeds boutique
Family-owned luxury jewellers, Berryโs 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 โintricate handcrafted timepiecesโ. 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 ยฃ250,000, as part of a number of measures announced in chancellor Jeremy Huntโs Spring Budget. To help offset the corporation tax rise, Hunt also announced a provision of ยฃ9bn of โfull capital expensingโ 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 UKโs most inspirational female entrepreneurs by the f:entrepreneur โ#ialso100โ 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 โbrokenโ apprenticeship levy
Four trade bodies within UK retail and hospitality, including the BRC, have called on the government to reform the โbrokenโ apprenticeship levy system, as so far, ยฃ3.5bn 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 bankโs 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 โsignificantโ 14.2% gap to pre-pandemic 2019 levels, according to Springboardโs annual retail review for 2022. However, the figure does mark โa steady improvementโ, 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 โsignificantโ quarter-on-quarter improvement in sentiment towards levels of debt (+3.8…
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