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UK growth figures to show economy at virtual standstill as Brexit looms - business live UK growth figures to show economy at virtual standstill as Brexit looms - business live
(35 minutes later)
Struggling airline Flybe has recommended to shareholders a £2.2m takeover offer from a consortium led by Virgin Atlantic, which is part-owned by the billionaire Sir Richard Branson.
The consortium, which also includes infrastructure firm Stobart Group and investment house Cyrus, are offering just 1p per share. That’s a hefty discount compared with Flybe’s closing price of 16.38p, and shares have plunged 90% this morning to 1.7p.
Flybe put itself up for sale in November after a profits warning that outlined the extent of its woes, as it struggled to cope with rising fuel costs, currency volatility and political uncertainty.
If the deal goes ahead, Virgin and co will inject £100m into Flybe, broken down into a £20 working capital loan and £80m to invest.
Economists polled by Reuters are expecting the ONS figures later this morning to show Britain’s manufacturing sector grew by 0.3% in November.Economists polled by Reuters are expecting the ONS figures later this morning to show Britain’s manufacturing sector grew by 0.3% in November.
But as we saw yesterday with Jaguar Land Rover and Ford axing thousands of jobs, car manufacturers in particular are struggling.But as we saw yesterday with Jaguar Land Rover and Ford axing thousands of jobs, car manufacturers in particular are struggling.
Michael Hewson , chief market analyst at CMC Markets, says the figures could well come in below expectations, following in the footsteps of Germany and France:Michael Hewson , chief market analyst at CMC Markets, says the figures could well come in below expectations, following in the footsteps of Germany and France:
Concerns about a slowdown in the UK economy will focus on a different sector today with the release of the latest manufacturing and industrial production numbers for November. We’ve already seen some ugly numbers out from Germany and France this week raising concerns that Germany could fall into recession in Q4.Concerns about a slowdown in the UK economy will focus on a different sector today with the release of the latest manufacturing and industrial production numbers for November. We’ve already seen some ugly numbers out from Germany and France this week raising concerns that Germany could fall into recession in Q4.
If the weak economic environment in Europe is any guide the UK could well cop some of the fallout from that, with the sharp decline in oil prices also weighing on the UK oil and gas sector.If the weak economic environment in Europe is any guide the UK could well cop some of the fallout from that, with the sharp decline in oil prices also weighing on the UK oil and gas sector.
UK industrial production is expected to rise 0.3%, while manufacturing production is expected to rise 0.4% after some sharp declines in October. It should be remembered that similar positive projections were expected for this week’s German and French numbers so a sharp miss to the downside can’t be ruled out.UK industrial production is expected to rise 0.3%, while manufacturing production is expected to rise 0.4% after some sharp declines in October. It should be remembered that similar positive projections were expected for this week’s German and French numbers so a sharp miss to the downside can’t be ruled out.
Jaguar Land Rover and Ford to axe thousands of jobsJaguar Land Rover and Ford to axe thousands of jobs
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
UK growth figures at 9.30am will provide the latest insight into how the economy is faring as Brexit looms. It’s not expected to be pretty, with City economists pencilling in growth of just 0.1% in November.UK growth figures at 9.30am will provide the latest insight into how the economy is faring as Brexit looms. It’s not expected to be pretty, with City economists pencilling in growth of just 0.1% in November.
If economists are correct, the quarterly rate of growth will slow to 0.3% from 0.4%.If economists are correct, the quarterly rate of growth will slow to 0.3% from 0.4%.
The Office for National Statistics will also publish growth estimates for the major output sectors of the economy (services, manufacturing and construction), which will provide further clues on how sections of the economy are performing.The Office for National Statistics will also publish growth estimates for the major output sectors of the economy (services, manufacturing and construction), which will provide further clues on how sections of the economy are performing.
We already know that November was a terrible month for retailers (the worst on record according to Sports Direct boss Mike Ashley), but how is the rest of the economy holding up?We already know that November was a terrible month for retailers (the worst on record according to Sports Direct boss Mike Ashley), but how is the rest of the economy holding up?
The agenda:The agenda:
9.30am GMT: UK monthly GDP for November9.30am GMT: UK monthly GDP for November
9.30am GMT: UK services, industrial production, manufacturing output and construction output for November9.30am GMT: UK services, industrial production, manufacturing output and construction output for November
9.30am GMT: UK trade figures for November9.30am GMT: UK trade figures for November
1.30pm GMT: US inflation data for December1.30pm GMT: US inflation data for December