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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Jan- 2023 -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 Bankโs 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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Nov- 2022 -29 NovemberNews
Birmingham Assay Office teams up with Aston University for KTP
Aston University has teamed up with hallmarking specialists Birmingham Assay Office (BAO) through a knowledge transfer partnership (KTP) aimed at developing a sophisticated intelligent business system. The system will aim to improve operational efficiency and increase BAOโs competitiveness, leading to significant improvements in customer experience. A KTP is a three-way…
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17 NovemberNews
Chancellor freezes tax thresholds in Autumn statement
Chancellor Jeremy Hunt has announced a raft of measures to help โstabiliseโ the UK economy and reduce inflation, with tax cuts and spending cuts totalling ยฃ55bn in the Autumn statement. As part of the new measures, Hunt confirmed that tax as a percentage of GDP will rise by over 1%…
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Oct- 2022 -31 OctoberRetailers
Lily Arkwright to support Unicef on Black Friday
Lily Arkwright has announced it has pledged to donate a portion of every sale to Unicef this Black Friday, as the cost of living crisis is โloomingโ over the world’s economy. The jeweller will donate ยฃ50 from every sale to Unicef, save the children campaign. Lily Arkwright has teamed up…
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Sep- 2022 -23 SeptemberEconomy
Consumer confidence plummets to record low in September
UK consumer confidence has plummeted to a record low of -49% in September, the lowest since 1974, according to the latest research from GfK. It comes amid the cost of living crisis as households struggle with soaring energy bills and inflation. Four measures were down in comparison to the 19…
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23 SeptemberEconomy
Chancellor announces sweeping tax cuts in first mini-budget
Chancellor Kwasi Kwarteng has today (23 September) announced a ream of tax cuts alongside a ยฃ60bn energy support package as part of the new governmentโs first mini-budget. Setting out his aims for economic growth, Kwarteng said that he wants the economy to increase by 2.5% annually in the medium-term, through…
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21 SeptemberEvents
Houlden conducts โrecord-breakingโ business at Autumn meeting
Houlden, a consortium of jewellers, has announced that โrecord-breakingโ business has been achieved at its latest meeting, while the announcement of major new initiatives was a key highlight of the event. The Houlden Autumn Meeting took place in Windsor on September 8 and 9 when Houlden members were โunited in…
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12 SeptemberEconomy
Economic recovery slows in July
The UK economyโs growth slowed in July to 0.2% according to the latest figures from the Office for National Statistics (ONS). The result is below previous forecasts of 0.4% growth for the month as worker shortages and soaring costs weighed on activity. It found that services grew by 0.4% in…
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