UK GDP below July forecast reflects plight of small businesses

0734 GMT – The weaker-than-expected economic growth in the UK in July reflects the difficulties facing small businesses, said Douglas Grant, director of Conister, part of Manx Financial Group. The economy’s expansion slowed to 0.1% in July from 1% the month before, official data showed, missing growth expectations of 0.5% in a poll of WSJ economists. “The slight slowdown in economic production reflects the plight of British small businesses and the current default levels caused by the continuing impact of the pandemic which should be of real concern,” he said. “We have to recognize that the UK corporate debt burden has swelled to unprecedented levels and, sadly, this has already created an endless stream of weak, zombie-like businesses falling off a cliff of loan default.”

 
Companies News:

Cineworld reaches agreement with dissident Regal shareholders

Cineworld Group PLC announced on Friday that it had reached an agreement with the dissident shareholders of Regal Entertainment Group, which was acquired by Cineworld in 2018.

—

Tritax EuroBox raises £ 170million to finance acquisition of logistics assets

Tritax EuroBox PLC said on Friday it was raising 170 million pounds ($ 235.2 million) through a share issue to acquire logistics assets in continental Europe.

—

Newmark Security incurred pre-tax loss for fiscal 2021

Newmark Security PLC on Friday reported a shift to a pre-tax loss for fiscal 2021 due to the effects of Covid-19, but said the company is poised for growth and expects revenue to increase over the course of of the coming year.

—

Minds + Machines to Return $ 80 Million in Premium Public Offer

Minds + Machines Group Ltd. said on Friday it would return up to £ 58million ($ 80.2million) to shareholders through a higher-priced share offer.

—

Gresham House reported 1H pre-tax operating profit

Gresham House PLC said on Friday it had moved to pre-tax operating income for the first half of the year as total income increased, and was well positioned to deliver on its priorities for 2021.

—

Gresham House to Raise £ 40million for Acquisition and Project Development

Gresham House PLC said on Friday it would raise around 40 million pounds ($ 55.3 million) through an investment made through an expedited book-building process, and that it would use the net proceeds to finance an acquisition and other development projects.

—

Target Healthcare REIT raises £ 125million in share issue

Target Healthcare REIT PLC said on Friday it had successfully raised 125 million pounds ($ 172.9 million) through a share issue.

—

City of London group pre-tax loss for fiscal 2021 widened

City of London Group PLC said on Friday that its pre-tax loss for fiscal 2021 has widened and that it expects Recognize Bank Ltd. – its midsize business lending business – is granted a full UK banking license once capital requirements are met. .

Contact: London NewsPlus, [email protected]

(END) Dow Jones Newswires

September 10, 2021 03:51 ET (07:51 GMT)

Source link