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☆ UK retail sales slide again in October in new blow for economy
▼ + stars: | 2023-11-17 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsLONDON, Nov 17 (Reuters) - British retail sales volumes fell unexpectedly in October as stretched consumers stayed at home, official data showed on Friday in a new warning sign for the economy. Retail sales volumes dropped 0.3% month-on-month, following a revised 1.1% decline in September that was worse than first estimated, the Office for National Statistics said. Economists polled by Reuters had forecast that sales volumes would rise by 0.3% on the month in October. Overall the figures fitted with the darkening outlook for Britain's economy, with economic growth stagnant and strong price pressures now fading, albeit slowly. The figures also showed a small downward revision in retail sales for the third quarter.

Persons: Phil Noble, Spencer, James Davey, William James Our Organizations: Shoppers, REUTERS, National Statistics, Reuters, Investors, Bank of England, Retailers, Britain, Tesco, Thomson Locations: Altrincham, Britain

☆ Homesick Americans living in the UK should head to Costco for snacks
▼ + stars: | 2023-11-11 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Costco sells some American brands and products that aren't commonly available in the UK. Candy brands I saw at Costco included Red Vines licorice, Mike and Ike candy, and Welch's Fruit Snacks. A five-pack of Kraft Macaroni & Cheese Dinner costs £11.19 (around $2.75 per box) on the UK website, whereas on its US website, Costco charges $18.99 for 18 boxes of around the same weight – or just over $1 per box. AdvertisementAdvertisementBrits can still get their tea fixThere were, however, plenty of British products on sale, showing how it had adapted its assortment to UK shoppers. Grace Dean/Insider; Will Martin/InsiderLike many supermarkets in the UK, Costco was keen to point out the local origins of some of its own-brand Kirkland Signature produce as consumers pay more attention to food miles and supporting domestic agriculture.

Persons: —, Jerry's, Kraft, Will Martin, Candy, Red Vines, Mike, Ike, I'd, Grace Dean, Tetley, Heinz, Heinz Beanz, Jacks Organizations: Costco, Kraft, &, Service, Kraft Mac, Tesco, Asda, YouTube, Red, pretzels, San Francisco Pretzel Company, Daily, San Francisco Bay Coffee, Kraft Macaroni, Yorkshire Tea, Kirkland, Aberdeen Angus Locations: London, Puerto Rico, Canada, American, San Francisco Bay, South Croydon, Japan

☆ M&S echoes UK peers on early Christmas demand, Ahold looks to loyalty
▼ + stars: | 2023-11-08 | by ( James Davey | ) www.reuters.com time to read: +3 min

[1/2] A logo of food and clothes' retailer Marks and Spencer (M&S) is seen at a branch in London, Britain March 10, 2022. "We are definitely seeing good sales performance in our Christmas ranges," CEO Stuart Machin told reporters after M&S reported much better-than-expected first half results. BIGGER FAMILY CHRISTMASM&S's Machin said research showed about 20% of its customers wanted to stock up on Christmas food products "slightly earlier" this year, with most of those customers planning for a bigger family Christmas. Still, the retail bosses are hopeful of strong demand for food, drinks and presents from now until the end of December. Reporting by James Davey; Editing by Sarah Young, Kate Holton and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Marks, Spencer, Toby Melville, Ahold, Stuart Machin, S's Machin, I'm, Machin, James Davey, Sarah Young, Kate Holton, Emelia Organizations: REUTERS, Major, British Retail Consortium, Marks, Tesco, Accenture, Deloitte, PwC, Thomson Locations: London, Britain, Europe, United States

☆ Britain's M&S cautious on outlook after first-half profit beats expectations
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

