Show key events only Please turn on JavaScript to use this feature Live feed From 10m ago 01. 31 EST Introduction: UK GDP and retail sales in focus Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. It’s the final day of stock market trading before Christmas, but there’s still time for an important update on the health of the UK economy.
At 7am, the Office of National Statistics (ONS) will publish its latest quarterly national accounts for the UK, giving detail into how the economy fared in July-September (Q3 2023). The first estimate of third-quarter GDP was released last month , showing the economy stagnated. Today’s report will probably confirm that, City economists estimate.
But it’s not impossible that the headline figure will be revised up, or down – and a downgrade would mean the economy shrinking, putting Britain on the brink of recession. Dan Hanson , senior UK economist at Bloomberg Economics , warned earlier this week that there is a chance of a downgrade. “The ONS is likely to confirm that GDP stagnated in the third quarter, but we do think there is some risk output is revised lower.
The first estimate showed GDP fell, just not by enough to tip the rounding, and since then the retail sales data has been revised down. The statistics wouldn’t need to find much more weakness for GDP to register a 0. 1% fall.
” UK recession risk returns with data signaling possible downgrade https://t. co/PT1jraYir5 via @tomelleryrees pic. twitter.
com/z4DS5HWtyR — Zoe Schneeweiss (@ZSchneeweiss) December 18, 2023 The ONS will also release the latest retail sales figures at 7am, with economists predicting a 1. 3% fall, year-on-year, in November, as households cut back amid the cost of living squeeze. Less fun and games for UK toy shops at Christmas 2023 Read more Also coming up today Britain’s transport network will be doing its best to get passengers home for Christmas, after yesterday’s turmoil.
The strike which suddenly halted Eurostar trains running between London and Paris was ended last night, as unions reached an agreement with management. Eurostar is promising to run six extra trains between Paris and London into the weekend – an extra two trains each on Friday, Saturday and Sunday. The Eurotunnel staff strike is now over.
We’ll run a normal timetable to/from London on 22/12/23, as well as additional trains. Please visit https://t. co/WEPlfRmGZH .
We’re sorry that we were unable to provide our usual service today due to circumstances outside of our control. — Eurostar (@Eurostar) December 21, 2023 We can confirm that the additional trains to/from London for 22/12, 23/12 and 24/12 are now available to exchange to. We understand that today was very challenging and appreciate your understanding.
— Eurostar (@Eurostar) December 21, 2023 Passengers hoping to travel from London Euston could continue to face disruption after services were cancelled on Thursday following damage to overhead electric wires. Eurostar cancellations add to disruption on storm-hit rail network Read more The agenda 7am GMT: GDP quarterly national accounts, UK: July to September 2023 7am GMT: Retail sales across Great Britain for November 1. 30pm GMT: Canadian GDP for October 1.
30pm GMT: US PCE index of producer price inflation for November Key events 10m ago Introduction: UK GDP and retail sales in focus 2m ago 01. 40 EST Overnight, UK chancellor Jeremy Hunt applied a little pressure to the Bank of England to consider cutting interest rates in 2024. Speaking to the Financial Times yesterday, Hunt suggested that the BoE could start to reduce borrowing costs next year, saying: “There’s a reasonable chance that if we stick to the course we’re on, we’re able to bring down inflation, the Bank of England might decide they can start to reduce interest rates.
That probably is the moment when people will begin to have more confidence about their own personal prospects and the prospects of their family. ” Hunt also hinted at tax cuts next year, telling Bloomberg that falling debt interest costs may give him the necessary headroom. 2024, of course, will almost certainly be an election year (unless Rishi Sunak hangs on until January 2025), so the government may hope that falling interest rates and cuts to the tax burden would revive their approval ratings.
Labour lead slips to 13 points in poll that shows NHS is voters’ main priority Read more 10m ago 01. 31 EST Introduction: UK GDP and retail sales in focus Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. It’s the final day of stock market trading before Christmas, but there’s still time for an important update on the health of the UK economy.
At 7am, the Office of National Statistics (ONS) will publish its latest quarterly national accounts for the UK, giving detail into how the economy fared in July-September (Q3 2023). The first estimate of third-quarter GDP was released last month , showing the economy stagnated. Today’s report will probably confirm that, City economists estimate.
But it’s not impossible that the headline figure will be revised up, or down – and a downgrade would mean the economy shrinking, putting Britain on the brink of recession. Dan Hanson , senior UK economist at Bloomberg Economics , warned earlier this week that there is a chance of a downgrade. “The ONS is likely to confirm that GDP stagnated in the third quarter, but we do think there is some risk output is revised lower.
The first estimate showed GDP fell, just not by enough to tip the rounding, and since then the retail sales data has been revised down. The statistics wouldn’t need to find much more weakness for GDP to register a 0. 1% fall.
” UK recession risk returns with data signaling possible downgrade https://t. co/PT1jraYir5 via @tomelleryrees pic. twitter.
com/z4DS5HWtyR — Zoe Schneeweiss (@ZSchneeweiss) December 18, 2023 The ONS will also release the latest retail sales figures at 7am, with economists predicting a 1. 3% fall, year-on-year, in November, as households cut back amid the cost of living squeeze. Less fun and games for UK toy shops at Christmas 2023 Read more Also coming up today Britain’s transport network will be doing its best to get passengers home for Christmas, after yesterday’s turmoil.
The strike which suddenly halted Eurostar trains running between London and Paris was ended last night, as unions reached an agreement with management. Eurostar is promising to run six extra trains between Paris and London into the weekend – an extra two trains each on Friday, Saturday and Sunday. The Eurotunnel staff strike is now over.
We’ll run a normal timetable to/from London on 22/12/23, as well as additional trains. Please visit https://t. co/WEPlfRmGZH .
We’re sorry that we were unable to provide our usual service today due to circumstances outside of our control. — Eurostar (@Eurostar) December 21, 2023 We can confirm that the additional trains to/from London for 22/12, 23/12 and 24/12 are now available to exchange to. We understand that today was very challenging and appreciate your understanding.
— Eurostar (@Eurostar) December 21, 2023 Passengers hoping to travel from London Euston could continue to face disruption after services were cancelled on Thursday following damage to overhead electric wires. Eurostar cancellations add to disruption on storm-hit rail network Read more The agenda 7am GMT: GDP quarterly national accounts, UK: July to September 2023 7am GMT: Retail sales across Great Britain for November 1. 30pm GMT: Canadian GDP for October 1.
30pm GMT: US PCE index of producer price inflation for November Explore more on these topics Business Business live Economics Economic growth (GDP) Retail industry Reuse this content.
From: theguardian
URL: https://www.theguardian.com/business/live/2023/dec/22/gdp-retail-sales-growth-recession-uk-economy-travel-disruption-business-live
