The pound sterling experienced a sharp decline to a six-month low following the Bank of England’s decision to maintain current interest rates, resulting in a 0.7% drop to $1.226 and a 0.5% decrease to 1.151 euros. This decision by the central bank came as a response to the recent unexpected decrease in inflation, causing investors to pull back on expectations of further rate hikes.
In a related development, fashion giant H&M has announced a reversal of its return policy for online shoppers. Earlier this week, reports suggested that customers would face a £1.99 fee to return items either in-store or online, with the cost deducted from their refund. However, H&M has since clarified its stance, stating that there will be no return fee for parcels returned in-store. This amendment comes as a relief to many customers, and while the exact reason for the change remains uncertain, it is seen as a positive step by the retail community.
Similarly, JD Sports Fashion, known for its strong performance in challenging economic conditions, reported a significant growth in underlying sales during the first half of the year, with a 12% increase. This achievement underscores the resilience of certain retailers in the current economic landscape.
