Budget news and archive

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...

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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...

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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...

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‘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...

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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...

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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 -...

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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...

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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...

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Retailers welcome return of VAT-free shopping for tourists, but urge action on business rates

Retailers in the UK have welcomed the government’s decision to bring back VAT-free shopping for overseas visitors, but called for urgent action on business rates. It comes after the UK’s new chancellor Kwasi Kwarteng revealed a mini-budget on Friday to reinvigorate the country’s struggling economy. It included the return of VAT-free shopping for...

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Retail

Autumn budget a 'missed opportunity' for retail, BRC says

The British Retail Consortium (BRC) has described the government’s autumn budget as a “mixed bag” for retailers, and said more needed to be done. Chancellor Rishi Sunak announced Wednesday that business rates for the retail, hospitality and leisure sectors in England will be halved for a year, which he said will help reduce the burden of...

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UK government halves business rates for retailers

Business rates for the retail, hospitality and leisure sectors in England will be halved for a year, the government announced Wednesday. A new 50 percent discount will reduce the burden of business rates by 7 billion pounds over the next five years, chancellor Rishi Sunak said while delivering the autumn budget. “Apart from the Covid reliefs,...

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Budget 2020: Respite for small firms, 'disappointing' for large ones

UK chancellor Rishi Sunak delivered his first budget on Wednesday which included 30 billion pounds to combat the ongoing coronavirus outbreak and the suspension this year of business rates for small companies. The announcement was partly well received, partly not. The suspension of business rates has been long called for by British firms, and...