The end of summer brought the seasonal spike in this morning’s Retail Sales Statistics which delivered some good news from the clothing and footwear sector, thanks to Back to School. Phil Mullis, Partner and Head of Retail and Wholesale at top-20 UK accountancy firm, Wilkins Kennedy, said: “There was a welcome boost to the retail sales figures for August, mostly supported by non-food stores and on-specialised stores – particularly textile, clothing and footwear. This category in particular is already experiencing growth as inflation starts to take effect. Rising prices in clothing stores will lead to an increase in amount spent, but not necessarily an increased volume, however, strong sales figures in August indicate that the Back to School season fared well."
The Chancellor has delivered his last ever Spring Budget. With UK economic growth second only to that of Germany, he promised to provide Britain with a brighter future and set out measures to create a more competitive, fair and stable tax system.
Our 2017 Budget Hub contains all the details for personal and business taxation.