September 30, 2020, 06.13 PM

Retail spending exceeded pre-pandemic levels in July and August — driven by a boom in online shopping, groceries and home improvement — and figures on Wednesday showed the biggest annual rise in house prices in more than four years.

Read also: 1.5M Workers in Malls Face Salary Cuts, Furlough due to Covid-19 Crisis in Indonesia

However, Bank of England Governor Andrew Bailey has warned the expansion is likely to lose pace, with unemployment set to rise to 7.5 percent later this year, some parts of the economy facing new Covid-19 restrictions and headwinds from a fresh jump in cases.

Britain's current account deficit — normally one of its weak spots — shrank sharply to £2.8 billion ($3.6 billion), or 0.6 percent of GDP, reaching its smallest in nine years as a result of the slump in global trade caused by the pandemic. ($1 = 0.7794 pounds)

(Writers: David Milliken, William Schomberg | Editors: Michael Holden, Estelle Shirbon, Andrew Heavens, Tomasz Janowski)

Source: https://news.trust.org/item/20200930055420-iazda/ 

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