March 3, 2021

FTSE LIVE: UK on the brink of double recession after GDP fall of 2.6%

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DP fell 2.6% at the height of lockout 2.0 in November, leading the UK economy to its first double-dip recession since 2010.

The summary is lower than estimated, with an output of 8.5% more affected by the epidemic than February 2020.

Inevitably, London ‘s best stock ended the day with a loss of 6,801.96, up 56.44 points or 0.8%.

As Joe Biden prepares to take office in a week, businessmen around the world are now preparing for a new era in Washington.

Follow the latest updates from the Standard City team.

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73% Christmas sales crash pubs, restaurants

According to new figures, pub, restaurant and bar sales fell by almost a quarter in December, making it a “terrible” Christmas for hospitality companies as restrictions increased.

Total sales fell by 72.6% during the Kafr Beach Business Overseas Festive season, which is generally the busiest time of the year.

Statistics – compiled by consulting CGA, industry consultants The Koffer Group and financial institution RSM – showed that bars were particularly hard hit by restrictions on Christmas parties and large crowds.

Sales of bars are down 87.2% compared to the same period last year.

The five-week Christmas period began with a one-week lockdown in the UK, before places reopened with built-in restrictions, most places were in tier 3 and 4, so their doors were forced to close. Period.

Drink-led pubs have also been hit hard by restrictions, with sales falling 83.7%.

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AA in $ 2.8 billion acquisition

AA shareholders have approved a $ 2.8 billion acquisition of the breakout company by private equity supporters.

They will receive a 35p stake from Tower Brook Capital and Warburg Pingus – two private equity houses – which said it sees a successful long-term future for the business.

The deal was voted on by shareholders holding 88.6% of the stock on Thursday afternoon, AA said in a statement.

Investment firms have previously said that the deal will see AA’s business move forward “to better serve its customers and offset its significant strengths”.

Chairman John Leach recommended the deal to the shareholders, saying it was in their best interests.

Tower Brook and Warburg previously said they would invest $ 380 million to pay off huge debts by former owners, which put the business on a catastrophic stock market list six years ago.

The shares first traded at 250p in 2014. The 35B offer from new owners was first revealed to be “unrestricted” on Monday. An extension of the offer was granted on Tuesday.

“The Federation said the offer was made in recognition of AA’s core strengths in its iconic brand, market-leading positions and talented and committed employees.

It added: “However, the federation believes that AA has been blocked as a result of low investment and high levels of debt.”

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UK GDP fell 2.6% in November

GDP figures fell to 2.6% of GDP in November as Govt controls hit the economy hard.

The Office for National Statistics said government controls slowed economic activity after six consecutive months of data increases.

ONS notes that the service economy sector was the main drag on economic output in November, with activity down 9.9% from its level in February last year.

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UK GDP data fell 2.6% in November as Govt restrictions hit the economy hard.

City expects a 5.7% fall – a sharp drop from the 0.4% growth recorded in October.

In the event, the October number was revised up to 0.6% today.

The Office for National Statistics said government controls slowed economic activity after six consecutive months of data increases.

Darren Morgan, director of economic statistics, said: “The economy was hit hard in November with controls to control the epidemic, with pubs and hairdressers having the biggest impact.

“However, during the epidemic many businesses were adjusted to new business conditions, such as widespread use such as click and collect and move online. Production and construction continued to be normal, while schools remained open, meaning the impact on the economy was significantly smaller in November than when it was first locked.

“Car production, demand from overseas, housing and infrastructure have increased, and now they are above pre-epidemic levels.”

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