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5 Things You Need To Know, Today, on Friday 5th August 2022
5. Heavily-indebted Chinese property giant Evergrande says it will receive $818m after cancelling a contract to buy land rights for a new football stadium.
Construction of the stadium started more than two years ago but has been hit by issues for months.
4. The Bank of England looks set to become the first major central bank to sell some of the government bonds it purchased during more than a decade of quantitative easing.
Governor Andrew Bailey said last month he expected the BoE would seek to reduce its gilt holdings by 50-100 billion pounds in the first year of quantitative tightening.
3. The UK construction industry has declined for the first time in 18 months, according to a closely-watched survey.
The S&P Global/CIPS construction PMI scored 48.9 in July, dropping from a reading of 52.6 in the previous month.
2. Hiring in the UK has slowed amidst uncertainty over the economy, according to a report.
July saw the slowest increase in the number of permanent jobs filled for 17 months, KPMG saying recruiters are becoming more tentative over hiring new staff.
1. The Bank of England has warned the UK will fall into recession as it raised interest rates by the most in 27 years to 1.75% and announced inflation is now set to hit over 13%.
The economy is forecast to shrink in the last three months of this year and keep shrinking until the end of 2023.