UK news and archive

In the UK, a new Labour government is incoming: What this means for retail

In what has been a largely anticipated turnout, Labour has swung the election with a landslide majority, making Keir Starmer the UK’s next prime minister (made official once King Charles III formally requests him in during a ceremony later today). It marks the first change in government in 14 years, throughout which the Conservatives served at...

ManagementFeatured

New West End Company unveils manifesto “for growth” ahead of general election

The New West End Company (NWEC), which represents more than 600 UK and international firms in London's West End, has unveiled a new manifesto laying out policy priorities and recommendations for the future government ahead of the upcoming general election in the UK. The manifesto has been built on insights from its hundreds of members to outline...

Business

Date of UK general election confirmed

Prime minister Rishi Sunak has confirmed that the next UK general election is to take place July 4. The announcement came after it was reported that the region’s annual inflation had fallen to its lowest level in three years. According to the Office of National Statistics (ONS), prices rose by 2.3 percent in the 12 months to April 2024, down...

BusinessFeatured

UK’s Spring Budget: What to know and how the industry is responding

Jeremy Hunt outlined his Spring Budget earlier this week and, like his prior Autumn Statement, was met with mixed reactions from the retail industry as a whole. His speech to MPs began by outlining the government’s achievement of lowering inflation from 11 percent, when prime minister Rishi Sunak came into office, to 4 percent, which Hunt said “...

BusinessFeatured

UK falls into recession, retail industry takes hit

While it is no secret that the past year has proven to be a financially turbulent one for the UK, new data has revealed that the region had in fact fallen into recession during the final three months of last year, as the economy continued to take a hit. According to figures by the Office for National Statistics (ONS), the UK’s gross domestic...

Business

UK ‘tourist tax’ reportedly costing 11.1 billion pounds in lost GDP

A new report by the Centre for Economics and Business Research (Cebr) has said that the UK’s widely debated ‘tourist tax’ is costing the region’s economy 11.1 billion pounds in lost gross domestic product (GDP). Cebr said that it had used tourist data released by the government last week to analyse the impact of scrapping the VAT-free shopping...

Retail

Nearly 120,000 UK retail jobs lost in 2023

A new report by the Centre for Retail Research has found that almost 120,000 retail employees lost their jobs throughout 2023 amid the closure of over 10,000 shops. The organisation noted that the sector was faced with the biggest tax increase in 33 years in April of 2023, one of the causes behind the slew of closures throughout the year. While...

BusinessFeatured

Retailers express mixed feelings towards Autumn Statement, living wage boosted

Chancellor Jeremy Hunt delivered his highly anticipated Autumn Statement at the House of Commons yesterday, and has since been met with a mixed bag of reactions from the retail industry, much of which was expecting much more in the way of assistance. Among the new measures, Hunt announced that business rates would be frozen for smaller...

Business

UK government puts end to ‘period pants tax’

As part of the government’s Autumn Statement, the chancellor has announced that period pants will be free of value added tax (VAT) from January onwards, a move that was met with celebration from retailers, women’s organisations and customers alike. Earlier this year, such groups rallied together on a campaign that called on the government to...

Business

British Council and UAL looking for sustainable fashion and technology proposals from UK and India

The cultural and educational organisation British Council has partnered with the University of the Arts London (UAL) and announced an open call for designers, design entrepreneurs, and SMEs from the UK and India to apply for the New Landscapes Catalyst Grant Scheme, a collaborative research and development scheme. The aim is to create solutions...

Business

Britain secures trade deal with Washington state

Britain is understood to have secured a trade deal with the state of Washington in the US, with a similar agreement to potentially be reached with Florida soon. The region, which had initially set out to strike a bilateral trade deal with the US as a whole, signed a memorandum of understanding (MoU) on trade with the state after the UK...

BusinessFeatured

350 Business leaders join call on government to reintroduce tax-free shopping

An open letter to chancellor Jeremy Hunt has been signed by 350 business people across the retail, hospitality, arts and tourism sectors, and calls for the reintroduction of tax-free shopping ahead of the government’s debate on the topic, scheduled for September 7. Among the signatories are the CEOs, general managers, designers and directors of...