Britain's Inflation rate dropped to a four year low | UK Market Update

  • Jun 17, 2020 BST
  • Team Kalkine

Online fashion retailer Boohoo has agreed to buy the online businesses of Oasis and Warehouse for £5.25m. Boohoo made the announcement as it said online sales rose by 45% in the three months to May, partly boosted by demand for athleisure items during lockdown. Manchester-based Boohoo also owns PLT and Nasty Gal. Earlier this year, it bought struggling brands MissPap, Karen Millen and Coast. In April, Oasis and Warehouse went into administration losing 1,800 jobs.

Scottish energy giant SSE Renewables has said it plans to press ahead with what would be the UK's biggest onshore wind farm in Shetland. The 103-turbine Viking 443MW project would cost £580m, and create hundreds of jobs. It is subject to energy regulator Ofgem approving a subsea power cable between Shetland and the Scottish mainland. In April, Ofgem said it was minded to approve the link. Shetland's current power station is to close in 2025. It would be the UK's largest onshore wind farm in terms of annual electricity output.

Britain’s annual inflation rate dropped to a near four-year low of 0.5% in May as cheaper petrol and the falling cost of toys and games had a downward effect on the cost of living. In a move that is likely to prompt fresh stimulus from the Bank of England, the consumer prices index (CPI) showed inflationary pressure continued to abate during the Covid-19 lockdown. The inflation rate as measured by the CPI fell from 0.8% in April, moving further away from the government’s 2% target.

#Britain #Boohoo #Oasis #Kalkine


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