{"id":736740,"date":"2026-08-13T14:06:08","date_gmt":"2026-08-13T14:06:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/736740\/"},"modified":"2026-08-13T14:06:08","modified_gmt":"2026-08-13T14:06:08","slug":"more-pain-to-come-after-economic-slowdown-latest-updates","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/736740\/","title":{"rendered":"\u2018More pain\u2019 to come after economic slowdown \u2013 latest updates"},"content":{"rendered":"

Thanks for joining me. The economy grew at a slower pace in the second quarter of the year, official figures show, under pressure from the Iran war.<\/p>\n

The UK\u2019s gross domestic product (GDP) expanded by 0.4pc between April and June, down from 0.6pc in the first three months of the year, according to the Office for National Statistics.<\/p>\n

The figures underline the challenge that the conflict poses for Andy Burnham, who has pledged to deliver \u201cgrowth in every postcode\u201d.<\/p>\n

The Prime Minister has already been warned that the economy will slow further next year<\/a> if Donald Trump continues his war in the Middle East.<\/p>\n

Treasury officials have predicted UK growth of just 0.3pc in 2027 if the Strait of Hormuz stays blocked for the rest of this year.<\/p>\n

That is far lower than the 1.6pc predicted by the Office for Budget Responsibility (OBR) in March, based on assumptions made before the start of the war. Here is what you need to know.<\/p>\n

5 things to start your day<\/p>\n

1) Iran war threatens to cripple growth, Treasury warns Burnham<\/a> | Officials predict economic expansion of just 0.3pc in 2027 if Strait of Hormuz stays blocked<\/p>\n

2) Britain facing \u00a354bn bill for North Sea shutdown<\/a> | Costs soar amid shortage of specialised ships needed to clear up abandoned oil rigs<\/p>\n

3) Ban on zero-hours contracts to cost companies up to \u00a33bn<\/a> | Businesses face huge bill to offer workers guaranteed hours under Employment Rights Act<\/p>\n

4) Nvidia\u2019s AI push has echoes of Enron, says Big Short investor<\/a> | Michael Burry claims chip giant is engaging in \u2018circular\u2019 financing<\/p>\n

5) Shadow bank founder battles to stave off bankruptcy threat<\/a> | Paresh Raja launches legal claim to prevent administrators from chasing him for repayment<\/p>\n

What happened overnight<\/p>\n

Asian shares were mostly higher, powered by gains for AI-related stocks including computer chips as regional markets tracked a rally on Wall Street.<\/p>\n

Japan\u2019s benchmark Nikkei 225 advanced 1.6pc to 68,601.21. In South Korea, the Kospi jumped 4pc, climbing to 6,844.65, as shares in Samsung Electronics surged 5.4pcc. Computer chipmaker SK Hynix jumped 7.1pc.<\/p>\n

Hong Kong\u2019s Hang Seng rose 0.3pc to 3,967.28, while the Shanghai Composite index added 0.5pc to 3,967.65.<\/p>\n

In Australia, the S&P\/ASX 200 slipped 0.4pc to 9,155.80.<\/p>\n

Data from the US on Wednesday showed consumer prices had risen in line with analysts\u2019 expectations in July.<\/p>\n

Wall Street stocks were boosted on Wednesday by gains made by tech companies CoreWeave and Super Micro Computer, both of which closed up by more than 19pc.<\/p>\n

The Nasdaq Composite ended the session up 0.5pc, with the S&P 500 up nearly 0.3pc. The Dow Jones Industrial Average finished the session marginally down.<\/p>\n

Oil prices were little changed as investors weighed the deadlock in talks between the US and Iran over the Strait of Hormuz.<\/p>\n

Brent crude, the international benchmark, was broadly flat at nearly $89 a barrel.<\/p>\n","protected":false},"excerpt":{"rendered":"Thanks for joining me. The economy grew at a slower pace in the second quarter of the year,…\n","protected":false},"author":2,"featured_media":736741,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[160074,84,4126,2016,59,4626,164199,160075,9913,56,1893,54,55],"class_list":["post-736740","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-apple-news-free","tag-business","tag-dow-jones-industrial-average","tag-ftse-100","tag-gb","tag-global-economy","tag-iran-war","tag-live-priority","tag-pound","tag-uk","tag-uk-economy","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/736740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=736740"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/736740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/736741"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=736740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=736740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=736740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}