UK factory slowdown eases further despite weak conditions
The S&P Global UK manufacturing PMI survey, watched closely by economists, showed a reading of 48.0 in July, compared with 47.7 in June.
Any reading above 50 indicates that activity is growing, while any score below means it is contracting.
It was marginally worse than expected, with economists having predicted a reading of 48.2.
Rob Dobson, director at S&P Global Market Intelligence, said: 'The UK manufacturing sector is starting to send some tentatively encouraging signals, with the downturn moderating in July as factory output came close to stabilising and future output expectations hit the highest since February.
'However, it's clear that there's no assured path back to strong growth.
'Clients in the home market often remain unwilling to spend due to cost factors such as higher minimum wages and employer NICs, while export markets are being buffeted by geopolitical stresses and trade and tariff uncertainties.'
The manufacturing sector saw activity contract for the ninth consecutive month despite the slowdown in decline.
Surveyed businesses said market conditions remained 'subdued' in July as new business fell at a faster pace than during June.
UK manufacturers highlighted that willingness to spend was weak domestically and overseas due to concerns over economic uncertainty and higher labour costs.
New export orders declined again as firms highlighted the continued impact of US tariffs.
Weak demand and rising staff costs contributed to another fall in employment during the month, marking the ninth consecutive month of falling employment.
Dave Atkinson, UK head of manufacturing at Lloyds, said: 'UK manufacturers continue to face into fast-changing global trade conditions and continued cost pressures.
'Despite this, businesses remain more optimistic about the drive for sustainable growth and plans to accelerate infrastructure projects through the Industrial Strategy.
'They remain focused on building momentum and making sure they're ready to capitalise on emerging opportunities as conditions evolve.'
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Scottish Sun
14 minutes ago
- Scottish Sun
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Another M&S store is soon to reopen after an exciting revamp END OF AN ERA Marks & Spencer announces exact date it will close 100-year-old flagship store after 'never recovering from Covid' Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) MARKS & Spencer has confirmed its historic flagship store will close in a matter of weeks, after failing to recover from Covid. The popular supermarket has been serving Wolverhampton shoppers since 1929, however it will soon be closing its doors for good. Sign up for Scottish Sun newsletter Sign up 2 M&S has announced the closing date of one of its flagship stores Credit: Google Maps The store is located on Dudley Street, Wolverhampton and will stop trading on September 27. M&S regional manager, Calum Telford, said: "I would like to say a massive thanks to all our customers who have shopped with us over the years and our colleagues, past and present, who have contributed to the store. "We have a proud history in Wolverhampton and are working with the city council to find a suitable alternative food location. "This is part of our wider investment into the Black Country, including modernising our Merry Hill store, and we will keep the local community updated." Mr Telford added: "In the meantime, conversations are continuing with our store colleagues and we will offer them alternative roles at M&S wherever possible." Staff at the Dudley store have also been informed that it has been confirmed by bosses that the business hopes to find a suitable alternative city location to open a new dedicated food store. M&S first announced the store's closure last month after sharing that it had been performing "less well for a long period of time." According to bosses, this is a result of the COVID-19 pandemic, from which the shop "never fully recovered." In a statement made at the time, Mr Telford said: ""Our UK-wide store rotation programme is all about reshaping for growth and making sure every M&S store delivers the best possible shopping experience for our customers. "That's why we have made the tough decision to propose the closure of our Dudley Street store. M&S launches first-of-its-kind store "Sadly, the store has been performing less well for a long period of time and has never fully recovered from the Covid pandemic." This comes after M&S announced in 2022 than it intended to reduce its number of traditional department store openings from 247 to 180, while also opening an additional 100 new food halls by April 2026. Also, earlier this summer company chairman Archie Norman said the firm was looking to exit "struggling town centres" as part of a £500 million plan to update its retail store portfolio nationwide. Meanwhile, Wolverhampton Council has stressed that it has been working alongside M&S to try and find a new location for a food hall in the city. A council spokesperson said: 'It will be sad to see M&S leave the Dudley Street store at the end of September - but they remain committed to Wolverhampton and we are working with them to identify suitable locations that fit their new business model. 