Retail sales in the United Kingdom have exceeded expectations in April, increasing by 2.2% as compared to a decrease of 1.4% back in March.
As a result of the booming retail sales in the UK, the pound sterling rose above $1.30 for the first time since last September. Because of the strong figures, there is a possibility for early than expected interest rate rises from the Bank of England.
The U.K.’s Chancellor Philip Hammond unveiled a nearly half a billion pounds that will be serving to help businesses in the UK to face increases in their business rates.
Mr Hammond said that councils will be given powers to give out £300 million of relief to those businesses
who are hit hardest by these increases. He moreover said that no business in the United Kingdom which is losing small business rates relief will see their bill increase.
The Chancellor said that the first majority of pubs, 90%, will be getting a £1000 discount on their business rates in this year.
All these relief measures will amount to a total of £435 million of cuts.