UK retailers have reported the steepest fall in shop prices in three years as unseasonably wet weather in September pushed stores to offer significant discounts in a bid to attract shoppers. According to the latest figures from the British Retail Consortium (BRC) and NielsenIQ, shop prices dropped by 0.6% year-on-year, compared to a 0.3% fall […]
Mulberry, one of Britain’s most iconic luxury brands, has turned down an £83 million takeover bid from Mike Ashley’s Frasers Group, stating it did “not recognise the company’s substantial future potential value.” The board of Mulberry said it had carefully considered the offer, consulting with its majority shareholder, Challice, which holds 56.1% of the company […]
The UK economy expanded at a much faster rate than originally estimated in 2023, according to revised data from the Office for National Statistics (ONS). The updated figures show that the economy grew by 0.3% last year, triple the previously reported 0.1% growth. This upward revision follows the collection of more detailed data on wages […]
Next’s chief executive, Lord Wolfson, has sold a £29m stake in the retail giant ahead of potential changes to the capital gains tax (CGT) system, expected in Chancellor Rachel Reeves’s maiden Budget next month. New filings reveal that the Conservative peer offloaded 290,000 shares between Friday and Tuesday, valuing his total stake at £29.2m. Prior […]
Marlow Foods, the parent company of plant-based brand Quorn, has reported a £63m loss as demand for meat alternatives continues to wane. Sales fell by 6.9% to £205m in the last financial year, prompting the company to shed nearly 100 jobs as part of a restructuring programme. Quorn’s sales across retailers dropped 8.6% in the […]
Private schools in Wales could lose their charitable status from April 2024 under new proposals set out by the Welsh Labour government. The move would require fee-paying schools to pay domestic rates, a change expected to bring in an additional £1.3 million per year. This comes on top of UK-wide plans to impose VAT on […]
Andy Burnham, Mayor of Greater Manchester, has warned that the North risks facing “Armageddon” unless the HS2 high-speed rail link from Birmingham to Manchester is completed. He urged Labour leader Sir Keir Starmer to reverse the previous government’s decision to scrap the northern leg of the project, calling for a revised, more affordable version of […]
Kiki McDonough, the jeweller favoured by Princess Diana, Kate Middleton, and Queen Camilla, has slashed prices by 20% in a bid to offset the effects of the so-called “tourist tax”. This summer, McDonough offered the discount to American and Australian shoppers, aiming to alleviate the impact of the 2020 removal of VAT-free shopping for tourists, […]
The UK economy is forecast to grow at double the rate expected earlier this year, according to consultancy firm KPMG. Gross domestic product (GDP) is now predicted to rise by 1% in 2023, up from the previous estimate of 0.5%, with growth set to continue at 1.2% next year, revised from 0.9%. Despite the Bank […]
Prime Minister Sir Keir Starmer is set to reassure the nation that there is “light at the end of this tunnel,” urging the public to endure short-term financial hardships in exchange for long-term prosperity. In his first speech to the Labour conference since taking office, he will outline the need for tough economic decisions to […]