'We appreciate how unsettling this is for staff, and the council's Wolves at Work employment support team is connected with M&S to support workers and their families. "We are also keen to see the privately-owned Dudley Street site brought back into use quickly. 'As everyone knows town and city centres across the country are changing and we fully understand M&S's difficult decision was driven by wider, changing market conditions and customer behaviour." In brighter news, M&S is set to launch its revamped food hall at Merry Hill shopping centre this Friday. Wolverhampton Council have said despite the sad news about the department store closure, there are lots of regeneration projects set to create new homes and jobs to look forward to. A spokesperson added: ""The transformation of the city centre includes thousands of new city centre homes at Smithgate and Canalside; better connectivity and safer public spaces; a world-class entertainment venue at the University of Wolverhampton at The Halls; a new independent cinema at the Chubb Building; a growing commercial district at the Interchange and a new £61million City Learning Quarter which opens this autumn and will bring thousands of new visitors to our city centre every week.' Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. 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Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.
The Sun
44 minutes ago
- The Sun
Marks & Spencer announces exact date it will close 100-year-old flagship store after ‘never recovering from Covid'
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"This is part of our wider investment into the Black Country, including modernising our Merry Hill store, and we will keep the local community updated." Advertisement Mr Telford added: "In the meantime, conversations are continuing with our store colleagues and we will offer them alternative roles at M&S wherever possible." Staff at the Dudley store have also been informed that it has been confirmed by bosses that the business hopes to find a suitable alternative city location to open a new dedicated food store. M&S first announced the store's closure last month after sharing that it had been performing "less well for a long period of time." According to bosses, this is a result of the COVID-19 pandemic, from which the shop "never fully recovered." Advertisement In a statement made at the time, Mr Telford said: ""Our UK-wide store rotation programme is all about reshaping for growth and making sure every M&S store delivers the best possible shopping experience for our customers. "That's why we have made the tough decision to propose the closure of our Dudley Street store. M&S launches first-of-its-kind store "Sadly, the store has been performing less well for a long period of time and has never fully recovered from the Covid pandemic." This comes after M&S announced in 2022 than it intended to reduce its number of traditional department store openings from 247 to 180, while also opening an additional 100 new food halls by April 2026. Advertisement Also, earlier this summer company chairman Archie Norman said the firm was looking to exit "struggling town centres" as part of a £500 million plan to update its retail store portfolio nationwide. Meanwhile, Wolverhampton Council has stressed that it has been working alongside M&S to try and find a new location for a food hall in the city. A council spokesperson said: 'It will be sad to see M&S leave the Dudley Street store at the end of September - but they remain committed to Wolverhampton and we are working with them to identify suitable locations that fit their new business model. 'We appreciate how unsettling this is for staff, and the council's Wolves at Work employment support team is connected with M&S to support workers and their families. Advertisement "We are also keen to see the privately-owned Dudley Street site brought back into use quickly. 'As everyone knows town and city centres across the country are changing and we fully understand M&S's difficult decision was driven by wider, changing market conditions and customer behaviour." In brighter news, M&S is set to launch its revamped food hall at Merry Hill shopping centre this Friday. Advertisement Wolverhampton Council have said despite the sad news about the department store closure, there are lots of regeneration projects set to create new homes and jobs to look forward to. A spokesperson added: ""The transformation of the city centre includes thousands of new city centre homes at Smithgate and Canalside; better connectivity and safer public spaces; a world-class entertainment venue at the University of Wolverhampton at The Halls; a new independent cinema at the Chubb Building; a growing commercial district at the Interchange and a new £61million City Learning Quarter which opens this autumn and will bring thousands of new visitors to our city centre every week.' Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. 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Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. 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The Sun
8 hours ago
- The Sun
Millions of Brits could get £1,000s in compensation from six lawsuits – from Mastercard fees to loans, can you claim?
