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Chancellor to lay out medium-term financial plan in November
The Chancellor also confirmed that there will be a Budget in the Spring, with a further OBR forecast.
Economy
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Virgin Money temporarily withdraws all mortgage products
Virgin Money has temporarily withdrawn all of its mortgage products following a day of turmoil for the UK economy.
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Bank of England Governor says MPC will act on interest rates if needed
Bank of England Governor Andrew Bailey has said the central bank is monitoring developments in financial markets very closely in light of the significant repricing of financial assets.
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Property sector needs Government support – Propertymark
Propertymark has set out the support it believes the property sector needs in the short and long-term across all departments of the Government.
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Economy returned to growth in July with 0.2% rise in GDP
GDP increased by 0.2% in July, the latest data from the ONS shows, as the UK economy saw a smaller amount of growth than predicted.
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Goldman Sachs downgrades British economic forecasts
Banking giant Goldman Sachs has downgraded its British economic forecasts predicting recession to hit country in the final quarter of 2022.
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Economy shrinks 0.1%, GDP falls
The economy shrank 0.1% in the three months to June, the first time it has contracted over a quarter since the end of the second long lockdown in Spring 2021.
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Economy grew by 0.5% in May – ONS
The UK economy made an unexpected return to growth in May as it expanded by 0.5%.
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Falling Scottish GDP is deeply worrying for households
Scotland's onshore GDP decreased by -0.5% in April, according to statistics announced by the Chief Statistician.
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UK economy shrank 0.3% in April
The economy shrank by a bigger than expected 0.3% in April with the services, production and construction sectors all shrinking.
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Older high net worth individuals’ confidence in economy and own finances plummets
Three-in-five (58%) HNWIs admit their money ‘makes them anxious’, with twice as many over 55s feeling anxious than they did six months ago.
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UK economic growth slows to 0.1%
UK economic growth slowed by more than expected in February, as Britain’s industrial output dropped as manufacturers struggled for parts.