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Business Today
Business live
UK economic growth revised up, but pound on track for worst month in a year
Live  
UK economic growth revised up, but pound on track for worst month in a year
Rolling coverage of the latest economic and financial news
Headlines
Tax  
UK households face rise of £3,500 a year by next election, finds IFS
UK households face rise of £3,500 a year by next election, finds IFS
Deloitte  
Average income of UK partners tops £1m for third year in a row
Energy bills  
Don’t break promise on social tariff, Sunak urged
US  
Tesla trial begins over whether ‘experimental’ autopilot caused driver’s death
No need to send it back  
Netflix posts its final DVDs to customers
Climate  
Most new cars sold in UK will have to be fully electric by 2030, government confirms
John Lewis  
Retailer looks at sale and leaseback of 12 Waitrose supermarkets
Exclusive  
Scientists on panel defending ultra-processed foods linked to food firms
Evergrande  
Founder ‘being investigated for suspected crimes’
‘I pulled my sock down and saw blood’  
Drivers for Amazon in US complain of dog attacks
Olive oil  
Europe’s local supply running out after drought – and the odd hailstorm
Transport  
Sunak expected to limit powers of councils in England to curb car use
PwC  
Tax leak scandal not isolated to Australia, senators claim
Fantasy house hunt  
Homes with amazing kitchens
Today's agenda
Britain’s economy has grown faster than previously thought this year, data released by the Office for National Statistics shows.

The latest UK GDP quarterly national accounts, for April to June, show that the economy grew faster than expected at the start of this year.

UK GDP is now estimated to have increased by 0.3% in the January-March quarter, the ONS said, up from an earlier estimate of 0.1% growth.

Growth was also faster than expected last year. GDP is now estimated to have increased by 4.3% in 2022, revised from a first estimate of 4.1%.

Q2’s data was unrevised, though – still showing 0.2% growth.

These changes follow earlier revisions from the ONS at the end of August, which showed the UK economy shrank less and bounced back faster during the pandemic.

Today’s GDP report shows that the UK economy grew faster than other G7 rivals in 2022, and also in 2021 (with 8.7% growth).

The ONS chief economist, Grant Fitzner, said: “Today’s latest figures show the GDP growth rate is almost unrevised over the last 18 months.

“Our new estimates indicate a stronger performance for professional and scientific businesses due to improved data sources.

“Meanwhile, healthcare grew less because of new near real-time information showing the cost of delivering services.”

The pound is heading towards its worst month since the turmoil of last year’s mini-budget, amid hopes that UK interest rates may have peaked, and fears that a recession could be looming.

With only one trading day to go, September has been a poor month for sterling. The currency has shed four and a half cents against the US dollar, or 3.5%, this month to just over $1.22 this morning.

That would be the worst performance in 12 months, since panic over Liz Truss’s plan for unfunded tax cuts a year ago sent sterling reeling to a record low.

So what has caused the pound’s weakness?

One reason is concerns that the UK economy could stagnate, or worse, in the coming months, with the eurozone economy also appearing to weaken.

Stocks have opened a little higher in London, with the FTSE 100 gaining 22 points, or 0.3%, to 7,624.

The agenda
• 10am BST: eurozone inflation flash estimate for September
• 1.30pm BST: US PCE measure of inflation

We’ll be tracking all the main events throughout the day ...
Nils Pratley on finance
Sunak and Hunt can’t play shocked at HS2’s cost overruns
Sunak and Hunt can’t play shocked at HS2’s cost overruns
 
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Opinion
Analysis  
‘We are a political project’: how HS2’s costs have spiralled out of control
‘We are a political project’: how HS2’s costs have spiralled out of control
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Reclaim party founder apologises to Ava Evans for ‘demeaning’ comments on GB News
Reclaim party founder apologises to Ava Evans for ‘demeaning’ comments on GB News
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