Jeans are seen for sale at Marks and Spencer, Hempstead Valley branch at the soon to be opened clothes branch of the store in Gillingham, Britain, June 1, 2020. But it cautioned the economic outlook remained uncertain and flagged the impact on the consumer from the highest interest rates in 20 years, deflation, geopolitical events, and erratic weather. "Therefore, against more challenging comparatives, we expect profit before tax and adjusting items to be weighted towards the first half, as we remain laser-focused on our long-term ambition to reshape M&S for future growth," it said. M&S reported profit before tax and adjusting items of 360.2 million pounds ($442 million) for the six months to Sept. 30, versus analysts' average forecast of 276 million pounds and 205.5 million pounds made in the same period last year. ($1 = 0.8149 pounds)Reporting by James Davey; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeans, Dylan Martinez, Spencer, MKS.L, James Davey, Kate Holton Organizations: REUTERS, Marks, Thomson Locations: Marks, Spencer, Hempstead Valley, Gillingham, Britain

☆ M&S shares soar as first-half profit smashes forecasts
▼ + stars: | 2023-11-08 | by ( James Davey | ) www.reuters.com time to read: +3 min

SummaryCompanies First-half profit up 75%Cautions second half won't be as strongDividend restoredShares up 10%LONDON, Nov 8 (Reuters) - Marks & Spencer (M&S) expects full-year profit to leap more than 30% after an overhaul of its food, fashion and supply chain helped the British retailer smash first-half forecasts, sending its shares soaring on Wednesday. First-half profit jumped 75%, the dividend was reinstated as promised, and the company said shoppers were already snapping up its Christmas ranges. It now expects analysts' consensus forecast for annual profit to rise to 640 million pounds ($785 million) from 575 million pounds currently, versus 482 million pounds in 2022/23. M&S reported profit of 360.2 million pounds for the six months to Sept. 30, versus analysts' average forecast of 276 million. As flagged in May, M&S restored its dividend with a 1 pence interim payout, its first since 2019/20.

Persons: Spencer, Ian Lance, Stuart Machin, Dylan Martinez, Peel Hunt, James Davey, Kate Holton, Mark Potter Organizations: S's, Reuters, REUTERS, Revenue, Peel, Thomson Locations: British, Redwheel, Marks, Spencer, Hempstead Valley, Gillingham, Britain

Customers with shopping bags after visiting a Primark clothing store on Oxford Street in London, UK, on Monday, Nov. 6, 2023. U.K. retail sales rose by 2.5% in October, higher than the 1.6% growth of a year ago but below the three-month and twelve-month averages of 3.1% and 4.2%, respectively. The British Retail Consortium, which published the figures, said sales likely declined by volume because of the impact of inflation. Paul Martin, U.K. head of retail at KPMG, said sales "remained weak." As a result, the strong demand that has kept some retailers afloat over the last 18 months is now falling away."

Persons: Paul Martin, Martin, — Jenni Reid Organizations: Oxford, British Retail Consortium, Shoppers, KPMG Locations: London

☆ An ad showing Christmas party hats burning in a fire was taken down after people compared it to the Palestinian flag
▼ + stars: | 2023-11-02 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

UK retailer M&S deleted an Instagram post of an outtake from its 2023 Christmas ad after backlash. The image, showing Christmas party hats on fire, was compared online to the Palestinian flag. AdvertisementAdvertisementBritish retailer Marks & Spencer deleted an Instagram post of an outtake from its 2023 Christmas ad showing party hats with the same colors as the Palestinian flag on fire, after facing intense backlash on social media. The image was captioned: "This Christmas, do only what you love … like saying no to paper hats (although if we're honest, we're partial.)" The theme of the video appeared to be about saying no to Christmas traditions people don't love anymore.

Persons: —, Spencer, could've, Hannah Waddingham, Zawe Ashton, Tan Organizations: Service, Marks, Palestinian, BBC, The Times, Hamas Locations: London, Israel, Gaza, Tan France

A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. Barclays shares fell nearly 7% in early trading, while shares in rivals Lloyds (LLOY.L) and NatWest (NWG.L) each dipped around 3%. SLUGGISH INVESTMENT BANKThe lender reported pre-tax profit for the July-September period of 1.9 billion pounds ($2.33 billion) on Tuesday, down from 2 billion pounds a year ago but above a consensus analyst forecast of 1.77 billion pounds. Barclays reported a 6% drop in income at its investment bank for the quarter, following a similarly downbeat performance at the half-year results update in July. ($1 = 0.8151 pounds)Reporting By Lawrence White and Iain Withers; Editing by Kirsten Donovan and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Peter Nicholls, Venkatakrishnan, Goldman Sachs, Morgan Stanley's, Venkat, Matt Britzman, Hargreaves Lansdown, Jes Staley, Jeffrey Epstein, Staley, Lawrence White, Iain Withers, Kirsten Donovan, Emelia Organizations: Barclays Bank, REUTERS, Barclays, Lloyds, NatWest, JPMorgan, Reuters, Banking, Jefferies, Revenue, Bank of America, Financial, Authority, Thomson Locations: London, Britain

