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British exporters pushed sales in August to a record high despite the global downturn, news which will come as a welcome relief to Chancellor George Osborne. The UK’s trade deficit with the world contracted more than predicted as exports increased and imports dropped slightly, reflecting softer demand domestically. The deficit reduced from £8.2bn in July [...]
(Read More)13th Oct 11
Unemployment in the UK highest for 17 years
by Katie Naylor
UK unemployment went up by 114,000 to 2.57 million between June and August, a 17-year high, showed official figures. The Office for National Statistics (ONS) revealed that the rate of unemployment also rose to 8.1 per cent. The total amount of 16- to 24-year-olds who are jobless reached a record high of 991,000 during the [...]
(Read More)12th Oct 11
Manufacturing output in August drops
by Katie Naylor
Britain’s manufacturing sector suffered a further fall in output in August, mirroring the slowing worldwide economy and dashing hopes it will boost faltering growth in the UK. The Office for National Statistics revealed that manufacturing output dropped by 0.3 per cent between July and August, slightly faster than economists’ predictions of a fall of 0.2 [...]
(Read More)11th Oct 11
Taxman to clamp down on tutors
by Katie Naylor
Private tutors, fitness instructors and musical instrument teachers are among those being monitored by the taxman as the government attempts to catch out teachers working after hours and being paid in cash by middle class families. Her Majesty’s Revenue & Customs intends to target Britain’s 500,000 tutors for in an effort to claw back a portion of [...]
(Read More)10th Oct 11
Burberry dismisses China fears
by Katie Naylor
Burberry’s chief executive Angela Ahrendts has visited investors in the US to reassure them that the company’s sales growth has not been derailed by the slowdown in China. The UK’s largest luxury goods manufacturer is likely to shrug off fears about the worsening eurozone crisis and a dramatic halt to growth in its Chinese market when [...]
(Read More)6th Oct 11
M&S suppliers asked to finance store revamps
by Katie Naylor
Mark & Spencer has asked for the help of its suppliers to finance its store refurbishment project, a move which indicates how difficult the retailer is finding times on the high street, claim analysts. M&S’s 60 biggest non-food suppliers attended a meeting at the High Street Kensington shop in west London. During the meeting, chief [...]
(Read More)5th Oct 11
Aldi reports strong sales
by Katie Naylor
Aldi, the “no frills” German supermarket, stormed back into profit in 2010 as the tightened consumer spending pushed shoppers back towards the discounters. Aldi recovered after £21.2m of losses in 2009 to record £18.7m in operating profits, on sales of £2.1bn, as shoppers reverted back to recession spending trends. The previously obscure German outfit came [...]
(Read More)4th Oct 11
Music sales drop despite digital growth
by Katie Naylor
Music fans in the UK are increasingly choosing to purchase their albums through digital downloads, but there was a decline in overall sales during the third quarter. The industry continued to suffer as a result of the sales decline of physical formats like CDs, revealed the Official Charts Company’s figures for the three months leading [...]
(Read More)3rd Oct 11
Olympics, Paralympics and Diamond Jubilee to cause delivery chaos
by Katie Naylor
London’s catering industry faces nearly four months of disruption in summer 2012, and has little planning time, warned one of the country’s leading distributors. Reynolds Catering Supplies, a supplier of fresh produce to chains including Pret a Manger, Carluccios and Pizza Express, said there has been insufficient guidance concerning road closures during the Olympics, Paralympics [...]
(Read More)30th Sep 11
North Sea gas production drops by 25 per cent
by Katie Naylor
Gas production in the North Sea has slumped by 25 per cent during the second quarter of 2011, an alarming rise in the decline rate which will reduce tax revenues and could add further pressure on the government to agree to controversial shale gas developments. The Department of Energy and Climate Change’s (DECC) figures also [...]
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