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News Tag: VAT

February 24, 2011

Consumer spending fears hits retailers

by Kay Mitchell
”Consumer
According to the latest Confederation of British Industry (CBI) distributive trades survey, retailers are concerned about consumers tightening their purse strings amid rising inflation. The CBI’s survey established that the sales balance fell to +6 this month from +37 in January - far below expectations of a +30 reading. Furthermore, retailers expect sales growth to slow further next month, with the sales balance projected ...




February 18, 2011

John Lewis reports further slowdown in weekly sales

by Kay Mitchell
”John
The John Lewis Partnership, which is regarded as a barometer of British retailing, today reported a further fall in weekly sales. The renowned employee-owned chain said department store sales grew 1.4% to £49.8 million in the week to 12 February - it represented the fourth consecutive week of slow sales following the VAT hike on 4 January. It follows a 1.2% ...





February 16, 2011

UK consumer confidence takes a knock in January

by Kay Mitchell
”UK
The latest survey from the Nationwide Building Society has revealed a fall in UK consumer confidence for the month of January after rising in December. The building society’s consumer confidence index plunged to 47 in January from 54 the previous month - just 6 points above the record low of 41 and way below its average of 81. In the ...




February 10, 2011

Will UK interest rates be raised today?

by Kay Mitchell
’Will
According to some economists, there is a very small chance that the Bank of England could raise interest rates today. The Monetary Policy Committee (MPC) commenced its two-day meeting yesterday and earlier this week, City bank JP Morgan said there was a 40% chance that rates will be lifted from their historic low of 0.5% as the central bank is forced ...




January 24, 2011

Policymaker urges BoE to respond to inflation

by Kay Mitchell
’Policymaker
Andrew Sentance, one of the Bank of England’s Monetary Policy Committee (MPC) members, has once again spoken of stubbornly high inflation. Mr Sentance has, at the last seven rate-setting meetings, voted for the base rate to be lifted, in order to combat high inflation. He is expected to have voted this month for rates to be increased – minutes of the meeting ...




January 5, 2011

Inflation to surge after VAT hike

by Kay Mitchell
”Inflation
Leading business groups have warned that the recent hike in VAT from 17.5% to 20% will drive inflation up to around the 4% mark over the coming months. This would take inflation to double the Government’s target of 2%. Last month, the Office for National Statistics (ONS) revealed Consumer Price Inflation (CPI) rose to an annual rate of 3.3% in November, up from ...




January 4, 2011

VAT rate rises today to 20%

by Kay Mitchell
”VAT
The rate of VAT will today rise from 17.5% to 20% as the Government looks to raise billions of pounds in order to trim the UK’s budget deficit. While many are prepared for the increase, retail sales are expected to be hit as consumers are expected to cut back on their spending over the coming months. According to a report by the Centre ...




January 3, 2011

Retail sales to slump following VAT hike

by Kay Mitchell
”Retail
According to experts, the forthcoming VAT hike will have resulted in the purchase of big-ticket items - boosting retail sales in December and the first few days of January. However, the VAT rise from 17.5% to 20%, which kicks in tomorrow, is expected to mean consumers will cut back on their spending over the coming months. According to a report by ...




December 21, 2010

Consumer confidence remains at low level

by Kay Mitchell
”Consumer
A survey showed today consumer confidence remains at low levels with the GfK NOP December consumer confidence index unchanged at -21. While it was marginally better than the -22 expected by analysts, it is two points lower than this time last year. Meanwhile, the survey's "climate for major purchases" index surged ahead by 10 points, but all other components dropped. According to GfK NOP, ...




December 16, 2010

UK retail sales slow in November

by Kay Mitchell
”UK
The Office for National Statistics (ONS) has today reported UK retail sales rose 0.3% in November - albeit slower than the revised 0.7% in October. However, the figure was in line with expectations and was driven by sales of toys, sporting accessories and jewellery. Demand for clothing, footwear and households goods remained weak The ONS highlighted that internet sales accounted for more than 10% ...




December 14, 2010

UK inflation rises to 6-month high in November

by Kay Mitchell
”UK
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) rose to an annual rate of 3.3% in November, up from 3.2% in October. The latest figure represents the highest since May and inflation has now been above the target of 2% for a year. Meanwhile, toady’s figure surprised analysts who had expected CPI to hold steady ...




December 13, 2010

Forthcoming VAT hike could boost Christmas sales

by Kay Mitchell
”Forthcoming
The British Retail Consortium (BRC) has revealed some optimism among retailers for the Christmas period. Many believe the Christmas period will be no worse than last year - despite consumers being fearful of the Government’s spending cuts and unemployment. According to the BRC’s snapshot of 17 major retailers, which represents up to 51% of the sector by turnover, established that more than ...




November 18, 2010

UK retail sales exceed expectations in October

by Kay Mitchell
”UK
According to the Office for National Statistics (ONS), UK retail sales grew in October for the first time in three months. The ONS said sales rose 0.5% in October on a monthly basis - beating analysts expectations of a 0.4% gain. Stripping out volatile fuel prices, retail sales grew 0.3% in the month. However, on an annual basis, retail sales were down 0.1%. Many ...




November 16, 2010

UK inflation rises to 3.2% in October

by Kay Mitchell
”UK
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) rose to an annual rate of 3.2% in October, up from 3.1% in September. The latest figure represents the eleventh consecutive month that inflation has been above the target of 2% and will prompt the Governor of the Bank of England, Mervyn King, to write a letter ...




November 8, 2010

BDO optimistic about High Street sales in 2011

by Kay Mitchell
”BDO
BDO, the accountancy firm, has today provided an optimistic report about the prospects for the UK High Street. Spending cuts and tax hikes has led many experts to suggest that consumers will rein in their spending, having a severe impact on retailers. However, BDO suggests that sales will grow by 3% over Christmas as shoppers have one last “fling" before the ...




September 14, 2010

UK inflation remains unchanged at 3.1% in August

by Kay Mitchell
”UK
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) held steady at the annual rate of 3.1% in August. The latest figure represents the ninth consecutive month that inflation has been above the Bank of England’s target of 2%. However, analysts had expected CPI to dip slightly to 2.9%. Inflation remained flat as air transport ...




August 23, 2010

Survey reveals household finances are squeezed

by Kay Mitchell
”Survey
A survey of 2,000 households, conducted by market researchers Markit and YouGov, has revealed confidence has been knocked and households are under pressure financially. The reason for the fall in confidence comes as households are fearful of losing their jobs as the coalition Government embarks on massive spending cuts and tax hikes. Approximately 600,000 public sector workers are expected to lose their jobs ...




August 19, 2010

Government borrowing falls in July

by Kay Mitchell
”Government
The Office for National Statistics (ONS) has today revealed public sector borrowing totalled £3.8 billion in July. Not only was the figure was much less than the £5.25 billion expected by analysts, it is also well below the £6.1 billion borrowed in July 2009. The improved picture was attributed to exceptionally strong growth in receipts usually experienced in July. Corporation tax was up 37.7%, ...




August 17, 2010

UK inflation expected to ease slightly in July

by Kay Mitchell
”UK
The Office for National Statistics (ONS) is scheduled to announce the UK inflation rate this morning, with analysts expecting the annual rate to be around 3.1% - representing the eighth consecutive month that it has been above the Bank of England’s target of 2%. Last month, the ONS reported Consumer Price Inflation (CPI) eased to 3.2% in June - ...