UK’S ECONOMIC GROWTH 0.1 PER CENT IN FEBRUARY

The UK’s economic growth slowed in February, expanding just 0.1 per cent compared with 0.8 per cent in January, according to the Office for National Statistics (ONS) (BBC News). 

There was a strong resurgence of tourism activity in February, however construction and production both fell, the ONS said. Overall monthly GDP is now 1.5 per cent above the pre-pandemic levels of February 2020. 

HOUSING DEVELOPERS WARN THE CLADDING TAX WILL MEAN FEWER AFFORDABLE HOMES

Housing developers have warned the government they will not be able to build as many affordable homes if they are to provide an additional £4 billion to fix dangerous cladding on buildings (The Times).

The housing secretary Michael Gove has agreed with construction firms that they will sort out fire safety issues on any tower blocks they were involved in over the past 30 years and contribute to a building safety fund financed from a new cladding tax that has been brought in this month. The government is expected to ask British housebuilders to contribute an additional £4 billion following talks due to  begin shortly.

NEWS IN BRIEF

The chancellor has invited the independent ministerial standards adviser to investigate whether or not he has “properly declared” all of his interests since he became a minister (Financial Times).

Prime minister Boris Johnson flew to Kyiv on Saturday to pledge tighter sanctions on Russia and offer Ukraine more defensive arms (Reuters).

The World bank has warned Ukraine’s economy is on course to shrink by half this year (The Guardian).

Inflation will cost the average household £2,320 this year as wages fail to keep pace with rising energy and fuel costs, according to the Centre for Economics and Business Research (The Times).