Real wage growth lowest since 2014 as inflation starts to bite February 15, 2017 Wage growth for British workers has slowed as inflation pushed down real earnings to their slowest increase since December 2014. Average weekly earnings grew by 2.6 per cent in the year to December before inflation is taken into account, according to the Office for National Statistics. However, when the increasing cost of living is added [...]
The rise in insecure work is costing the Exchequer £4bn a year, warns the TUC February 14, 2017 The sharp rise in insecure work across the UK is costing the government – to the tune of nearly £4bn a year in lost tax income and benefit pay-outs. That's according to the Trades Union Congress (TUC), which says that total represents nearly a quarter of the social care budget spent in England. Its new [...]
Culture shock: How London’s theatreland will be squeezed by business rates re-evaluation February 12, 2017 London’s theatreland will be forced to pay an estimated £31m in property taxes over the next five years once the government’s planned hike in business rates comes into effect in April. The total rates bill for theatres in the West End will rise by nearly 40 per cent to £6.3m for the 2017 to 2018 [...]
New Look suffers “disappointing” sales drop during crucial Christmas shopping period February 7, 2017 New Look did not have a very merry Christmas, failing to bag a sales boost during the most important period of the year for retailers. The figures New Look said group like-for-like sales fell 4.6 per cent in the 13 weeks to 24 December, with sales in the UK down 4.7 per cent on the same [...]
Industry groups call on chancellor Philip Hammond to cut businesses some slack in the Spring Budget next month February 6, 2017 Businesses large and small are calling on chancellor Philip Hammond to ease the mounting burden on firms in next month's Budget. Business rates, the apprenticeship levy, the national living wage and pensions auto-enrolment are some of the rising costs highlighted by two influential business groups today. In its submission to the Treasury ahead of the Budget [...]
UK firms could face £2,600 in additional employment costs, warns Federation of Small Businesses February 6, 2017 UK small businesses could face £2,600 in additional employment costs, the Federation of Small Businesses has warned. The business lobby group called on UK chancellor Philip Hammond to use the upcoming budget to help small businesses tackle soaring employment costs. In its submission to Hammond ahead of the 8 March budget, the FSB has urged action [...]
Amazon is looking for shop space in London, according to reports February 5, 2017 Tech giant Amazon has reportedly started searching for shop space in central London as part of its move into the grocery market. Amazon first revealed its ambitions to open grocery stores last December under the banner "Amazon Go". In a video, Amazon said it was using technology to create a shop with no check outs. Customers would [...]
Shop prices drop at the beginning of January as retailers clear Christmas stock February 1, 2017 Shop prices fell at the beginning of January as retailers cut prices to clear leftover Christmas stock. Overall, shop prices fell by 1.7 per cent year-on-year between 3 January and 9 January, according to figures from the British Retail Consortium (BRC) and Nielsen. Price cuts were particularly dramatic in clothing and footwear, with prices falling [...]
Ocado’s share price jumps eight per cent at the open on profit surge January 31, 2017 Ocado's share price jumped eight per cent at the open as it reported a spike in profits. The company's full-year profits beat expectations – despite rising labour costs and price deflation throughout last year. The figures In its results for the year ending 27 November, Ocado reported a 13.6 per cent rise in gross retail sales, up from [...]
London salaries hit but regional pay is faring better January 31, 2017 Average London wages have dived more than 3.9 per cent in the past year, a greater rate than any other part of the UK, according to data from Adzuna, the jobs aggregation website. Year-on-year salaries across the UK stand at 3.1 per cent lower than last January, at £33,323. Becky Barr, Adzuna research manager, said: “Salaries [...]