UK gas price hits new high as energy crisis deepens
The UK economy grew 5.5% between April and June on a quarterly basis as household spending surged as restrictions on coronaviruses eased, official data shows.
The Office for National Statistics revised up a previous growth estimate of 4.8% for the second quarter from the first three months of the year.
Growth left GDP 3.3% below its pre-pandemic level, after falling 19.8% during the lockdown in March 2020.
Household spending contributed four percentage points to the 5.5% increase from consumption levels between January and March. Wholesale and retail trade, accommodation and hospitality also boosted growth, as did spending on education, health and social work.
The rise in household spending was a harbinger of the British releasing their foreclosure savings stocks, with the household savings rate rising from 18.4% in the first quarter to 11.7% in the second.
5 things to start your day
1) Supply chain crisis derails recovery, warns Andrew Bailey Stagflation fears send sterling to $ 1.3430, with pound at risk of “losing credibility”, economists warn.
2) Fuel diverted from corporate fleets to forecourt to ease oil crisis Fuel is diverted from large corporations to garage forecourts in a move that threatens to disrupt online deliveries, The telegraph has learned.
3) Boss who doubled cost of National Lottery tickets gets Â£ 1.8million bonus Andy Duncan is entitled to payment under separation deal when he resigned four years ago .
4) French take on Jersey as City clatter falls flat Paris has failed in its attempts to undermine the City of London’s position in the European financial system after Brexit.
5) Jim Ratcliffe’s Ineos Tells Land Rover To End Legal Battle Against ‘New Defender’ New Â£ 1billion Grenadier 4×4 faces ‘spectacle’ of rows of brands as industry grapples with broader issues, according to his company.
What happened during the night
Asian markets mostly rose on Thursday after the previous day’s pullback, although investors continue to fear that soaring inflation could lead to interest rate hikes, while the debt standoff in Washington and the prospect of a historic US default also pissed off nerves.
The Dow Jones and S&P 500 provided a positive lead, although the unconvincing end of the trading day on Wall Street indicated lingering uncertainty in the trading rooms.
Although expected for most of the year, the prospect that the Federal Reserve and other major central banks will soon begin to withdraw from the ultra-accommodative monetary policies they put in place at the start of the pandemic has cooled the feeling in recent weeks.
At the start of Asian trade, Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei, Manila and Jakarta all rose, but Hong Kong slipped after a three-day gain and Tokyo retreated after a recent rally to three-decade highs. .
Business : Renishaw (Annual results)
Economy: GDP (United Kingdom, United States); Manufacturing and services PMI (China); consumer price index (EU); unemployment rate (US, EU)