UK economy re-emerges faster than expected

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UK economy re-emerges faster than expected

The UK economy made a faster recovery from the Covid pandemic than previously predicted, according to revisions to official data this morning.

At the end of the second quarter this year, the Office for National Statistics released revised figures showing that the gross domestic product was 1.8% above pre-pandemic levels, more robust than Germany and France.

The UK economy is no longer the worst performer in the G7.

The gain in January-March was also revised up, to +0.3% from a previous estimate of 0.1%.

But the UK housing market is cooling, with mortgage approvals falling to their lowest level in six months.

Net mortgage approvals for house purchases fell from 49,500 in July to 45,400 in August and were down a third from the same month last year.

The eurozone's inflation rate has dropped to a two-year low.

... as well as the core PCE measure of US price changes.

The pound is on track for its worst month against the US dollar in a year, down 3.8%, or almost 5 cents, at $1.219.

UK homes have been warned that energy bills could climb to an average of almost £1,900 a year in the coldest months of the year, under the UK government's energy price cap.

Severn Trent customers will be subject to a 37% hike in bills by the end of the decade, as the utility raises £1bn in investment, half from Qatar's sovereign wealth fund, to pay for a multibillion investment plan to improve its water network over the next five years.

UK households are facing the biggest increase in taxes over a parliament in at least the past 70 years.

With the average pay for more than 640 equity partners in the UK rising to 1.1 million this year, Deloitte's partners are cushioned by rising incomes.

The Paris Public Prosecutor's office is investigating financial transactions involving the French billionaire Bernard Arnault and a Russian businessman.

A week of disruption for rail passengers has been beginning, with a mix of strikes and overtime bans by train drivers and tube workers set to halt and delay many services until Friday.

And Netflix is releasing its final DVDs to American customers today.

Have a lovely weekend, we'll be back on Monday...