british economy

Q1 2017 Sees UK Retail Take Biggest Sales Hit In Seven Years

Q1 2017 Sees UK Retail Take Biggest Sales Hit In Seven Years

UK retail sales have reported their biggest quarterly sales drop in seven years in March, falling 1.4% on the final quarter of 2016, according to figures from the Office for National Statistics. The figure also declined 1.8% on February 2017, though the total amount spent was still higher than a year ago. The drop coincided with a rise in the cost of everyday goods by 3.3% – the highest growth since March 2012. At 16/4%, petrol stations saw the biggest increase. Only the textiles, clothing and footwear sectors were immune, with the amount spent on all three up 2.5% on the preceding quarter, while online sales jumped by 19.5% in the 12 months to March and increased by 0.5% on February. Keith Richardson, managing director of retail at Lloyds Bank Commercial Banking, said: “These ... »

Tax Cuts

Chancellor pressured to cut tax in Pre-Budget

Business groups have called for a cut in corporation tax in the upcoming pre–Budget Report (PBR) to help small firms weather tough economic conditions. The Federation of Small Businesses (FSB) has called for next April’s increase of the small companies’ tax rate from 21% to 22% to be scrapped, but the Institute of Directors (IoD) and the Forum of Private Business (FPB) have gone even further. The IoD has asked for a four pence reduction in the main rate of corporation tax and a three pence reduction in the basic rate of income tax for 2009–10, while the FPB has called for the small companies’ tax rate to be cut to 20%. IoD director general Miles Templeman said: “The British economy is facing a unique set of once–in–a–generation challeng... »