UK retail sales bounce back as shops reopen from lockdown July 28, 2020 UK retail sales bounced back in July after “non-essential” shops were reopened, according to a closely watched gauge that hit its highest level since April last year. The CBI’s measure of retail sales volumes rebounded to a score of four in July from minus 37 in June. It indicated that sales grew slightly compared to [...]
Stamp duty cut sees London house sales rocket 27 per cent July 28, 2020 The stamp duty holiday has significantly boosted London’s housing market, with new sales agreed up by over a quarter in just two weeks, new data has shown. UK house prices rose 0.2 per cent in June as a jump in demand for houses outstripped a fall in the number of sellers, the figures also showed. [...]
Retail footfall dips as face coverings become mandatory in English stores July 27, 2020 Retail footfall dipped slightly at the end of last week as face coverings became mandatory in English stores. Visitor numbers at retail destinations in England fell 1.7 per cent on Friday and Saturday. On Friday it became compulsory to wear a face covering in shops in England. However it is too early to identify the [...]
Oak Furnitureland to cut 160 jobs amid store closures July 27, 2020 Oak Furnitureland is preparing to permanently close 27 showrooms, putting 163 employees at risk of redundancy in the latest blow for the UK retail industry. The furniture retailer, which was bought by investment firm Davidson Kempner Capital Management last month, said adverse trading conditions after the coronavirus lockdown had forced it to close stores. All [...]
Rishi Sunak mulls online sales tax for e-commerce retailers July 27, 2020 Chancellor Rishi Sunak is mulling a new tax on online retail sales to ease pressure on the struggling UK high street. In a call for evidence published last week the Treasury sought industry views on a potential online sales tax for e-commerce retailers to help physical stores compete. The tax, which would exist alongside business [...]
Want a recovery that works for everyone? Fix the injustices in the tax system July 27, 2020 The lockdown shone a spotlight onto a two-speed, two-nation Britain, where better-paid white-collar professionals worked from home, while less well-off key workers had to keep travelling to work, often on crowded public transport, to do riskier jobs. Even worse, it turned out that those less well-off key workers were paying much higher tax rates than [...]
Stamp duty cut makes UK buyers among Europe’s lowest taxpayers July 27, 2020 The government’s emergency stamp duty cut means buyers in the UK now pay among the lowest in tax in Europe, even on a prime property. British buyers are now paying just 1.93 per cent of a property’s value in tax compared to the European average of 4.53 per cent, a new study by accountancy network [...]
Government to draw up legislation to protect consumers during insolvencies July 27, 2020 The government will bring forward legislation to protect consumers when retailers go insolvent, with the UK’s Law Commission slated to draw up the new laws. Under existing legislation, any goods that have been pre-bought by consumers, but not yet collected, are counted as assets if a company becomes insolvent. They can then be held by [...]
Boris Johnson and Rishi Sunak to make Treasury ‘new radicals’ in spending shake up July 26, 2020 Boris Johnson and Rishi Sunak are set to transform the Treasury’s approach to public spending by prioritising high-risk, high-growth projects. Chief secretary to the Treasury Steve Barclay will give a speech next week that outlines plans to operate the Treasury like a Silicon Valley firm by choosing projects that “move quickly, start small and fail [...]
Mortgage searches skyrocket following Sunak’s stamp duty holiday announcement July 25, 2020 Mortgage searches have jumped 29 per cent over the last two weeks, after chancellor Rishi Sunak’s announcement of a reduction in stamp duty sparked potential homebuyers into action. The chancellor earlier this month unveiled an immediate stamp duty holiday for homes sold for up to £500,000 in England and Northern Ireland until 31 March next [...]