Fashion
Tax hikes eclipse other key budget announcements in UK
The United Kingdom has been facing steady inflation, a slack economy and a budget deficit.
In her second annual budget, UK Finance Minister Rachel Reeves yesterday sought to alleviate the impact of cost-of-living crisis by raising public investments, reducing energy bills and extending fuel duty cut, but the tax hikes eclipsed other key announcements.
Two Artificial Intelligence Growth Zones will be established in North Wales and South Wales, creating close to 8,500 jobs.
The Chancellor said too many families are still struggling with the cost of living, which is why the budget included a range of measures to cut bills and boost pay packets, according to an official release.
He announced a £150 household energy bill saving, a fuel duty freeze and hikes in national minimum and living wages.
Changes to the Welsh government fiscal framework will mean that government has an extra £425 million spending power over the next few years.
Reeves announced reforms to modernise the tax system, asking those with broader shoulders to contribute more through long-overdue fair reforms.
An Artificial Intelligence (AI) Growth Zone will be established in North Wales with an investment of £5 million, creating 3,450 jobs, she announced. A similar zone in South Wales will create more than 5,000 jobs over the next decade.
The Youth Guarantee package announced will include ensuring that every eligible 18-to-21-year-old who has been on Universal Credit and looking for work for 18 months in Great Britain will get a six-month paid work placement.
Responding to the Chancellor’s Budget statement, Shevaun Haviland, director general of the British Chambers of Commerce said: “The Chancellor has listened to our calls and made the right choice by not piling major new tax rises on businesses’ shoulders, which will calm nerves. Firms will be pleased to see the commitment to transport and infrastructure, and critically the funding for planners the BCC has called for. It is now vital that the Government delivers on these promises.
“Business will welcome support for youth employment, stamp duty relief, protection for capital spending, a reduction in business rates multipliers and some investment tax breaks. They will be worried about salary sacrifice changes, mandatory wage increases, and retention of the energy profits levy, which will maintain cost pressures.
“Alongside this, we have seen UK-wide business support funding of almost £1bn axed and replaced with a system of piecemeal support which favours select urban regions. That risks further regional inequality and damage to rural economies. While most businesses will weather this new financial landscape, they are still being squeezed by rising costs. Many will be disappointed that this Budget did not provide a more compelling blueprint to deliver transformational growth.”
Fibre2Fashion News Desk (DS)
The company posted a revenue of £42.3 million (~$57.53 million) in FY26 ended March 31, 2026, up 14 per cent YoY from the previous year, supported by a 24 per cent surge in own-site sales. The growth was fuelled by higher website traffic, improved conversion rates and increased order volumes from both new and returning customers.
Sosandar reported FY26 revenue of £42.3 million (~$57.53 million), up 14 per cent, driven by strong online growth, with own-site sales rising 24 per cent.
The company returned to profitability with PBT of £0.4 million (~$0.54 million) and improved margins.
Despite slightly missing revenue expectations, performance remained solid.
Strong third-party sales supported confidence in profitable growth.
Sosandar noted strong performance across all categories, from occasion wear to casual collections, reflecting its ability to translate trends into its distinctive design aesthetic.
Profitability improved significantly during the year, with profit before tax expected to reach £0.4 million (~$0.54 million), compared to a loss of £0.1 million in FY25. Gross margin also strengthened to 63.9 per cent from 62.1 per cent, highlighting the company’s focus on margin enhancement and operational efficiency. Sosandar ended the year with net cash of £8.4 million, even after £1.8 million in share buybacks, up from £7.3 million a year earlier, Sosandar said in a press release.
The company noted that market expectations ahead of the announcement had been set at revenue of £43.1 million and profit before tax of £0.4 million for FY26, indicating that profitability is in line with forecasts, while revenue came in slightly below expectations.
The brand continued to perform strongly across third-party platforms, particularly with NEXT, reinforcing its position as a leading womenswear label in the UK market. Trading with Marks & Spencer also began to normalise following earlier disruptions, with stock intake returning to expected levels.
Sosandar’s physical retail presence delivered a positive uplift, with stores entering their second year of trading and locations in market towns performing particularly well. However, the company noted that stores are still weighing on overall profitability as they mature, especially those located in shopping centres. As a result, no new store openings are planned in the near term, with a focus instead on improving profitability at existing locations.
Looking ahead, the board expressed confidence in the company’s strategy, emphasising that strong foundations are in place to deliver sustainable, profitable and cash-generative growth.
Fibre2Fashion News Desk (SG)
Firms also increased stock purchases to support rising output, with some resorting to precautionary inventory building amid concerns over disruptions linked to the ongoing Middle East conflict, the Central Bank of Sri Lanka said in a press release.
Sri Lanka’s manufacturing PMI surged to 66.7 in March from 56.8 in February, driven by strong gains in new orders and production, particularly in apparel.
Firms raised inventories amid Middle East-related risks.
However, supply constraints, rising costs, and logistics issues persisted, with delivery times worsening.
Employment growth slowed.
Outlook remains positive.
Despite robust demand, manufacturers reported a constrained operating environment due to raw material and fuel shortages, rising input costs, and logistical challenges. Supplier delivery times lengthened significantly to 75.5, reflecting shipping disruptions and demand pressures. Employment rose at a slower pace, indicating cautious hiring despite increased workloads.
Looking ahead, business expectations for the next quarter remain positive across sectors, supported by seasonal trends and emerging opportunities. However, concerns persist over the impact of the Middle East conflict, supply disruptions, and broader global economic uncertainty, which may weigh on future momentum.
Fibre2Fashion News Desk (SG)
The agreement covers the construction and operation of a 360-kilometre railway linking the main mining areas of Al-Shidiya and Ghor Al-Safi to the Port of Aqaba.
The United Aran Emirates and Jordan recently an agreement to develop a railway network in Jordan and establish the UAE-Jordan Railway Company.
The agreement covers the construction and operation of a 360-kilometre railway linking the main mining areas of Al-Shidiya and Ghor Al-Safi to the Port of Aqaba.
The project aims at transporting 16 million tonnes of phosphate and potash annually.
The project aims at transporting 16 million tonnes of phosphate and potash annually, with a total investment value of $2.3 billion. Both phosphate and potash are chemicals used in the textile industry.
The agreement was signed by UAE Minister of Energy and Infrastructure Suhail bin Mohamed Al Mazrouei and Jordan’s Minister of Transport Nidal Al-Qatamin.
The UAE-Jordan Railway Company was formally established as a joint venture between Abu Dhabi’s L’IMAD Holding Company (L’IMAD) and several Jordanian stakeholders, according to an official release in the UAE.
The joint venture will be responsible for the implementation, operation and maintenance of Jordan’s railway network through its executing arm, Etihad Rail, the developer and operator of the UAE’s national railway network.
The project will enhance Jordan’s export capabilities and logistics efficiency by directly linking phosphate and potash production sites to the Port of Aqaba, significantly reducing transport time and costs.
It will also support comprehensive economic development and open wide prospects for job creation across multiple sectors, leveraging the extensive expertise of Etihad Rail.
Fibre2Fashion News Desk (DS)
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