MILLIONS of Brits could get thousands of pounds in compensation after being overcharged on their loans or bills. Several major collective lawsuits have been launched in the past year and consumers may be able to cash in. 1 These legal cases are called class action lawsuits and help to chase compensation for millions of consumers that have been let down by companies. In these cases one person usually takes a company to court on behalf of all consumers. The cases have become popular in the UK after changes introduced in the Consumer Rights Act 2015. The act allowed a new 'opt-out' collective action system in the UK, which lets groups of consumers pursue claims against companies for breaches of competition law, including fixing prices or restricting supply. Scott Dixon, who runs The Complaints Resolver, said: 'Many familiar names including easyJet, VW and M&S have been caught up in these class action claims. 'You may only get a few hundred pounds, but it's power in numbers.' It is worth noting that legal cases can take time to go to trial and pay out customers. If you are affected by a class action lawsuit then you do not need to do anything to get compensation if the claim is successful. We have rounded up the cases that are currently ongoing and those that could lead to you getting your money back. Homeowners hit with 'secret' insurance charges Some 20,000 people who own flats in the UK are taking legal action against the companies that own their apartment blocks. Legal letters claim freeholders - the building owners - took commission fees when they arranged the building insurance. The freeholders were allegedly paid the fees by insurance companies in exchange for buying their products. These were then added to the cost of the buildings insurance by the freeholders or their agents, and the total amount was then charged to the flat owners in the form of service charges without their knowledge, the leaseholders claim. The flat owners believe this was secretly added to the service charges they paid. Collective claims for compensation Lawsuits that result in compensation for many people are often referred to as "class actions". In England and Wales a Group Litigation Order (GLO) is often used for this kind of lawsuit. Collective Proceedings Orders (CPOs) are also used for claims of breaching competition law. Collective action has been made easier under the UK's Consumer Rights Act 2015. It means the courts can treat similar claims as one, rather than having hundreds or even thousands of separate individual claims. There are a number of stages to bringing this kind of lawsuit, including the courts needing to give permission. Both sides can also appeal decisions at various stages making it a lengthy process with no guarantee of a payout. Lawyers have urged Brits to join several other collective claims for compensation in recent years. There is no cost to sign up, but the firm will usually take a cut of any payout if the claim is successful to cover legal costs. There's no guarantee of a payout and collective claims of this type have not yet been fully tested in court. Lawyers have suggested that each flat owner could be awarded up to £3,500 in compensation. They have also suggested that up to 900,000 homeowners who own flats in multi-occupancy blocks could be affected. Velitor Law, the firm taking the class action lawsuit, has written to four of the UK's largest freeholders - E&J Estates, Consensus Business Group, Long Harbour and Ground Rents Income Funds - to recoup the fees. It is expected that around two dozen landlords, who control the leaseholds for close to 900,000 homes, may be subject to the Leaseholder Action claim. The claim seeks to recover a minimum of six years' worth of commissions from landlords. However, lawyers have applied to suspend the usual period of limitation, which in certain cases could see the claim stretch back as far as 1997. Liam Spender, the lawyer at Velitor Law, said: 'This first set of landlords are now on notice of this claim and they are now going to have to answer in court.' The firm said a second tranche of legal letters to landlords will be issued before the end of the year. The Sun has contacted all four freeholders involved for comment. They all deny any wrongdoing. Shoppers overcharged by credit card companies Millions of shoppers are due to receive £70 each after a tribunal approved a settlement in a lawsuit against Mastercard. The verdict came after a long-running legal case dating back almost a decade. The action was brought by Walter Merricks, a former financial ombudsman, who argued that shoppers were charged higher prices after fees were wrongly levied on transactions made between 1992 and 2008. You do not need to have owned a Mastercard at any point to be eligible for compensation. Consumers can claim compensation if they lived in England, Wales or