Tue. Sep 22nd, 2020

Chancellor appoints Andrew Bailey as new Bank of England governor – business live

Live coverage as head of City regulator chosen to lead at Threadneedle Street

9.44am GMT

Business investment saw no growth between the second and third quarters of 2019, in a sign that the UK’s longer-term economic prospects were likely hit by the uncertainty of the last year.

The figures from the Office for National Statistics confirm that the UK has endured an investment slump this year: Investment only grew by 0.1% in the second quarter. Business investment is crucial to improve the longer-term productivity of the British economy.

9.34am GMT

Breaking off from Bailey’s announcement, the final UK GDP figures are out: they show third-quarter growth revised up.

In the third quarter the UK economy expanded by 0.4%, according to the Office for National Statistics, faster than the 0.3% previously reported.

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