Chancellor rules out ‘tax and spend’ policies ahead of spring statement March 22, 2025 The Chancellor has ruled out “tax and spend” policies ahead of her spring statement next week. Rachel Reeves is under pressure to increase taxes or cut spending to meet the financial rules she set at the budget in October amid disappointing growth figures and higher-than-expected borrowing. Figures released on Friday came as a further blow, [...]
Consumer confidence ticks up but ‘little evidence’ of recovery March 21, 2025 Consumer confidence rose by one point in March as Brits became more pessimistic about their own finances but more optimistic about the UK’s. The overall effect was to push confidence up to -19 in March, from -20 in February and -21 in March last year. The index remained below its long-term average. “If consumer confidence [...]
Revolut: Consumers splashed out on aquariums and antiques in February March 12, 2025 According to data from UK fintech Revolut, UK consumer spending increased in the month of February, with a notable uptick in home renovation purchases, takeaways, and indoor entertainment. New data from Revolut tracked 93m card payments last month, revealing how consumer habits shifted after the January spending lull. Home renovations Spending on home supply stores [...]
Brits spent almost £1bn this Valentines Day March 5, 2025 Brits spent almost £1bn on flowers, gifts, and at-home meals this Valentine’s Day as shoppers sought to create a special occasion at home rather than splashing out at a restaurant. According to the latest NIQ Till Tracker, £962m was spent on food and gifting on Valentine’s Day, with the biggest growth in spending on flowers, [...]
Discounts push retail footfall to first January rise in nearly a decade February 6, 2025 Retail footfall rose year on year in January for the first time since 2016, although the boost was likely due to Brits delaying festive spending in favour of discounted goods in the new year sales. Footfall rose by 1.4 per cent in January 2025 compared to 2024 in all UK retail destinations, according to data [...]
‘Nothing off the table’: Public spending cuts to be ‘ruthless’, cabinet warned January 13, 2025 Public spending cuts are set to be “ruthless”, the Treasury has reportedly warned cabinet ministers. Departments will have to make “difficult” decisions on their budget priorities, according to an internal letter from No11 about the spending review, the Telegraph reported. While the Prime Minister’s official spokesman confirmed “there’s nothing off the table when it comes [...]
Rachel Reeves eyeing spending cuts in spring January 10, 2025 Rachel Reeves is considering cutting departmental spending as UK borrowing costs soar, despite risks it could “dampen” activity and “further dent anaemic” growth. The Chancellor is said to be eyeing further reductions to unprotected government departments’ budgets after she ruled out additional tax rises or more borrowing to avoid breaking her fiscal rules following the [...]
Households cut back on spending at fastest pace in five years December 3, 2024 According to figures published by Barclays, essential spending fell by 3.1 per cent in November, the sharpest monthly fall since 2019.
Gen Z are leading the way on luxury spirits November 27, 2024 For a generation who famously do not drink as much as their parents or grandparents, unlocking the spending habits of Generation Z on alcohol occupies a remarkable amount of brands’ time. For spirits brand Diageo, who own brands like Johnnie Walker whiskey and Don Julio tequila, the answer can be found in the post-pandemic shift [...]
Hospitality firms are bracing for the return of inflation November 21, 2024 October’s inflation figure has worried hospitality firms. While it is not too far above target – 2.3 per cent versus the sweet spot of two per cent – and one month does not constitute a trend, it has exacerbated concerns companies already had about the future of their industry. There are two reasons hospitality is [...]