UK Economy Contracts as Winter Recession Risks Grow

UK Economy Contracts as Winter Recession Risks Grow

0710 GMT - U.K. quarterly output fell by 0.1%, which is almost entirely down to the addition of an extra bank holiday for the Queen's Jubilee in June, as well as the winding-down of public spending in Covid-19 testing and vaccines through the quarter, ING's developed markets economist James Smith says in a note. An artificial rebound in July should see monthly GDP rise by roughly 0.7% and overall third quarter GDP by around half a percent, according to ING. But by 4Q, the signs of recession are likely to be more apparent, Smith says. The risk of a recession are rising and much now depends on fiscal policy announcements in the autumn, Smith says. ([e-mail])

 
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888 Holdings 1H Pretax Profit Fell Materially

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TBC Bank's 2Q Pretax Profit Fell on Higher Costs; Outlook Unchanged

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Stelrad Group 1H Pretax Profit Fell on Turkish Subsidiary Costs; Declares Dividend

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Global Invacom Group 1H Pretax Loss Widened; Starts Business Review

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Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

August 12, 2022 03:42 ET (07:42 GMT)

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