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Data published on Friday added to signs that Britain's economy faces a recession which could be deepened by new finance minister Jeremy Hunt's plans to stem a crisis in financial markets after the brief term of Prime Minister Liz Truss.
Retail sales volumes fell by 1.4% from August - almost three times the 0.5% fall in a Reuters poll of economists - taking them below their pre-coronavirus pandemic level.
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FTSE 100 ends higher on boost from commodity stocks | Reuters
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Market makers work on the trading floor at IG Index in London, Britain January 14, 2016. REUTERS/Stefan Wermuth/Files
A leadership election will be completed within the next week to replace Truss. Former finance minister Rishi Sunak, House of Commons leader Penny Mordaunt and former Prime Minister Boris Johnson are among the likely candidates.
Brits are buying a lot more fish heads and canned meat in search of cheaper food | Businessinsider
Sales of the canned meat had jumped by 36%, while sales of fish heads were 34% higher, the upmarket UK supermarket Waitrose said in its annual food and drink report .
The rises come as more consumers try to cut their grocery bills with UK inflation running at a 40-year high of 10.1%. Almost three-quarters of Waitrose survey respondents said they're now "more mindful" about their grocery spending, according to the report.
Boris Johnson or Rishi Sunak touted as UK's next prime minister | Kitco News
LONDON, Oct 21 (Reuters) - Boris Johnson and his former finance minister Rishi Sunak were leading potential contenders to replace British Prime Minister Liz Truss on Friday, with candidates canvassing support to become Conservative Party leader in a fast-tracked contest.
Those who want to replace her must secure 100 nominations from Conservative lawmakers by Monday to run in a contest which the party hopes will reset its ailing fortunes.
European shares drop as inflation, slowdown fears grip markets | Euronews
-Europe’s STOXX 600 share index fell on Friday as concerns grew that major global central banks would retain their aggressive stance on inflation, with dismal earnings updates from a slew of companies including Adidas adding to worries about a recession.
The region-wide STOXX 600 ended 0.6% lower, after closing higher on Thursday following the resignation of Liz Truss as British prime minister. Still the index logged a weekly gain of nearly 1.3%.
UK shares and sterling again in spotlight on darkening retail conditions
British financial markets have again come under the spotlight, as the latest retail sales figures showed the economy was facing darkening conditions.
Sterling and UK-facing shares also came under pressure on Friday as the Conservative Party contest to select the next prime minister added to uncertainty.
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