The UK economy

Are UK house prices falling? Asking prices are 0.1% below a year ago, Rightmove says, and are falling in cheaper regions as two-year fixes reach 5.55%.

Microsoft has dropped its deal for Nscale's Loughton site, billed as the UK's largest AI supercomputer, with 23,040 Nvidia GPUs. Grid power is the cause.

Bank executives expect a bank tax rise in Healey's Budget on 28 October. UK banks paid £39.1bn in tax last year. The surcharge on profits is 3%, down from 8%.

Thames Water's emergency money runs out around the new year. It wants creditors to lift its super senior loan from £3bn to £5.4bn. They vote by 29 October.

UK GDP grew 0.1% in August and 0.7% in the three months to August, the fastest since 2022, the ONS says. Tech and legal services led, before the Budget.

Before the UK Budget 2026, the IFS says inflation will squeeze public services. Avoiding cuts and funding defence could need £35bn of tax rises or benefit cuts.

Tesco results for the half year: adjusted operating profit rose 6.3% to £1.78bn, and Tesco raised its profit forecast for the year and its buyback to £950m.

UK mortgage rates are at three-year highs: the average five-year fix is 6.00% and sub-5% fixed deals have almost gone, as gilt yields and BoE rate bets climb.

The prime minister says Britain “could go all the way” back into the EU. Polls this year put support for membership at 60%. Reform UK, the party of Brexit, is level with Labour.