Northern Ireland for at least three months between June 1997 and June 2008. They need to have bought goods or services from UK businesses that accepted Mastercard credit cards. For those who live in Scotland the starting point is May 1992. The settlement is worth £200million and half of this has been ringfenced for consumers, who have until the end of the year to claim. Around 2.5million people are expected to come forward. If this number does make a claim they will each receive £45. But if fewer people apply then the payments will be capped at £70 per person. iPhone users could get share of £3billion lawsuit Consumer group Which? is leading a claim against Apple on behalf of 40million UK customers. The £3billion class action lawsuit claimed the tech giant breached competition law by 'forcing its iCloud services on customers'. It said Apple encouraged users to sign up for an iCloud subscription to store photos, videos and other data, which meant it favoured its own products. Which? argued the company also made it difficult for customers to use other products, which ultimately stifled competition. The consumer group said it is acting on behalf of all UK consumers that used iCloud from October 1, 2015. The first court date in the claim will be heard in the Competition Appeal Tribunal on November 19-21. During the hearing the tribunal will decide whether Which?'s legal claim against Apple is appropriate to go ahead on a 'collective' basis. Energy bill-payers could be due hundreds of pounds A former head of the UK's gas regulator is leading a claim against energy companies on behalf of customers. Clare Spottiswoode has been authorised by the Competition Appeal Tribunal to act as the class representative in the lawsuit, which she hopes will prove that households were overcharged for their energy between 1999 and 2009. The overcharging comes as a result of companies which sold high voltage and underwater electricity cables running a cartel. They were fined for doing this by the European Commission in 2014. Anyone who has paid an energy bill in Britain since 2001 is eligible to be included in the lawsuit. Lawyers hope to recoup hundreds of millions of pounds. Victims of data breaches could get thousands There are several actions against firms that have been negligent by allowing data breaches, which put customer information at risk. Among them is a collective action against Marks & Spencer after its data breach earlier this year. The proceedings are being led by Patrick McGuire, a partner at Thompsons Solicitors, on behalf of Scottish victims of the hack. The hack exposed sensitive customer information and left hundreds of people worried about their online safety. It is unclear how much victims could be entitled to as the case is still in its early stages. Compensation for mis-sold car finance loans Thousands of motorists will get a share of £20billion in compensation for undisclosed broker commission arrangements. The Court of Appeal ruled in October that the firms broke the law by not telling borrowers about the broker commission terms. This is because banks allowed car dealerships and brokers to set their own interest rates on loans. Under these now-banned discretionary commission arrangements (DCAs), dealerships and brokers had a financial incentive to charge higher interest rates, as this would increase their commission. But many customers were not aware of this practice. The case was taken to the Supreme Court, where it was decided that customers will be compensated. Lenders are all now liable to pay out £20billion in compensation. It is not yet clear when customers will begin to receive this compensation, which is likely to be administered through a formal redress scheme. What are class action lawsuits? Lawsuits that result in compensation for many people are often described as 'class action'. In England and Wales, a Group Litigation Order (GLO) is often used for this type of lawsuit. Class action lawsuits have become easier after the Consumer Rights Act 2015. It means that courts can group similar claims together, rather than having to deal with hundreds or even thousands of separate claims. There are several stages to bring this type of lawsuit, including the courts needing to give permission for a GLO. Both sides can appeal a decision at various stages, which can make the process lengthy without a guarantee of a payout. The Mastercard case was the first of these big claims to be launched after the changes were introduced in 2015. It was first launched in 2017 and consumers have not yet received compensation. Lawyers have urged Brits to join several other class action claims for compensation in the past few years. There is no cost to sign up but the firm will usually take a cut of a payout if the claim is successful. This money is used to cover legal costs and it can be as high as 30%. .
