Budget news and archive

UK Spring Forecast 2026: Economic outlook for retail businesses

The UK government has set out its new Spring Forecast 2026, with chancellor Rachel Reeves telling Parliament that her economic plan is “the right one” for a more uncertain world. For retail businesses, the key talking points were reports of inflation falling, borrowing allegedly being lower than expected, and household incomes that are...

FeaturedMember

Business

UK Autumn Budget brings new pressures for retail

Rachel Reeves delivered her first Autumn Budget under intense scrutiny on Wednesday, after the Office for Budget Responsibility (OBR) accidentally published key details hours before the Chancellor addressed Parliament. The package outlines 26bn pounds in new tax rises, building on last year’s 40bn pounds increase, and places UK retail and...

FeaturedMember

Business

M&S CEO: “The Budget needs to back business, not burden it”

Stuart Machin, chief executive of Marks and Spencer (M&S), is calling on the government to “back business, not burden it” ahead of the Autumn Budget on November 26. In an open letter published by the British retailer, Machin urges chancellor Rachel Reeves not to add any more taxes that “hit consumers and the everyday economy,” to reassess...

Retail

Britain’s retail mood darkens as inflation bites

Consumer confidence in the UK slipped further in September, with fashion and retail sectors feeling the blunt of swelling cost pressures. According to recent BRC-Opinium data, optimism about the economy deteriorated: expectations for its state over the next three months dropped to -36, from -32 in August. Personal financial outlook also edged...

Retail

Marks & Spencer warns of store closures as Chancellor eyes property tax increases

British retail giant Marks & Spencer has said that it could be forced to close a number of its stores if UK Chancellor Rachel Reeves increases tax on large properties. The department store chain is said to be leading a wider group of retailers, including Tesco, Primark and Asda, in opposing Reeves’ plan to increase property tax in her next...

FeaturedMember

Business

UK businesses plan price increases as confidence wanes in anticipation of Budget

A new report by the British Chambers of Commerce (BCC) has underlined some worrying developments in the realm of UK business, where confidence is slipping ahead of the incoming Autumn Budget. In the organisation’s ‘Quarterly Economic Survey’, for which over 4,800 UK businesses were polled, around 63 percent of firms said the Chanceller’s autumn...

Featured

Retail

Latest insolvency data masks mounting pressures on UK retail sector

The apparent stability in UK retail insolvencies masks a potential crisis for the sector, as rising labour costs and endemic shoplifting threaten to push more fashion retailers towards restructuring in early 2025, industry experts warn. Data released today shows retail trade insolvencies remained virtually unchanged, with 2,089 businesses...

FeaturedMember

Business

‘Tale of two halves’: Industry reacts to ‘damaging’ Autumn Budget

The Autumn Budget, the first to have been issued by Labour in 13 years, has received mixed reactions from industry insiders and experts alike, with a 40 billion pound uptick in taxes being at the centre of discussion. On Wednesday, Chancellor Rachel Reeves unveiled the budget via a lengthy speech in which she noted that she did “not take this...

FeaturedMember

Business

Chancellor sets out "difficult decisions" in first Labour budget in 14 years

In her first Budget as the UK's first female Chancellor, Rachel Reeves has outlined a series of tough measures to restore economic stability, including 40 billion pounds in tax rises and spending cuts. Reeves, who previously warned of "difficult decisions" ahead, has confirmed that the national minimum wage will rise to 12.21 pounds per hour for...

Background|LONG READ

Inside independent retail: What it takes to run a fashion store

There are various types of fashion stores. We use the term retailers to broadly refer to all those who sell clothing to consumers. Retailers include chains such as Scotch & Soda, H&M and Zara, as well as department stores such as John Lewis, Harvey Nichols and Selfridges. However, the term retailers also refers to independent retailers -...

Member

Business

Fashion businesses to see corporation tax hike in new spring budget

The UK economy is set to shrink 0.2 percent in 2023, better than earlier predictions of 1.4 percent last November, according to the Office for Budget Responsibility (OBR), the UK government’s fiscal watchdog. In a new annual spring budget outlined by chancellor Jeremy Hunt, the major measure that will affect the fashion industry is a rise in...

Featured

Retail

Spring Budget a ‘missed opportunity’ for businesses, say retail bodies

British retail bodies say the government has missed a key opportunity to offer more support for businesses with its Spring Budget, as there were no changes to VAT-free shopping, Sunday shopping hours, or business rates. UK chancellor Jeremy Hunt revealed his Budget in the House of Commons on Wednesday, which included various measures to support...