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The Latest Breaking News from Sanjay Raja

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

UK GDP report for May shows that factory output and construction shrank during the month, with some blaming extra bank holiday

The Guardian - UK

Strikes drag UK economic growth to a standstill; mortgage defaults rising as households struggle – as it happened

Latest GDP report shows that civil service and teachers’ strikes held back service sector growth, leading to no growth in February

The Guardian - UK

FTX files for US bankruptcy protection, CEO Bankman-Fried resigns – as it happened

Cryptocurrency exchange FTX starts bankruptcy proceedings in US and Sam Bankman-Fried is resigning as chief executive officer

The Guardian - UK

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Economists fire back after Rees-Mogg tries to pin blame on others for mini-budget chaos

Senior Conservative says it was all down to Bank of England’s failure to raise interest rates in line with the US

Wales Online

Mini-budget will not lead to promised growth, leading economists tell MPs

Economic confidence in UK seriously undermined by Kwarteng and Truss’s ‘guerrilla tactics’, Commons committee hears

The Guardian - UK

UK economy predicted to be weak till 2024 despite Truss growth agenda

Business confidence sinks to lowest level since depth of Covid pandemic as rising costs hit households and companies

The Guardian - UK

Pound hits all-time low against dollar after mini-budget rocks markets

Odds of sterling hitting parity with dollar jump, as analysts say UK bond market ‘getting smoked’ by giveaway

The Guardian - UK

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Eurozone interest rates must continue to rise, says European Central Bank

Decision about how to fight inflation follows increase by unprecedented 0.75 percentage points

The Guardian - UK

Energy crisis: UK households worst hit in western Europe, finds IMF

Heavy reliance on gas is behind price surge, with the impact on poorest households also the worst in Europe

The Guardian - UK

High prices and low growth should nip UK and eurozone interest rate rises in the bud

Central banks talk tough about tackling inflation, but raising borrowing costs now risks plunging us into recession this year

The Guardian - UK

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