☆ London stocks set for weekly declines on rising yields
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.6%, FTSE 250 off 0.7%Oct 20 (Reuters) - THe UK's FTSE 100 inched down on Friday as industrial metal miners slipped and a rise in long-term bond yields kept investors away from risky assets. The main FTSE 100 (.FTSE) index was down 0.7% by 7:13 GMT, and was on track for weekly declines of nearly 2%. The FTSE 250 (.FTMC) index also lost 0.7% and was set for its fifth consecutive weekly fall. Adding to the declines, industrial metal miners (.FTNMX551020) shed 1.6% as copper prices fell on a strengthening dollar.

Persons: Toby Melville, Sterling, Khushi Singh, Dhanya Ann Thoppil Organizations: London Stock Exchange Group, City of, REUTERS, FTSE, U.S, Thomson Locations: City, City of London, Britain

☆ Morning Bid: Bonds haunted by uncertainties old and new
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +3 min

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Tom WestbrookIt's looking like the worst week of another bad year for bonds. Curiously, the dollar hasn't moved higher with the latest leap in yields, perhaps because currency traders see recession in the offing. Fed Chair Jerome Powell said little that markets didn't already know on Thursday, but in keeping his options open he kept the pressure on bonds. "A range of uncertainties, both old and new, complicate our task of balancing the risk of tightening monetary policy too much against the risk of tightening too little," he said.

Persons: Brendan McDermid, Tom Westbrook It's, Brent Donnelly, Jerome Powell, Joe Biden, Israel, Fed's Mester, Harker, Tom Westbrook, Edmund Klamann Organizations: New York Stock Exchange, REUTERS, Spectra Markets, MSCI's, Bank of Japan, North America ., Thomson Locations: New York City, U.S, New York, MSCI's Asia, Japan, Gaza, China, London, North America

☆ Sterling at weakest vs euro in five months as retail sales weigh
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters) - The pound was at its weakest against the euro in five months on Friday and was also under pressure versus the dollar as weak retail sales data reinforced fears about the health of the British economy. The euro climbed as far as 87.40 pence, its highest since May, with the European common currency also set for its best week against the pound in a month. Friday's moves were also driven by data that showed British retail sales fell more than expected in September, against a backdrop of broader cost of living pressures that could see the economy shrink overall in the third quarter. Weak retail sales and a noticeable drop in consumer confidence, though both are among the most volatile UK data releases," said Francesco Pesole, FX strategist at ING in a morning note. The pound has also been suffering against safe haven currencies and is trading at 1.0819 Swiss francs, its weakest since September 2022.

Persons: Francesco Pesole, Kirsten Donovan Organizations: National Statistics, ING, Thomson

☆ UK retail sales slide in September as warm weather hurts clothing demand
▼ + stars: | 2023-10-20 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters) - British retail sales fell more than expected in September as shoppers delayed buying autumn clothing due to unseasonably warm weather, against the backdrop of broader cost of living pressures, official figures showed on Friday. "It was a poor month for clothing stores as the warm autumnal conditions reduced sales of colder weather gear. Clothing sales volumes fell 1.6%, and household goods stores saw a 2.3% drop in sales, which the ONS attributed to ongoing cost of living pressures. While retail sales volumes surged in mid 2021 when shops fully reopened in Britain after COVID-19 restrictions, purchases have steadily fallen since and for the past year sales volumes have been below pre-pandemic levels. Retail sales in the third quarter were likely to subtract 0.04 percentage points from the growth rate of gross domestic product over the period, the ONS said.

