Year: 2026

Five years ago, Boris Johnson’s Conservative government withdrew instant VAT rebates (Tourist Tax) for overseas

Hugh Rice delivered sales of £12.5 million in 2025, 9% below the prior year as

A late 19th Century necklace, featuring exquisite conch pearls and diamonds, has sparked excitement after selling for a remarkable £80,000 at Noonans auction in Mayfair—four times its pre-sale estimate. Other standout items included a 15th Century ring that astonished its seller by fetching £17,000 and a collection from Indian film star Mehtab Modi, which totaled £58,000 in sales. With plans to expand its jewellery offerings in 2025, Noonans is experiencing a robust surge in the auction market for fine treasures.

The Vintage Rally Timer chronograph, a notable collaboration between Wind Vintage and True North Watch Co, has been highlighted by GQ as one of the best of 2024. The latest “Dreamsicle” model features a vibrant pastel palette and is priced at $490, with a limited production run of 1,986 pieces to honour the birth year of CEO Eric Wind. Following a memorable meeting with Pope Leo XIV, who received the timepiece earlier this year, sales from this exquisite watch will support youth ministry initiatives in Palm Beach County. The official release is set for October 2, 2026.

Boris Johnson’s government has faced backlash following its decision to end VAT rebates for tourists, a policy commonly termed the “Tourist Tax.” While the Office for Budget Responsibility estimates this move could generate an annual £540 million for the Treasury, retail sector studies indicate that the long-term economic costs, including potential job losses and reduced visitor spending, could far exceed any short-term fiscal gains. Conservative leader Kemi Badenoch is advocating for the abolition of this tax, arguing that reinstating VAT-free shopping could significantly bolster the economy, create thousands of jobs, and attract millions of additional visitors. Critics, however, warn that such a policy could be seen as favouring wealthy foreign shoppers at the expense of local citizens. As debates intensify, the economic implications of the Tourist Tax remain a contentious topic within the UK.

Consumer confidence in the UK has taken a significant hit this September, reversing four months of improvement. According to the British Retail Consortium, economic expectations plummeted to -34, while personal finances dropped to -15. With rising energy costs particularly impacting women and households, the outlook for retail spending has shrunk from +8 to +5. Retailers are now calling on the government to prioritize measures to alleviate the cost of living crisis as households brace for a challenging winter ahead.

Swiss artist Renée Levi has unveiled her first large-scale public artwork in the UK, ‘September,’ at London’s Hayward Gallery. The vibrant two-panel installation, co-commissioned with Audemars Piguet Contemporary, ingeniously incorporates the gallery’s distinctive window, transforming the iconic façade into a dynamic reflection of seasonal change. Running until 15 November 2026, ‘September’ evolves through interaction, capturing the essence of autumn as it redefines the gallery’s presence on the South Bank.

Hugh Rice, the family jeweller, reported a challenging financial year in 2025, with sales declining to £12.5 million—a 9% drop from the previous year. The company has consolidated its operations to focus on its flagship store in Hull, leading to a workforce reduction from 78 to 67 employees. Despite generating a gross profit of £4.2 million, the firm faced an operating loss of £188,613, albeit an improvement from the previous year’s losses. Managing director Paul Rice emphasized that the strategic closures aim to enhance operational efficiency and customer experience amid shifting market dynamics.

Consumer confidence in the economy stumbled after four months of improvement, with a similar trend