Author: Scott Dylan

Retail sales figures for May have shown a promising increase, overturning the previous month’s decline. The Office for National Statistics reported a 2.9% rise, compared to April’s 1.8% drop. This growth was notably bolstered by improved weather conditions and consumer confidence.After a 1.8% decline in April due to adverse weather, retail sales rebounded in May with a 2.9% increase.Clothing retailers experienced a significant recovery, with sales volumes up by 5.4% as they recouped losses from April.The three months leading to May showed a modest 1% rise in retail sales compared to the previous quarter, though a slight year-on-year decline was…

Shadow Chancellor Rachel Reeves has laid out ambitious plans to entice multinational investments into the UK should Labour win the election.Aiming to distinguish Britain amidst European political volatility, Reeves promises a stable and predictable environment for investors within 100 days of assuming office.Rachel Reeves, the Shadow Chancellor, announced that the Labour Party would host an international investment summit within the first 100 days if they win the upcoming election. This initiative is designed to present the UK as a more stable and predictable environment compared to its European counterparts. “Over the last few years, it’s been Britain that has looked…

The Drapers Footwear Awards 2024 celebrated excellence in the footwear industry.Held at Grosvenor House, London, the awards recognised top individuals, brands, and retailers.Winners were selected from a competitive shortlist of 121 finalists.Categories ranged from Footwear Designer of the Year to Best Sustainable Initiative.The prestigious awards brought together leading industry figures, fostering innovation and creativity.The Drapers Footwear Awards 2024 gathered the footwear industry’s elite at Grosvenor House, London, on 20 June. This event celebrated the outstanding achievements of individuals, brands, and retailers that drive the sector forward with resilience and creativity. The attendees included suppliers, manufacturers, designers, and retailers, all of…

Football icon Harry Kane and global brand Skechers have teamed up to release a clothing line.The collection, named “comfort that performs,” includes T-shirts, shorts, and quarter-zip tops.Available at select stores in Europe, the UK, and the US, with items priced between £40 and £50.Each piece is branded with Harry Kane’s logo, emphasising his influence and collaboration.Kane’s partnership with Skechers began last August when he became an ambassador for their football boots.Football star Harry Kane has joined forces with renowned brand Skechers to introduce a new capsule clothing collection. This collaboration, termed “comfort that performs,” highlights a series of apparel items…

Starling Bank has taken significant legal steps against firms defaulting on Covid loans, filing winding-up petitions against 24 companies in the past month, according to a report by the Financial Times.The targeted companies received funding through the government’s bounce back loan scheme, which aimed to provide essential financial support to SMEs during the Covid-19 lockdowns. These loans, up to £50,000 with a 100% government guarantee, were crucial in helping small businesses stay afloat during the pandemic. However, many of these companies now show limited or no trading activity, raising concerns over the effective utilisation of these funds.Meanwhile, Starling Bank faces…

As the general election approaches, Labour and the Conservatives are intensifying their debate over housing policies, particularly focusing on support for first-time buyers and renters.The Conservatives pledge to permanently abolish stamp duty for first-time buyers purchasing properties up to £425,000.Labour counters by criticising the Conservative proposal as an unfunded commitment and pledges to protect tenants through measures like banning no-fault evictions.Analysts note the impact of the proposed policies on various segments of the housing market, particularly first-time buyers in different regions.Both parties also emphasise their strategies to address broader housing issues, including building new homes and reforming planning rules.Both major…

Chancellor Jeremy Hunt has underscored the necessity for a robust opposition should Labour secure a victory in the imminent general election, cautioning against a potential centre-right vote split that could advantage the Labour Party.Senior Conservative figures increasingly concede the potential for their party’s defeat. Mr Hunt’s recent comments are in line with those of Work and Pensions Secretary Mel Stride, who noted that current opinion polls suggest Labour might achieve one of the largest majorities in the country’s history. Grant Shapps has also warned of the risks associated with Labour attaining a ‘supermajority,’ which could result in unchecked power.With the…

NatWest is set to acquire the banking operations of a major supermarket chain, excluding certain services.This strategic move aligns with the supermarket’s focus on its primary retail operations while expanding NatWest’s customer base significantly.NatWest will acquire approximately one million customer accounts, encompassing £1.4 billion in unsecured personal loans, £1.1 billion in credit card balances, and £2.6 billion in customer deposits. This acquisition is set to be finalised by the end of March next year. Notably, the deal excludes the Sainsbury’s Bank brand, cash machines, insurance, and travel money services.A spokesperson from the supermarket chain reassured customers that there would be…

The Bank of England has dropped significant hints about a potential interest rate cut in August after holding rates steady at 5.25% in a tight vote. The decision follows a notable decline in inflation, which reached the Bank’s 2% target in May.Despite this promising development, concerns about persistent inflation in certain sectors remain. If enacted, the rate cut would be the first since March 2020, just before the UK’s first Covid lockdown.Recent Rate Decision and Inflation TrendsThis announcement comes on the heels of a decision to maintain interest rates at 5.25%, a choice made in a closely contested vote. Recent…

The Supreme Court’s recent decision signifies a transformative moment for fossil fuel projects in the UK. This landmark ruling mandates that the full climate impact of new oil wells, including downstream emissions, must be considered.This pivotal judgement emerged from a legal challenge against Surrey County Council, highlighting the importance of environmental assessments in planning permissions. The court’s decision is expected to reshape the landscape for future oil and gas ventures across the country.Historically, UK planning law mandated the assessment of environmental impacts only during the construction phase of oil wells, ignoring the subsequent use of the produced oil. This precedent…