Persons: Grant Fitzner, Sterling, David Milliken, William James Our Organizations: National Statistics, ONS, U.S, Thomson Locations: Russia, Ukraine, Britain

☆ Kohl’s holiday look previews the retailer’s plans to snap out of sales slump
▼ + stars: | 2023-10-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

Melissa Repko | CNBCAs shoppers head to Kohl's stores this holiday season, they will see gift ideas, Christmas ornaments and a potential glimpse of the retailer's future. Kohl's has leaned in by opening more Sephora shops inside of its stores. It'll be a bigger part of this holiday season. A year ago, roughly half of Kohl's stores had a Sephora shop. Pet merchandise is getting more square footage at Kohl's stores.

Persons: Merchant Nick Jones, Melissa Repko, Tom Kingsbury, Michelle Gass, Levi Strauss, Kohl's, Kingsbury, Christie Raymond, Covid, Raymond said, splurge, It'll, Raymond, Sephora, it's, Nick Jones, It's, Jones, Fido Organizations: CNBC, Burlington Stores, Franchise Group, Kohl's, Marks, ASDA, Walmart, Bed Locations: Ramsey , New Jersey, Kohl's

U.K. retail sales increased by 2.7% in September, up from 2.2% growth the previous year but below the 12-month average growth of 4.2%, according to figures from the British Retail Consortium. Food sales were up 7.4% as non-food sales fell 1.2%. "Sales growth in September slowed as the high cost of living continues to bear down on households," said Helen Dickinson, chief executive officer of the BRC. Dickinson said growth had been artificially boosted by high inflation over the last two years as sales revenues increased even as sales volumes decreased. — Jenni Reid

Persons: Helen Dickinson, Dickinson, Paul Martin, — Jenni Reid Organizations: British Retail Consortium, KPMG

☆ UK consumers hunker down as fuel prices climb
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A person puts fuel in their car at a filling station, at an ASDA supermarket in Birkenhead, Britain, July 3, 2023. Britain's high inflation rate has slowed but at 6.7% in August it remains more than three times the Bank of England's 2% target. The BRC's like-for-like sales measure - which adjusts for changes in store space - slowed to show growth of 2.8% from 4.3% in August. Seventy percent of consumers surveyed by Barclays said they were finding ways to reduce costs, up slightly from August. Jack Meaning, chief UK economist at Barclays, said the warning signs of wariness among consumers was filtering through into their spending decisions.

Persons: Phil Noble, Helen Dickinson, electricals, Dickinson, BoE, Jack, William Schomberg, James Davey Organizations: REUTERS, Consumers, British Retail Consortium, Bank of England's, Barclays, Rugby, Thomson Locations: Birkenhead, Britain, August's

☆ Grocer profit will be sacrificed on UK food altar
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 3 (Reuters Breakingviews) - British shoppers enjoyed a novel experience last month: lower food prices. Admittedly, the fall in the average food basket between August and September was just 0.1%, according to the British Retail Consortium. But it was the first monthly fall in food prices since July 2021 and brought down overall retail inflation to 6.2%, the lowest in a year. That’s good for consumers, especially those who like dairy products, margarine, fish and vegetables – the items that caused the overall fall. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Helen Dickinson, Francesco Guerrera, Aimee Donnellan, Oliver Taslic Organizations: Reuters, British Retail Consortium, Bank of, Grocers, X, Temasek, Thomson Locations: Bank of England

☆ UK shop price inflation at lowest in a year - BRC
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The British Retail Consortium said annual shop price inflation cooled to 6.2% last month from 6.9% in August, its lowest since September 2022. Food price inflation fell for the fifth month in a row to 9.9% from 11.5% and was down for the first time in more than two years in month-on-month terms. "We expect shop price inflation to continue to fall over the rest of the year," BRC Chief Executive Helen Dickinson said. "However there are still many risks to this trend – high interest rates, climbing oil prices, global shortages of sugar, as well as the supply chain disruption from the war in Ukraine." The BRC's shop price inflation measure is seen as an early signal for the broader official consumer price index which has fallen from a peak of over 11% last October to 6.7% in August.

