Pound hits 15-month high as UK GDP shrinks in May; sickness threat to economy – business live

A souvenir shop in Windsor, Britain, in May. Photograph: Tolga Akmen/EPA

3.55pm BST

Afternoon summary

With the pound trading firmly over $1.31 for the first time since April 2022, it’s time to wrap up.

Here are today’s main stories, firstly on this morning’s GDP report:

….the state of the UK public finances…

…The cooling housing market:

And also:

3.40pm BST

Government bonds are also strengthening, on the back of signs that US inflation pressures are easing.

The yield, or interest rate, on five-year UK government bonds has dropped to its lowest since 29 June at 4.568% (yields fall when prices rise).