BUSINESS LIVE: FTSE 100 on the up again; UK GDP jumps 5.5%; Furlough comes to an end; Boohoo warns on profits despite soaring revenues
The UK economy grew faster than expected in the second quarter of 2021, spring 5.5 per cent compared to forecasts of 4.8 persent, Office for National Statistics data published today shows.
With UK GDP now just 3.3 per cent below pre-pandemic levels, the largest contributors to growth between April and June were wholesale and retail trade, accommodation and food service activities, education and human health, and social work activities.
The UK furlough scheme comes to an end today, despite protests from hard hit sectors pleading with the Government for another extension.
HMRC figures show furlough was still supporting the incomes of around 1.6million workers at the end of July, and junior finance minister Simon Clarke told Sky News this morning that ‘it’s impossible to put an estimate on’ how many will lose their jobs.
UK house prices rose by 0.1 per cent on the previous month in September, well below economist expectations of a 0.6 per cent jump, Nationwide data shows.
Egter, house prices remain 10 per cent higher than in September 2020.
Return to work and the end of Covid restrictions helped boost the UK economy in April to June
And the FTSE 250 index is up 0.7 per cent or 162.62 wys na 23,313.59.
Sterling is at $1.34 teenoor die Amerikaanse dollar.
The pace of annual house price growth slowed in September, fresh data from Nationwide has revealed.
In the year to September, the average cost of a home across the country increased by 10 per cent to £248,742, against an 11 per cent rise in the year to August. Month-on-month, prices rose by 0.1 persent.
Tydens die pandemie, the housing market has been turbocharged by the stamp duty holiday, cheap mortgage deals and buyer demand for more space.
Affordability remains a major problem for many buyers, en a 20 per cent deposit on a typical first-time buyer home is now around 113 per cent of gross income, marking a record high, according to Nationwide.
The pandemic bounceback has been better than expected with economic growth for the second quarter revised up sharply today.
UK GDP grew by 5.5 per cent in the three months to June – much faster than the 4.8 per cent previously estimated.
The Office for National Statistics said activity in health services and the arts was higher than originally thought – and households spent more strongly.
Peel Hunt directors saw their fortunes grow after it celebrated a successful first day of trading on Aim.
Bossess at the City broker pocketed £26.4million from selling shares in the float, and saw their remaining 16.3 per cent combined stake rise by £1.1million to £46.9million.
A US private equity shark’s takeover of a British software group faces stiff opposition after a leading shareholder and local MP spoke out against the deal.
Texas-based Vista Equity Partners is buying Blue Prism for £1.1billion with co-founders Alastair Bathgate and David Moss and chief executive Jason Kingdon set to share a pay pot of more than £130million.
Sterling sank to its lowest level against the dollar this year amid fears that Britain faces a nasty bout of stagflation.
The pound slipped nearly 1 per cent to as low as $1.3413, a level last seen in December 2020, as scenes of chaos on petrol forecourts continued.