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.
-
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 Russia’s biggest…
Read More » -
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…
Read More » -
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…
Read More » -
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. The new rate of 1%, up from 0.75%, is the BoE’s latest attempt to curb the rampant rise in inflation – also at its…
Read More » -
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…
Read More » -
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 “unseasonably warm weather”. According to Ipsos Retail Performance, the retail sector performed the strongest at -14.9% compared to pre-Covid levels, while footfall on the…
Read More » -
Mar- 2022 -23 MarchEconomy
Spring Statement: Chancellor raises NI threshold to £12,570
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 £3,000. Speaking in parliament today (23 March), Rishi Sunak began his speech by warning it is yet unclear what the impact of…
Read More » -
18 MarchFeatures
13 Spring Statement predictions
With both the global and UK economies coming under pressure from the rising cost of living crisis, which has only been exacerbated by Russia’s invasion of Ukraine, all eyes will be on the chancellor when he makes his Spring Statement speech on 23 March 2022. Here, Christy Wilson, tax associate…
Read More » -
17 MarchNews
BoE raises interest rates to 0.75%
The Bank of England has raised interest rates back to the pre-pandemic level of 0.75% as it tries to mitigate the effect of the rising costs of living and the impact that the conflict in Ukraine is having on the global economy. The Monetary Policy Committee (MPC) voted with a…
Read More » -
16 MarchRetailers
Retail sales monitor shows ‘cause for optimism’, Bira says
The British Independent Retailers Association (Bira) has said there is “cause for optimism” after the recent BRC-KPMG retail sales monitor for February 2022 which revealed that UK retail sales increased 2.7% on a Like-for-like basis from February 2021. According to the BRC the performance comes on top of an improved…
Read More »
