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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Aug- 2022 -31 AugustEvents
Vicenzaoro September: Over a thousand exhibiting brands and top industry voices
Over a thousand exhibitingย brandsย will be fromย 9thย to 13thย Septemberย atย Vicenzaoro September, the international gold and jewellery show organised byย Italian Exhibition Groupย (IEG) to be held atย Vicenza Exhibition Centreย accompanied byย VO Vintage (9thย โ 11thย September). Speakers at the next edition will include key figures from the industry. The authoritative voices ofย entrepreneurs, institutions, thought leaders and key global…
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26 AugustEconomy
Energy price cap to rise by 80% to ยฃ3,549 from October
Ofgem has confirmed that the energy price cap will increase by 80% to a record ยฃ3,549 a year for dual fuel for an average household from 1 October 2022.ย The rise will affect those on standard variable tariffs, with the record annual bill only being based on typical usage. At…
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5 AugustEconomy
UK recession can be averted, claims Truss
In an interview with Sky Newsโs Kay Burley last night (4 August), foreign secretary Liz Truss claimed she could avert a recession if she wins the leadership contest. The claim comes after the Bank of England projected that the UK would enter a recession in this yearโs fourth quarter, with…
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Jun- 2022 -27 JuneCurrent Affairs
UK sanctions Russian gold exports
New exports of Russian gold will no longer be allowed to enter the UK, Canada, US and Japan due to new measures announced at the G7 Summit yesterday (26 June), in a bid to ramp up the pressure on Putin amid his attack on Ukraine. Gold is reportedly Russiaโs biggest…
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May- 2022 -12 MayEconomy
UK economy shrinks in March
The UK economy shrunk by 0.1% in March as consumers started to feel the bite of rising energy prices and the cost of living. The latest figures also come after a period of no growth in February. During the period, services fell by 0.2% on the month and was the…
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10 MayEconomy
Cost of living crisis begins to hamper consumer spending
Spending on essential items dropped to 18.1% in April, compared to 17.4% in March, as inflation and rising living costs are starting to impact the retail sector. Research from Barclaycard found this was largely due to spending on fuel falling from a record 26.1% increase last month to 23% in…
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5 MayNews
BoE raises interest rates to highest level since 2009
The bank of England (BoE) has raised interest rates to its highest level since 2009 – marking the fourth time it has taken action since December.ย The new rate of 1%, up from 0.75%, is the BoEโs latest attempt to curb the rampant rise in inflation – also at its…
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Apr- 2022 -11 AprilEconomy
UK GDP slows to 0.1% in February
Gross domestic product (GDP) slowed in the UK as the economy only saw 0.1% growth in February, down from a growth rate of 0.8% in January. According to the Office for National Statistics (ONS), services grew by 0.2% and was the main contributor to February’s growth in GDP, although this…
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5 AprilEconomy
Retail footfall drops 22.9% across UK
Footfall fell by 22.9% compared to 2019 in the non-food sector across the UK, although footfall is up 9.9% compared to the previous month due to โunseasonably warm weatherโ. According to Ipsos Retail Performance, the retail sector performed the strongest at -14.9% compared to pre-Covid levels, while footfall on the…
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Mar- 2022 -23 MarchEconomy
Spring Statement: Chancellor raises NI threshold to ยฃ12,570
The chancellor has outlined a series of measures to help combat the rising cost of living in his latest spring statement, including increasing the national insurance threshold by ยฃ3,000. Speaking in parliament today (23 March), Rishi Sunak began his speech by warning it is yet unclear what the impact of…
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