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Welcome to the News in Brief, a daily summary of the latest banking and finance news.
UK RETAIL SALES SLOW AHEAD OF CHRISTMAS
UK retail sales grew by 2.7 per cent in November, down from the 4.2 per cent growth seen in November 2022, according to the British Retail Consortium and KPMG (Bloomberg).
Black Friday discounts failed to attract shoppers, influenced by the higher cost of living. Sales of homeware and other non-food items declined, while food sales grew (The Guardian).
Festive spending is expected to fall by 13 per cent to £20 billion this year, according to a separate survey by PwC, with 18 per cent of people saying they will spend less this Christmas season.
FOREIGN OWNERSHP OF UK-LISTED FIRMS HITS RECORD HIGH
The ownership of UK-listed shares by British pension funds and insurers had fallen to 4.2 per cent by the end of last year, its lowest level yet according to the Office for National Statistics (ONS) (The Times).
Meanwhile, foreign ownership of UK-listed firms was at 57.7 per cent (The Telegraph). The proportion owned by UK-resident individuals was 10.8 per cent.
NEWS IN BRIEF
UK households with mortgages were hit by higher inflation more than any other household type in September, according to the ONS (Financial Times).
Britain’s 100 largest companies saw their tax bill rise 7.25 per cent in 2023 to a total £90 billion (Bloomberg).
The Confederation of British Industry (CBI) has warned of “material uncertainty” over its future ahead of its delayed annual general meeting (The Times).
The government has raised the salary which migrants must earn in a skilled job by a third, raising concerns among businesses and trade unions (Reuters).
05.12.23
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