We start the week with more gloomy economic data as Britain heads into recession. GDP rose just 0.2% in July after falling 0.6% in June due to the Platinum Jubilee bank holiday, according to new ONS statistics. This was weaker than expected, with Yael Selfin, chief economist at KPMG, describing the performance as “weak”. The figures highlight the challenge facing the economy as energy bills soar and inflation continues to rise. Prime Minister Liz Truss last week unveiled a package of support measures estimated to cost more than £100 billion. Although this will help reduce inflation slightly, the Bank of England has predicted that the UK will be pushed into recession.

5 things to start your day

  1. Truss said to speed up energy aid for businesses. Industry sources say details of the support package are due to be published in a few days to take effect this winter.
  2. Net-zero city rules slowing electric car shift, battery chief warns Investors can’t fund new mining projects because they’re seen as dirty.
  3. British pigs in blankets off the menu this Christmas as the UK pork industry shrinks. There has been a significant decline in the breeding pig herd in Britain.
  4. Everyday NHS budget faces £20bn inflation black hole, Truss warned Higher costs threaten to derail efforts to reduce backlogs.
  5. Gen Z’s Aversion to Gifs Threatens Our Future, Says Giphy Business Seeks to Prevent Met Sale from Unleashing

What happened in the night

Tokyo stocks opened higher, tracking a rally on Wall Street as investors came to terms with the prospect of more central bank rate hikes. The benchmark Nikkei 225 gained 1% in early trade, while the broader Topix rose 0.8%. The US dollar hit 142.53 yen in early Asian trade, up from 142.56 yen on Friday in New York.

It’s coming today

Corporate: No updates planned
Economy: July GDP estimate and trade data. manufacturing output data (UK)