Good morning.
We start the week with more gloomy economic data as Britain slips into recession.
According to new ONS statistics, GDP expanded just 0.2% in July after falling 0.6% in June due to the Platinum Jubilee holiday.
It was weaker than expected, with Yael Selfin, chief economist at KPMG, describing the performance as “weak”.
The figures highlight the challenge facing the economy as energy bills rise and inflation continues to rise.
Prime Minister Liz Truss last week unveiled a package of support measures estimated to cost more than £100 billion. While this should help ease inflation slightly, the Bank of England has predicted that the UK will be pushed into recession.
5 things to start the day
1) Truss said he will speed up energy aid for businesses. Industry figures say details of the support package are due to be worked out within days for it to come into force this winter.
2) City’s net-zero rules slow electric car switch, battery chief warns Investors can’t fund new mining projects because they’re perceived as dirty.
3) British blanket pigs off the menu this Christmas as UK pig industry shrinks There has been a significant decline in the British breeding pig herd.
4) NHS day-to-day budget faces £20bn inflation black hole Truss warned higher costs threaten to derail efforts to reduce record backlogs.
5) Gen Z’s dislike of gifs threatens our future, says Giphy Business to prevent competition watchdog overturning sale to Met
What happened during the night
Tokyo stocks opened higher, following gains on Wall Street, as investors embraced the prospect of more central bank interest rate hikes.
The benchmark Nikkei 225 gained 1% in early trade, while the broader Topix index rose 0.8%.
The US dollar hit 142.53 yen in early Asian trade, up from 142.56 yen in New York on Friday.
It arrives today
Corporate: No updates scheduled
Economy: Estimated GDP and trade figures for July; construction output data (UK)