UK economy is stronger than France, official data says

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UK economy is stronger than France, official data says

The UK's economy made a faster recovery from the Covid pandemic than previously expected, according to changes in official data this morning.

At the end of the second quarter of this year, the Office for National Statistics reported that GDP was 1.8% above pre-pandemic levels, stronger than Germany and France.

The UK's economy is no longer the worst performer in the G7, which means that the UK economy is no longer the worst performer.

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

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

The Bank of England said net mortgage approvals for house purchases dropped from 49,500 in July to 45,400 in August and were down by a third from the same month last year.

Inflation in the eurozone has dropped to a two-year low.

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

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

Under the UK energy price cap, UK households have been warned that energy bills could climb to an average of almost $1,900 a year in the coldest months of the year.

Severn Trent customers face a 37% increase in bills by the end of the decade, as the utility raises £1bn in investment - half from the 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 rise in taxes over a parliament in at least the past 70 years.

However, Deloitte's partners are expected to be cushioned by rising incomes, with the average pay for more than 640 equity partners in the UK rising to£1.1m this year.

The Paris public prosecutor's office is investigating the financial transactions involving a French billionaire and a Russian businessman.

A week of disruption for rail passengers has begun, 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 sending its final DVDs to American customers today.

Have a lovely weekend, we will be back on Monday.