Business Live Updates: UK Economy Stagnates in April, DFS Issues Profit Warning, Legal & General Reveals New Strategy
UK Economy Stagnates in April Due to Poor Weather Impacting Consumer Spending
The Office for National Statistics has reported that the UK economy failed to grow in April, with poor weather conditions being cited as a key factor affecting consumer spending. This news comes as a blow to businesses across the country, with many companies feeling the impact of the stagnant growth.
Among the companies providing reports and trading updates today are DFS, Legal & General, Safestore, Checkit, and Frontier Developments. Frontier Developments, in particular, has achieved forecast-beating results, with annual revenue totaling around £89 million for the 12 months ending in May. The company attributed its success to high demand for its back-catalogue games and Planet Zoo: Console Edition.
In other news, FedEx has announced plans to cut up to 2,000 jobs across Europe in a cost-cutting measure. The parcel delivery giant aims to save between $125 million and $175 million a year through these job cuts, although it will incur expenses of between $250 million and $375 million in redundancy payments and related costs.
Meanwhile, the US inflation rate has fallen to 3.3 per cent, prompting speculation about potential rate cuts by the Federal Reserve. With mixed signals coming from the labor market and a gradually slowing economy, the Federal Reserve remains focused on price stability.
Overall, the economic landscape in the UK and globally remains uncertain, with various factors influencing growth and stability. Stay tuned for more updates on the evolving business and economic environment.