Persons: Helen Dickinson, William Schomberg, Grant McCool Organizations: British Retail Consortium, The Bank of England, Thomson Locations: Ukraine

☆ UK retailers demand government action on rising crime
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Peter Nicholls/File Photo Acquire Licensing RightsLONDON, Oct 1 (Reuters) - Some 88 UK retail leaders, including the bosses of Tesco (TSCO.L), Sainsbury's (SBRY.L) and Marks & Spencer (MKS.L), have signed a letter to interior minister Suella Braverman, demanding action over rising rates of retail crime. Rising crime is increasingly becoming a political issue in Britain ahead of an expected national election in 2024. It also put the scale of retail theft at 953 million pounds ($1.2 billion), despite over 700 million pounds in crime prevention spending by retailers. This would require police forces to record all incidents of retail crime. The industry also wants greater prioritisation of retail crime by police forces across the UK.

Persons: Peter Nicholls, Spencer, Suella Braverman, “, Helen Dickinson, John Lewis, James Davey, Alison Williams Organizations: REUTERS, Tesco, Industry, British Retail Consortium, Conservative, John, John Lewis Partnership, Waitrose, Aldi, Thomson Locations: Weybridge, Britain, Manchester

JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsLONDON, Sept 26 (Reuters) - JPMorgan's (JPM.N) British retail bank Chase will ban crypto transactions made by customers from Oct. 16 due to an increase in fraud and scams, the company said on Tuesday. "We've seen an increase in the number of crypto scams targeting UK consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account," a spokesperson for the bank said. JPMorgan has attracted more than 1.6 million customers to its Chase retail bank since launching the mobile app-based service in Britain two years ago, and plans to roll out the consumer bank in other international markets over time. Spain's Santander said last year it would block UK customers from sending real-time payments to crypto exchanges as part of measures to protect customers from scams.

Persons: Caitlin Ochs, Chase, Spain's Santander, Iain Withers, Tom Wilson, Susan Fenton, Christina Fincher Organizations: JPMorgan Chase Bank, REUTERS, Chase, JPMorgan, NatWest, Thomson Locations: New York City, U.S, Chase, Britain

☆ Slump in UK retail sales eases in September, CBI says
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +2 min

The CBI's September monthly retail sales survey - conducted between Aug. 25 and Sept. 13 - showed the headline balance rebound to a three-month high of -14 from August's more than two year low of -44. "There are some elements of optimism in our survey with retailers expecting the recent fall in sales to continue to ease," CBI Principal Economist Martin Sartorius said. Retailers' expected sales balance for October rose to a three-month high of -8. Britain's most recent official retail sales data showed a 0.8% month-on-month growth in sales volumes in August after a sharp 1.1% drop in July, when unusually wet weather upset normal summer spending patterns. The chief executive of supermarket Aldi UK said on Monday that cost of living concerns continued to influence food shopping habits.

Persons: Peter Nicholls, Martin Sartorius, David Milliken, Kylie MacLellan Organizations: REUTERS, of British Industry, CBI, Bank of, Aldi, Thomson Locations: London, Britain, Bank of England

☆ British retail sales grow in August after washout in July
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsLONDON, Sept 22 (Reuters) - British retail sales partially recovered in August after a rainy July washout, official figures showed on Friday, adding to signs that the country's consumers were mostly coping with the cost-of-living squeeze. Sales volumes rose by 0.4% on a month-on-month basis after a sharp 1.1% fall in July, the Office for National Statistics said. "These were partially offset by internet sales, which dropped slightly as some people returned to shopping in person following a very wet July. However, August's data represented the sixth time so far in 2023 that sales volumes rose on a month-to-month basis, suggesting resilience in consumer demand. Retail sales volumes were 1.4% lower than a year earlier, the ONS said, compared with economists' forecasts for a 1.2% decline.

