Food and drink prices rising at the fastest pace in more than 30 years

Another day, another set of gloomy statistics for Britain.

Britain’s economy contracted by more than first thought in the third quarter of the year, deepening concerns that Britain is already in a recession.

The UK’s gross domestic product (GDP) contracted by 0.3pc in the three months to September, a larger fall than the 0.2pc contraction initially estimated by the Office for National Statistics.

The economy is now 0.8pc smaller than it was before the pandemic.

Output shrank by 0.3pc in the three months to October, suggesting the economy is already in recession.

Two consecutive contractions would mean the economy is in recession.

The economy grew by 0.2pc in the second quarter of 2022, according to a revised estimate by statisticians, after an initial projection of a 0.1pc contraction.

5 things to start your day

1) FTX founder Sam Bankman-Fried was due to fly back from the US last night, after agreeing to be extradited from the Bahamas

2) Accountants cheated in online ethics exams after switching to Covid home work

3) The boss of Royal Mail has been forced to use a security escort as strikes turn ugly. Simon Thompson has been supported by guards as violence erupts on picket line

4) Pret A Manger is axing most of its vegetarian-only stores as the novelty of meat-free branches wears off. The company will shut or rebrand 75pc of its Veggie Pret stores six years after they first launched.

5) Britain’s space industry gets ready for blast off. Rocket companies battle bureaucracy to launch the first mission from British soil

What happened overnight

Hong Kong shares began Thursday with strong gains following a rally on Wall Street as traders welcomed the forecast-beating US earnings and a pickup in consumer sentiment.

The Hang Seng Index jumped 1.97pc to 19,537.45, the Shanghai Composite Index added 0.57pc to 3,085.80 and the Shenzhen Composite Index on China’s second exchange gained 0.54pc to 1,980.33.

Tokyo stocks also opened higher as the yen steadied following a shock Bank of Japan monetary policy tweak.

The benchmark Nikkei 225 index was up 0.71pc at 26,574.56 in early trade, while the broader Topix index was up 0.50pc at 1,902.84.


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