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Berenberg Cuts 2023 UK GDP Forecast to 1.5% Contraction

03/10/2022 10:59am

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Berenberg Cuts 2023 UK GDP Forecast to 1.5% Contraction

0826 GMT - Berenberg has cut its forecasts for the U.K. economy in the near term due to the sudden tightening of financial conditions triggered by recent policy announcements. The German bank has lowered its 2023 call to a 1.5% contraction from the 1.0% GDP drop previously forecast. After a peak-to-trough recession of 2.5%, deeper than the 1.9% previously forecast and lasting three quarters from the third quarter of 2022 to first quarter 2023, Berenberg has raised its 2024 call to 2.1% GDP growth from 1.9%. "Of course, a more pro-growth approach to taxes and regulation could still support U.K. growth potential in the long run if the tax cuts are sufficiently funded," Berenberg's senior economist Kallum Pickering says in a note. (

Top News: 

U.K. Makes Major U-Turn on Tax Cuts

The U.K. government said it won't proceed with the removal of a 45% top rate of income tax, removing a key element of a plan announced late last month that triggered turmoil in the country's financial markets.

Companies News: 

James Halstead FY 2022 Pretax Profit, Revenue Rose; New Year Started Well

James Halstead PLC said Monday that its fiscal 2022 pretax profit and revenue rose on sales growth and despite increased costs, and the new year has begun well.


Halma Acquires IZI Medical Products in US

Halma PLC said Monday that it has acquired IZI Medical Products, a designer, manufacturer and distributor of medical consumable devices headquartered in Maryland in the U.S., for an initial consideration of $153.5 million in cash.


QinetiQ to Buy Air Affairs for $33.9 Mln; To Sell Belgian Division for $31.4 Mln

QinetiQ Group PLC said Monday that it has agreed to buy Air Affairs (Australia) Pty for 53 million Australian dollars ($33.9 million) in cash, and that it will sell QinetiQ Space NV for 32 million euros ($31.4 million) in cash.


Argentex Expects Higher 1H Revenue

Argentex Group PLC said Monday that it expects to report a rise in revenue for the first half and the board is confident the company will exceed current market expectations for the year.


Renew Holdings Sees FY 2022 Adjusted Profit Ahead of Views

Renew Holdings PLC said Monday that it expects performance for fiscal 2022 to be marginally ahead of market expectations despite the current inflationary backdrop.


Genel Energy Appoints New CEO

Genel Energy PLC said Monday that it has appointed Paul Weir as chief executive with immediate effect.


Pelatro Chairman Richard Day Resigns

Pelatro PLC said Monday that Richard Day has decided to resign as chairman of the board.


Real Good Food FY 2022 Loss Widens; Sees Challenging Year Ahead

Real Good Food PLC said Monday that fiscal 2022 pretax loss widened on a significant one-off impairment charge, and it expects fiscal 2023 to remain loss-making.


Tortilla Mexican Grill Warns Industry Headwinds Will Hurt 2H Profitability; Shares Fall

Shares in Tortilla Mexican Grill PLC fell Monday after it said that industry headwinds will hurt profitability in the second half as it reported a fall in pretax profit for the first half on higher costs.


Essentra CEO Paul Forman to Step Down; Scott Fawcett Named Successor

Essentra PLC said Monday that Chief Executive Paul Forman has decided to step down at the end of 2022, to be succeeded by Scott Fawcett, managing director of the components division.


Peel Hunt Expects 1H Revenue to Fall on Lower Capital Markets Activity

Peel Hunt Ltd. said Monday that it expects to report a fall in revenue for the first half of fiscal 2023 due to a market-wide backdrop of historically low levels of capital markets activity throughout the period.


Investec to Repurchase Up to $66 Mln Worth of Shares in Capital Optimization

Investec PLC said Monday that it will repurchase up to 1.2 billion South African rand ($66.3 million) worth of shares, as part of its capital optimization strategy.


Essentra to Sell Filters Business for GBP262 Mln; Will Pay Special Dividend

Essentra PLC shares rose Monday after it said it will sell its filters business to a subsidiary of Centaury Management Ltd. for an enterprise value of around 262.1 million pounds ($292.7 million), and will pay a special dividend.


STM Group Appoints Interim CEO

STM Group PLC said Monday that Therese Neish has been appointed as interim chief financial officer and that she will also join the board on an interim basis.


Hyve Group Confident in FY 2023 Outlook on Forward Bookings

Hyve Group PLC said Monday that it is confident in its fiscal 2023 outlook due to the continued positive performance of its business.


IDOX Buys LandHawk Software Services for GBP1.1 Mln

IDOX PLC said Monday that it has bought LandHawk Software Services Ltd. for 1.1 million pounds ($1.2 million), enhancing its geospatial information services, or GIS, offering.

Market Talk: 

UK Borrowing Costs Fall After Government's Retreat on Tax, But Credibility Is Lost

0838 GMT - U.K. borrowing costs should calm after the government announced a U-turn on its planned 45p tax rate cut, although questions remain over credibilty, says Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown in a note. "A big part of the questionable battle plan to try and stimulate growth is being ripped up, which may actually help calm the feverish rise in borrowing costs for companies, homeowners and the government," she says. The yield on 10-year gilts falls around 10 basis points to dip just below 4% after the announcement, down from last week's peak around 4.554%, according to Tradeweb. However, the government's credibility at a time of economic uncertainty "has been lost, perhaps irrecoverably." (


Contact: London NewsPlus;

(END) Dow Jones Newswires

October 03, 2022 05:44 ET (09:44 GMT)

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