There are further suggestions of a recovery today after the British Retail Consortium (BRC) reported a rise in retail sales for the month of July. According to the BRC, UK-wide like-for-like sales (which excludes new store openings) grew by 1.8% during the month compared with July 2008. The wetter weather in the second half of [...]
The British Retail Consortium (BRC) and KPMG’s retail sales monitor has revealed a rise in UK retail sales in June, primarily due to the good weather during the month. Like-for-like sales rose 1.4% last month compared with June 2008 with non-food sales over the three months to June experiencing their best performance since October last [...]
There was more bad news for the struggling euro zone today with the news of a fall in retail sales in May. According to Eurostat, retail sales in the euro zone fell 0.4% month-on-month – analysts had expected a fall of 0.1%. Meanwhile, on an annual basis, the fall was 3.3% – again worse than [...]
Online shopping could give the UK’s economy the boost it needs to climb out of recession, according to a new report. PayPal UK’s Online Retail Report estimates that the amount Brits spend online is set to double by the end of 2011, from £8.9 billion per year to £21.3 billion. During 2011, consumers will spend [...]
The Office for National Statistics (ONS) has revealed a slight fall in UK retail sales in May. Retail sales fell 0.6% in May compared with the previous month and 1.6% down on the same month last year, said the ONS. The fall in retail sales volumes were fuelled by falls in clothing and footwear where [...]
Consumer spending increased in April after retail sales were up 0.9% during the month compared with March, beating analysts expectations who had forecast a rise of just 0.5%. However, on an annual basis, sales were up 2.6% compared with April last year, according to the Office for National Statistics (ONS). Analysts believe record low interest [...]
The Commerce Department revealed that US retail sales fell 0.4% in April and follows a fall of 1.3% in March. April’s figure was worse than analysts had expected and show no evidence of an actual recovery, according to Paul Dales, US economist at Capital Economics. Consumer spending makes up for nearly 70% US GDP and [...]
The British Retail Consortium (BRC) has announced today that the British High Street saw a flurry of shoppers in April, as a result of the sunshine. The BRC said like-for-like sales, which excludes sales from new shops, rose by 4.6% in April, compared with the same month last year. However, the BRC cautions that a [...]
Figures released from Eurostat have revealed that retail sales in the euro zone fell by a record 4.2% year-on-year in March. The fall in retail sales shows continued weakness in consumer demand with analysts not expecting an improvement in the medium-term. According to Juergen Michels of Citigroup, the figures are disappointing and suggest that rising [...]
The British Retail Consortium (BRC) has hit out at the suggestion that business rates could rise as Chancellor, Alistair Darling, intended to increase rates by 5 percent but has since reduced it to 2 percent, with the rest of the increase being implemented over the next two years. The Centre of Economic Research has revealed [...]
As the recession has kicked in, small retailers to well established chains have struggled with cashflow problems, which has caused many to go bust, and as a result has caused huge difficulties for retail landlords. However a positive step has now been made by some landlords to be more accommodating, as the British Property Federation [...]
Figures released today by the British Retail Consortium (BRC) showed a fall in retail sales for the month of February, as the heavy snowfalls throughout the company kept shoppers away. According to the BRC, the value of like-for-like retail sales fell 1.8% in February, compared with February 2008. This follows the shock 1.1% rise reported [...]
Figures from the CBI revealed a further decline in retail sales this month albeit the rate of the decline has slowed. According to the CBI’s distributive trades survey, 27% of retailers reported that sales in the first half of the month were higher than a year ago. This is compared with the 52% of retailers [...]
Retail sales in London have been boosted by heavy discounting which has attracted not just local shoppers but shoppers from the US and the euro zone, lured by the weakness of the pound. Retail sales in the capital in January were 6.5% higher compared with the same period a year ago, on a like-for-like basis. [...]
According to the latest figures from the British Retail Consortium (BRC), like-for-like retail sales in January rose 1.1% compared with a year earlier. The BRC Retail Sales Monitor, which is also compiled by KPMG, covers the four weeks between 4 January and 31 January. The rise was attributed to heavy discounting which encouraged consumers to [...]
Figures from the EU’s statistical agency, Eurostat, have revealed that retail sales in the euro zone area fell again last month. Retail sales in December fell 1.6% compared with a year earlier. Meanwhile, November’s figure was revised downwards to show a bigger fall than expected. Eurostat revised down November sales to a 2.6% annual fall [...]
Despite the bad news surrounding the economy this week, bank shares have recovered today following two weeks of heavy falls in the sector. Following decent increases yesterday, shares in Barclays were up 12% to 99p earlier today, following a 73% surge yesterday. Shares in the bank closed today at 89p. However, shares in Barclays are [...]
Figures from the CBI have revealed that retail sales volumes have fallen for the tenth consecutive month with durable household goods (such as electrical equipment) and clothing retailers reporting the heaviest falls. The organisation said that volumes will continue to fall as consumers tighten their purse strings as recession bites and unemployment rises. According to [...]
Figures from the Office for National Statistics (ONS) have revealed a shock rise in UK retail sales for the Christmas period. According to the ONS, the volume of UK retail sales rose by 1.6% in December – boosted by price discounts from non-food retailers who slashed prices to entice consumers into the shops. However, the [...]
In its quarterly economic survey, published today, the British Chambers of Commerce (BCC) is painting a bleak outlook for the UK economy. According to the BCC, December was one of the worst months ever experienced by the British economy, with a sharp decline in housing market activity and a fall in retail sales. Furthermore, the [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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