News

Next has become the fourth UK retailer to achieve annual pre-tax profits exceeding £1 billion, driven by strong full-price sales and successful acquisitions. However, the company remains cautious about the second half of the year due to upcoming tax increases and their potential impact on consumer confidence.

The UK faces a daunting financial challenge with a projected debt interest bill of nearly £600 billion over the next five years, driven by soaring borrowing costs, weak economic growth, and mounting fiscal pressure. Despite cuts announced by Chancellor Rachel Reeves, the OBR warns of a record debt burden, sluggish growth, and a precarious fiscal situation.

President Trump's new tariffs on imported cars and parts have sent shockwaves through global markets, causing major European and UK carmakers to experience significant stock drops and raising concerns about a potential trade war. The tariffs, set to take effect on April 2nd, threaten the UK automotive industry, which relies heavily on exports to the US.

WH Smith, a British retail giant with a 233-year history, has sold its high street division to Modella Capital for £76 million, marking the end of the brand's presence on UK high streets. The company will now focus on its growing travel division, which operates stores in airports, train stations, and hospitals across 32 countries.

UK retail sales unexpectedly rose by 1% in February, defying expectations of a downturn, as consumers continued to spend on clothing, homewares, and household goods despite economic uncertainty. This positive trend suggests a potential shift in consumer spending towards non-essential items and raises hopes for an earlier interest rate cut by the Bank of England.