Summary: Retail sales in the UK increased by 0.7% in June 2023 compared to the previous month, but were down by 1% compared to June 2022, indicating a gradual slowdown. Consumer confidence in July showed a decline, attributed to rising interest rates, fiscal drag, and reduced disposable income. Small businesses face challenges due to the cost of doing business, including higher interest rates, inflation, and the highest tax burden in 70 years. The UK government borrowed £18.5 billion in June 2023, with a significant portion going towards paying interest on previous debt. Debates arise about the sustainability of government borrowin...

Summary: Retail sales in July experienced a significant decline of 1.2%, worse than the anticipated 0.5% contraction. The Office for National Statistics attributes the decline to the exceptionally wet weather, marking July 2023 as the wettest July since 2009. Department stores, clothing shops, and supermarkets were among the hardest-hit sectors, with supermarkets showing the most pronounced decline in sales. Online shopping defied the trend, posting a 4.4% year-on-year increase and accounting for 27.4% of total retail sales, the highest proportion in months. ...

Summary: Wilko , a long-standing discount retail er, has been forced into administration due to financial challenges and declining revenue. Despite borrowing and selling assets, the company was unable to overcome its debt burden, leading to its collapse. Administrators assure that operations will continue for now, and employees will be paid, while efforts to find a buyer are underway. Criticism is directed at management for paying dividends while the company faced losses, leaving loyal employees devastated. Operational difficulties, including supply and cash flow issues, contributed to Wilko 's struggles in a competitive mark...

Summary: Marks & Spencer's stock reaches 18-month highs due to strong performance in physical stores and across various brands. The company raises financial guidance and predicts higher profits for the fiscal year. Marks & Spencer expands its market share in clothing, home, and food business es over a 19-week period. Share price experiences a significant increase of 128.75% from the previous year's low. Despite economic challenges, Marks & Spencer's resilience and trusted brand image contribute to its success. ...

Supermarkets Cleared of 'Profiteering', but Told to Make Their Pricing 'Clearer' Summary: Supermarkets found not guilty of 'profiteering' from rising food prices due to intense competition. Retail grocery sector saw a significant decline in profits and operating margins. Baby formula and some everyday staples experienced higher price increases. Various factors, including geopolitical events and COVID-related disruptions, contributed to price rises. Supermarkets urged to improve price label clarity to facilitate customer comparisons and ensure fair deals. ...

Martin Lewis: Energy Price Guarantee rise would be 'act of national harm' If the price rises in April, it's not firms, it's not regulators, it is the government putting people's prices up. Well, I wrote to the Chancellor three weeks ago, asking him to not increase the rise, the energy price guarantee in April by 20% as planned, for all the reasons that have just been outlined there. And most importantly, what you have to understand is if we do increase it, it would result in an act of national mental health harm. People have been battered by successive rises in energy bills, 14% rises in broadband, 7% in water, 5% in council tax. And for the sake of just three months, and you heard the explanation of why it's just three months there, to send millions of people another letter is bad for people's finances. It's bad for people's state of mental health....

Interest rates: Banks not passing on £23bn to savers Work no longer pays what it used to. Inflation is eroding our earnings and banks aren't passing on higher interest rates to savers. Pensioners like Carol say their money isn't working as hard as it used to. I've been trying to create a financial buffer. And every time I get a little bit saved, something happens. So that's going to be at the moment the cost of living crisis. If I want to actually have a life, I have to work. Back in December 2021, the Bank of England's interest rate stood at just 0.1%. With the average savings rate on the high street at 0.2%. But while the Bank of England has since hiked its main interest rate to 4%, average savings rates among high street banks have only risen to 1.88%. It means that those with £30,000 of savings only stand to make £569 in interest each year. That's less ...