Rolling coverage of the latest economic and financial news, as the UK records its fastest monthly growth since last July
- FTSE 100 hits one-month high
- IEA: Oil demand to surpass pre-pandemic levels in 2022
- UK economy grew 2.3% in April as economy unlocked
- Fastest growth since last summer, driven by service sector
- Brexit still weighing on trade with EU
- GDP still 3.7% smaller than February 2020
- Sunak: Promising sign that recovery is beginning
And finally, the FTSE 100 index has closed at 7134 points, up 46 points or 0.65% today.
That’s its highest closing level since the end of February 2020, and near to the 15-month high set in May (7164 points).
The successful vaccination programme has helped the economy bounce back from its deepest contraction in 300 years last year. With households expected to splurge the savings amassed over that time, and businesses gearing up for additional investment, the outlook is certainly bright.
There is, of course, the complication of rising cases of Covid-19, which could delay the final stage of reopening. For now, a return to pre-Covid output in Q4 looks to be very much on track.
Related: UK economy grows for third month in a row as Covid controls ease
Related: Half of clothes sold by online fashion brands ‘made from virgin plastic’
Related: Naked Wines benefits from Covid online boom as sales soar
Related: Nightclubs in England may sue to stop Covid-rule easing delays
Related: UK air taxi firm Vertical Aerospace to float on New York stock market
Related: Amazon fails to quash investigation into its Indian selling practices
Related: UK steel industry fury as government drops EU import restrictions
Related: Rupert Murdoch writes down value of Sun newspapers to zero
The government has announced that it will remove limits inherited from the EU on about half of the UK’s steel imports, in a move that provoked fury from British producers.
The Trade Remedies Authority (TRA) said on Friday that it would revoke the limits on nine categories of steel product, including some bars and wires, meaning imports will no longer face steep tariffs after quotas are filled. It extended limits for three years on another 10 products, including some steel for railways, gas pipes and large sheets.
“On their first major test in a post-Brexit trading environment, the UK’s new system has failed our domestic steel sector,”
Related: UK steel industry fury as government drops EU import restrictions
