Pound Plummets to Six-Month Low After Bank of England Standstill
The pound took a nosedive after the Bank of England chose to hold interest rates steady. Sterling dropped 0.7% against the dollar, sinking to $1.226, and fell 0.5% versus the euro, hitting 1.151 euros. The surprise move came amid an unexpected dip in inflation, causing investors to ditch hopes for further rate hikes.
H&M Backtracks on Return Fees – Shoppers Breathe a Sigh of Relief
Fashion giant H&M sparked fury after reports claimed shoppers would be slugged £1.99 to return items, with fees deducted from refunds. But the retailer has now reversed course, confirming there will be no fees for returns made in-store. The move has been welcomed by customers and the retail world, though H&M has kept mum on the exact reasons behind the change.
Co-op Takes a Hit as Shoplifting Crisis Rages On
Co-op’s food division revealed a hefty £33 million loss in the first half of the year, blaming a surge in shoplifting. The rise in theft—linked to organised criminals—is hitting UK communities hard. Co-op bosses warn staff face verbal abuse and threats daily, stressing that shoplifting is far from a victimless crime.
Next and JD Sports Defy Odds with Strong Sales and Profit Boosts
- Next raises annual profit forecast for the third time in four months after a 5.4% rise in group sales. Full-price sales climbed 3.2%, pushing profits up to a projected £875 million from £845 million.
- JD Sports Fashion also shines, boasting a 12% jump in underlying sales in the first half of the year, showcasing resilience amid rocky economic waters.
