Economy shrinks in August as manufacturing sector slumps - as it happened
Follow live updates as markets await latest official GDP data
Britain’s GDP fell 0.1 per cent in August from the previous month – the first drop since April – after an upwardly revised 0.4 per cent rise in July, official data showed. The figures put the economy on track for a modest expansion in the third quarter, after a surprise contraction in the second quarter.
Meanwhile, homeowners are increasingly shunning the property market because of heightened uncertainty about Britain's future, research has found.
The number of new homes coming to the market slumped to a three-year low in September while buyer demand also fell, a poll by the Royal Institute of Chartered Surveyors found.
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Low pay and harsh working conditions are common on farms and plantations that supply global supermarkets including Aldi, Lidl, Morrisons, Sainsbury’s and Tesco, according to new research by Oxfam.
Interviews with 510 workers on 50 tea plantations in Assam in India revealed that half of those questioned receive ration cards meant for people below the poverty line, because their pay is too low.
Although Indian tea estates are legally obliged to provide decent housing and working conditions, Oxfam found that toilets were dilapidated or non-existent and most workers do not have access to safe drinking water, meaning that cholera and typhoid are common.
Meanwhile, women regularly clock up 13 hours of “back-breaking” work a day, the organisation said.
The White House has been ratcheting up its rhetoric towards China as the two countries enter a thirteenth round trade talks today.
US Secretary of Commerce Wilbur Ross has slammed China's trade practices
"China has refused to change its behavior," he said. "In fact, its global trade practices have only gotten worse.
The FT is reporting that the latest prong of attack being considered by Washington is an executive order that would increase inspections on parcels from China to detect any contraband.
Peter Navarro, the White House trade advisor, said yesterday that a “disturbingly high” proportion of goods sent to the US from China contained deadly drugs like fentanyl or counterfeit goods.
For it’s part, China has accused the US of harassing Chinese scholars, students, entrepreneurs and scientists by delaying, denying and revoking visas.
An overall net balance of 37 per cent of surveyors reported the supply of homes being put up for sale decreasing rather than increasing in
"Either it's the continuation of the building of the best buses produced in the world, or it's the end of bus building in Ballymena.
The main contributor to gross domestic product (GDP) growth in the three months to August 2019 was the services sector, which grew by 0.4%. This was driven by widespread strength across the services industries in June and July, following a period of largely flat growth in the previous three months.Meanwhile, the production sector fell by 0.4% in the same period, while construction output grew by 0.1%.
"The fall in GDP in August was due to a 0.7% m/m drop in manufacturing output.
- Return £123 million to former and existing customers.
- Pay a fine of £3 million on top - in recognition of the serious and significant breaches of its licence conditions and statutory duties
After an $8bn verdict against Johnson & Johnson, here’s why America’s runaway juries might be a good thingSuch punitive damages are designed to punish corporate wrongdoing. Those with bad products need to be encouraged to think twice before marketing them to the public, writes James Moore
These latest figures show minimal growth overall but no-one in the industry will be getting too excited.
The trends show that the industry is experiencing a mixed profile of monthly growth, with falls in March, April and June largely offset by increases in May, July and August. There was also a month-on-month decrease in new work of 0.2% in August.
This fall in new work reflects the industry being at a crossroads as the Brexit situation remains unclear, with the longer-term picture one of investor restraint and a weakness in the housing market translating into a fall in the numbers of homes.
Brexit and global economy hurt Hargreaves Lansdown
Hargreaves Lansdown says it was hit by "weak investor sentiment" in the past three months due to fears about Brexit and the future of the global economy.
Sentiment will no doubt also have been damaged by the fiasco that saw almost 300,000 of Hargreaves’ customers and £1.6bn of their assets trapped in Neil Woodford’s struggling investment fund.
Despite the debacle, Hargreaves hailed a "solid start" to the financial year.
The fund supermarket reported a 6 per cent rise in net revenue to £128.1m for the three months to 30 September. New business also increased, up to £1.7bn from £1.3bn.
Alongside music, film, books and fashion merchandise, the store will offer a specially-designed performance space, inviting both local artists and international musicians to perform in-store.The store’s Friday launch will see a performance by Liam Payne, with chart topper James Arthur set to perform on Saturday.