UK Recession Expected to Be Deeper Than in Most Advanced Economies

0837 GMT - The U.K. economy is set to fall into a recession, which is likely to cause a 2% peak-to-trough fall in GDP, a bigger slump than what is expected in other advanced economies, Pantheon Macroeconomics senior U.K. economist Gabriella Dickens says in a note. Household finances will be hit hard by the rapid withdrawal of energy bills support, while higher interest rates will also squeeze incomes of those who have to refinance their mortgage, she says. Better news might come on the inflation front, as price growth has likely peaked and is expected to fall fast in 2023, Dickens says. Pantheon expects inflation to average 6.5% in 2023, less than the 6.9% consensus estimate from economists taken from FactSet. (xavier.fontdegloria@wsj.com)

 
Companies News: 

Vodafone CEO Nick Read Steps Down; CFO Named as Interim

Vodafone Group PLC said Monday that Nick Read has agreed to step down as chief executive and that current Chief Financial Officer Margherita Della Valle has been appointed as interim chief executive.

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Wentworth Resources Agrees to GBP61.7M Takeover by Etablissements Maurel Et Prom

Wentworth Resources PLC said Monday that it has agreed to a 61.7 million pound ($75.9 million) cash takeover from Etablissements Maurel et Prom S.A.

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Avon Protection to Sell Lexington Facility Assets for 'Modest' Sum

Avon Protection PLC said Monday that it is selling the assets of its Lexington facility in the U.S. for "a modest cash consideration" to advanced ceramics-materials manufacturer CoorsTek Inc.

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Keywords Studios to Buy Helpshift for Up to $75 Mln

Keywords Studios PLC said Monday that it has agreed to buy Helpshift, Inc. for up to $75 million to expand its player support and engagement capability.

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Condor Gold Seeking to Raise up to GBP4.0 Mln via Open Offer

Condor Gold PLC said Monday that it is seeking to raise up to 4.0 million pounds ($4.9 million) via an open offer to shareholders, as first flagged last week.

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RBG Holdings Sees Adjusted Ebitda Behind Views After LionFish Losses

RBG Holdings PLC said Monday that it now expects adjusted Ebitda to be materially behind market consensus expectations for 2022 after losses at its litigation finance subsidiary LionFish.

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A.G. Barr Buys Boost Drinks for Up to GBP32 Mln

A.G. Barr PLC said Monday that it has bought beverage group Boost Drinks Holdings Ltd. for up to 32 million pounds ($39.3 million).

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Equals Group Expects to Beat 2022 Market Views

Equals Group PLC on Monday said it expects its full-year result to come ahead of current market expectations, boosted by an increase in revenue.

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National Express Appoints James Stamp as Permanent CFO

National Express Group PLC said Monday that it has appointed James Stamp as group chief financial officer with immediate effect, having held the role on an interim basis since Nov. 1.

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Bigblu Broadband Buys Australia Satellite Operations for A$5.2 Mln

Bigblu Broadband PLC said Monday that it bought the satellite operations of a subsidiary of Uniti Group Ltd. in Australia for up to 5.2 million Australian dollars ($3.5 million).

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Pod Point Appoints David Wolffe as CFO

Pod Point Group Holdings PLC said Monday that Chief Financial Officer-Designate David Wolffe has been appointed as chief financial officer, effective Jan. 3.

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

December 05, 2022 03:53 ET (08:53 GMT)

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