UK news and archive

Founder of Inditex acquires 49 percent of British port company PD Ports

Madrid – Amancio Ortega, founder and majority shareholder of Inditex, the owner of Zara, continues to expand and diversify his investment portfolio. He has increased his list of logistics assets with the purchase of 49 percent of the British port company PD Ports. PD Ports is one of the UK’s leading port groups and the statutory body for the...

Retail|In pictures

Saucony opens first UK flagship store

US footwear brand Saucony has opened its first flagship store in the UK. The new store is located at 4 James Street in London and officially opened on June 21, as announced by the Wolverine World Wide Inc. subsidiary on Wednesday. The London location is intended to be more than just a retail space: with an integrated café, rooms for community...

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Middle East tensions: What will be the impact on fashion’s supply chain?

As military tensions escalated between Israel and Iran, global trade held its breath. At the heart of concerns was the Strait of Hormuz, the strategic maritime corridor through which nearly one-third of the world's oil passes. If this passage were to be blocked or seriously disrupted, the repercussions would not be limited to energy markets. The...

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WRAP’s Textiles 2030 becomes UK Textiles Pact

Textiles 2030, the UK’s voluntary initiative supporting businesses and organisations within the fashion and textiles industry, will from now on be called the UK Textiles Pact. According to a press release by WRAP (Worldwide Responsible Accredited Production), the climate action NGO behind the initiative, the move will “bring the agreement in...

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UK and US strike up trade deal: What to know

The US and the UK have struck up a trade agreement during what government officials say is a “historic day” that aims to “boost trade between and across our countries”. In the Oval Office, US president Donald Trump was joined via phone by UK prime minister Keir Starmer for a press conference announcing the new deal. With it, according to Trump,...

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Trump announces ‘significant’ trade agreement

US President Donald Trump announced a “significant” trade agreement with a “large and highly respected country”. He announced via his online platform, Truth Social, that there would be a press conference on Thursday morning (local time). The Republican did not disclose which country it was, but reports suggest it is the UK. A British government...

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UK secures “landmark” trade deal with India

The UK and India have agreed a multibillion-pound trade deal, which will reduce tariffs on clothes, footwear, and food products, to mark the biggest bilateral trade deal the UK has done since leaving the European Union. In a statement, the UK government called the deal a “huge economic win” for the UK, which it adds will “deliver for working...

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Business rates reform absent from spring statement: concerns for retailers in the UK

In her first spring statement and second budget as UK Chancellor, Rachel Reeves presented a plan aimed at kick-starting the country’s faltering economy. In her statement on Wednesday, the UK’s first female Chancellor admitted that “growth is still not where it should be” but nonetheless reiterated the government's decision to raise the National...

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What to expect under the UK’s Employment Rights Bill

A new bill put forth by the UK’s Labour Government is hoping to shake things up in what the administration said will be “the biggest upgrade to workers’ rights in a generation”, replacing so-called “out-of-date” employment laws. The Employment Rights Bill is currently in the committee stage in the House of Commons, and is still being debated and...

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‘Tale of two halves’: Industry reacts to ‘damaging’ Autumn Budget

The Autumn Budget, the first to have been issued by Labour in 13 years, has received mixed reactions from industry insiders and experts alike, with a 40 billion pound uptick in taxes being at the centre of discussion. On Wednesday, Chancellor Rachel Reeves unveiled the budget via a lengthy speech in which she noted that she did “not take this...

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Chancellor sets out "difficult decisions" in first Labour budget in 14 years

In her first Budget as the UK's first female Chancellor, Rachel Reeves has outlined a series of tough measures to restore economic stability, including 40 billion pounds in tax rises and spending cuts. Reeves, who previously warned of "difficult decisions" ahead, has confirmed that the national minimum wage will rise to 12.21 pounds per hour for...

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Bank of England maintains interest rate at 5 percent

The Bank of England has placed the UK’s interest rate on hold at 5 percent after it was reported that inflation rates stayed at 2.2 percent in August, above the bank’s 2 percent target. The widely-expected decision was made following a meeting by the Monetary Policy Committee (MPC), who voted by a majority of eight to one to maintain the current...