Author: Scott Dylan

The UK’s GDP in April showed no growth, aligning with expectations.A decrease in retail sales, affected by adverse weather, contributed to the stagnation.Despite the overall stagnation, services output grew for the fourth consecutive month.Political statements reflect mixed reactions to the economic data.The latest figures follow a 0.4% increase in GDP during March, ending a technical recession.The Office for National Statistics (ONS) reported that the UK’s real gross domestic product (GDP) was unchanged in April, after a 0.4% rise in March. This stagnation in economic growth was anticipated by analysts.Weak retail sales played a significant role in this stagnation. Retail volumes…

While campaigning in Chiddingfold, part of the newly formed Godalming & Ash constituency, Chancellor Jeremy Hunt has acknowledged the fiercely competitive nature of the upcoming election.Hunt highlighted the narrow margin by which the seat could be won or lost, stating, “This seat is probably going to be won or lost by the Conservatives by 1,500 votes or fewer,” during an interview with Bloomberg. This new constituency includes parts of the South West Surrey seat, an area Hunt has represented since 2005. Traditionally a Conservative stronghold, this region has now become a key target for the Liberal Democrats.In the 2015 elections,…

In a surprising turn of events, Elon Musk has withdrawn his lawsuit against OpenAI, just a day before a scheduled court hearing. The lawsuit, initially filed in late February, accused OpenAI of deviating from its original altruistic goals to pursue profit.The filing, submitted by Musk’s legal team, did not specify the reasons for the withdrawal. It requested the case be dismissed without prejudice, leaving Musk the option to reactivate the lawsuit in the future. The move came ahead of a pivotal court hearing where OpenAI was prepared to argue for the case’s dismissal.Musk, who co-founded OpenAI in 2015, alleged that…

UK wage growth continues to maintain its strength, complicating prospects for a potential interest rate reduction. Official data from the Office for National Statistics (ONS) revealed that nominal weekly earnings, excluding bonuses, rose by 6% from February to April. This figure aligns with the previous period but falls slightly below the anticipated 6.1%.Weekly earnings inclusive of bonuses held steady at 5.9%, surpassing the 5.7% forecast by economists. This robust wage growth follows a 10% increase in the national living wage for workers over the age of 21, raised to £11.44 from 1 April. For the first time in nearly a…

The UK economy experienced a halt in growth for April, largely due to significant rainfall that adversely affected consumer spending. This period of stagnation followed a notably strong first quarter, further complicating the political landscape as major parties prepare for the general election on 4 July.This stagnation follows the UK recording its fastest economic growth in two years from January to March, pulling the country out of a recession experienced in the latter half of the previous year. The economic performance remains a crucial issue for political parties in the run-up to the general election. Despite a four-month consecutive increase…

The stock jumped from a listing price of 280p to 385p, marking a 37.2% increase and valuing the 15-year-old company at over £750 million. The enthusiastic reception for Raspberry Pi’s initial public offering (IPO) has reignited hopes that the UK market can regain its competitive edge against international rivals.The floatation saw strong backing from cornerstone investors, including Arm Holdings and Lansdowne Partners, which committed £27 million and £16 million, respectively. Retail investors will be able to start trading Raspberry Pi shares on Friday. Raspberry Pi aims to raise £166 million from the listing, with its staff set to gain £68…

The United Kingdom is experiencing a critical rise in economic inactivity, reaching its highest level since 2011, according to the Office for National Statistics (ONS). In the three months leading to April, over 9.4 million adults were not participating in the labour force, with long-term sickness cited by a record 2.83 million individuals as the primary reason for their economic inactivity.Employment levels dropped by 139,000 in the reviewed period, while unemployment simultaneously rose by an equivalent number, now exceeding 1.5 million individuals—the highest figure observed since 2021. Tony Wilson, director of the Institute for Employment Studies, underscored the gravity of…

Usdaw outlines key proposals for the retail sector ahead of the 2024 election, calling for significant reforms.The union emphasises the need for a new economic framework to level the playing field for retailers.Better pay and secure work are central demands, addressing living wages and employment contracts.Freedom from fear is highlighted, focusing on legal protections against abuse for shopworkers.These priorities aim to revitalise the high street and support retail employees across the UK.Usdaw, representing 360,000 members, is advocating for substantial reforms in the retail sector as the UK approaches the 2024 election. The union’s proposals are directed towards improving conditions for…

Alo Yoga, the US-based athleisure brand, is expanding its presence in the UK with a new store in London’s Knightsbridge, further solidifying its international retail footprint.The brand’s latest venture involves taking over the former Ted Baker store at 75 Brompton Road, set to open in September.This will mark Alo Yoga’s third location in the UK, following its debut store on King’s Road and an upcoming site on Regent Street.A lease for a new Covent Garden store has also been signed, expected to open later this year, showcasing a wide range of Alo Yoga products.Alo Yoga’s expansion in London is part…

The Conservative Party has unveiled its election manifesto, presenting key plans impacting the fashion retail sector.Financial security and economic growth are central themes, with pledges for tax cuts and business rate support.Investments in apprenticeship opportunities and local high streets form a backbone of the announced policies.The party aims to address the manufacturing skilled worker shortage by adjusting skilled worker visa thresholds.International trade agreements remain a priority, with a focus on India and the Gulf Cooperation Council.The Conservative Party has released its much-anticipated manifesto in the run-up to the general election, highlighting several pivotal policies set to affect the fashion retail…