Tech stock sell-off intensifies as markets fret about AI; UK growth beats forecasts in August – business live
Rolling coverage of the latest economic and financial news Newsflash: the UK economy posted modest growth in August, beating expectations! The Office for National Statistics reports that monthly GDP grew by 0.1% in August, beating expectations of a fall of 0.1%. Moreover, there’s been a huge selloff in Asia overnight, with the KOSPI (-7.04%) and the Nikkei (-5.08%) both slumping, and the KOSPI…
Chancellor John Healey arrived in Bangkok for the IMF/World Bank meetings. As he entered the conference center, the chancellor greeted the International Monetary Fund's endorsement of the UK's fiscal policy. Kristalina Georgieva, IMF's managing director, encouraged the government to "stay the course" on Wednesday. Healey expressed his satisfaction, stating that the IMF acknowledged the UK's growth, despite global economic shocks.
He highlighted the government's plans to manage previous administrations' high borrowing costs. The chancellor also pledged to urge G7 member countries to continue supporting Ukraine and announced £20 million in UK aid for critical repairs in Chernobyl. Healey participated in a G20 central bankers and finance ministers meeting.
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