Persons: Phil Noble, Heather Bovill, GfK, BoE, William Schomberg, James Davey, William James, Christina Fincher Organizations: REUTERS, National Statistics, Reuters, Office, Bank of England, British Foods, Thomson Locations: Altrincham, Britain

☆ European retailers risk dressing-down from investors as consumers flinch
▼ + stars: | 2023-09-11 | by ( Joice Alves | ) www.reuters.com time to read: +5 min

Reuters GraphicsThe broader STOXX 600 (.STOXX) is up by 7% this year, meaning retailers are outperforming by the most on record. The snag is that this stellar run has been partly built on investors unwinding bearish bets, or short positions, on retail stocks, after last year's pessimism proved overdone. This means retail stocks might not see as many willing buyers as earlier this year. Jones expects retail stocks to fall in the second half of the year. JPMorgan downgraded the grocery retail sector this month and flagged the prospect of price declines going into 2024.

Persons: Inditex, unwinding, Benjamin Jones, Jones, Florian Ielpo, Ielpo, WH Smith, Alexandre Bompard, LSEG, Joice Alves, Amanda Cooper, Tomasz Janowski Organizations: Reuters, Macro, Multi, Management, Carrefour, JPMorgan, Deutsche Bank, Thomson Locations: Zara, bullish, LSEG, Britain

☆ The UK's biggest grocery chain is offering body cameras to staff as it seeks to fight the 'scourge on society' of retail crime and abuse to staff
▼ + stars: | 2023-09-04 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Tesco is giving all its frontline staff the chance to wear body cameras, The Mail on Sunday reported. Retail crime, including both theft and abuse of workers, is soaring in both the UK and US. "Crime is a scourge on society, and an insult to shoppers and retail workers," Tesco CEO Ken Murphy wrote in an opinion piece for The Mail on Sunday. He also demanded changes in the law, such as making abuse and violence towards retail workers a specific offence in itself. Other British grocery chains, including Sainsbury's, the Co-op, and Waitrose, have also offered body cameras to staff.

Persons: Ken Murphy, Murphy, John Lewis Organizations: Tesco, Service, Waitrose, Ireland, British Retail Consortium, Walgreens Locations: Wall, Silicon, The

☆ Take Five: A September to remember?
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +5 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. 1/ SCARY SEPTEMBERNow the Federal Reserve's Jackson Hole confab is over, investors are strapping in for a potentially volatile month. Reuters Graphics2/ THE SICK MAN OF EUROPEGermany looks likely to be the only major economy to contract this year. No wonder the region's economic powerhouse is once again being called the sick man of Europe. But economists are sceptical, noting that at just 0.2% of GDP, the package is no game-changer and that the sick man will need more medicine.

Persons: Brendan McDermid, Ira Iosebashvili, Kevin Buckland, Dhara Ranasinghe, Libby George, Naomi Rovnick, Jackson, Jerome Powell, Olaf Scholz, Xi Jinping, Philip Lowe, Michele Bullock, BoE, Amanda Cooper, John Stonestreet Organizations: New York Stock Exchange, REUTERS, Federal, Reuters, ECB, Germany's, Reserve Bank of Australia, Traders, Bank of, British Retail Consortium, Reuters Graphics, Thomson Locations: New York City, U.S, Ira, New York, Tokyo, London, Germany, Europe, Pakistan, Sri Lanka, Ghana, Zambia, Delhi, China, Bullock, Bank of England, Halifax

☆ Brexit: The UK economy still can't cope with the consequences of leaving the EU
▼ + stars: | 2023-08-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

Tuesday’s announcement also highlights long-running concerns that border checks on food imports from the EU — which supplies 28% of the food consumed in Britain — could choke off supplies. Physical inspections have been pushed back to the end of April, with the final controls on EU imports — safety and security declarations — postponed to October 2024. Some UK industry groups welcomed the latest delays to border checks, which, they said, will add costs and friction to supply chains. The UK inflation rate is the highest in the G7, with consumer prices rising 6.8% in July compared with a year ago. Beyond inflation, food supply disruptions remain a lingering concern in the UK, which imports just under half of all the food it consumes.

Persons: Brexit, ”, Shane Brennan, ” Brennan, Andrew Opie, Rishi Sunak, Olesya Dmitracova Organizations: London CNN, European Union, London School of Economics, EU, Chain Federation, British Retail Consortium, Britain, and Drink Federation Locations: Britain, United Kingdom, EU

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