The UK economy grows 0.4% in the second quarter

The UK's GDP grew by 0.4 percent in the second quarter of the year, well above the 0.2 percent in the previous quarter, when snow and frost lowered construction rates.

Britain's economy has recovered and growth has improved as sunny weather has helped boost construction and purchasing figures, it was revealed today.

The UK's GDP grew by 0.4 percent in the second quarter of the year, well above the 0.2 percent in the previous quarter, when snow and frost lowered construction rates.

The figures were well received by Chancellor Philip Hammond, who has been under increasing pressure to come up with public spending after years of austerity.

He today announced £ 780million to boost innovation and technology in the United Kingdom.

The figures, published today by the Office of National Statistics (ONS), come when Sports Direct Chief Mike Ashley bought House of Fraser, which saved the retailer from administration.

The controversial billionaire, who has always wanted to have a departmental store, bought the deteriorated retailer for £ 90 million in an agreement that rescued many jobs.

The UK's GDP grew by 0.4 percent in the second quarter of the year, well above the 0.2 percent in the previous quarter, when snow and frost lowered construction rates.

The UK's GDP grew by 0.4 percent in the second quarter of the year, well above the 0.2 percent in the previous quarter, when snow and frost lowered construction rates.

ONS National Accounts Chief Rob Kent Smith said: "The economy recovered a bit in the second quarter with retail sales and construction helped by good weather and rebounding from the effects of snow earlier in the year. .

"However, manufacturing continued to decline from its peak at the end of last year and the underlying growth remained modest by historical standards.

"The United Kingdom's trade deficit deteriorated markedly as exports of automobiles and aircraft declined sharply, while imports increased."

The figures show that Britain's services and construction industry are driving growth, increasing by 0.5 percent and 0.9 percent, respectively.

Sports Direct Chief Mike Ashley buys parts of House of Fraser in a rescue agreement

Billionaire Mike Ashley bought parts of House of Fraser in a dramatic rescue agreement this morning.

The well-known retailer announced this morning that it was calling managers, putting at risk 17,000 jobs.

But the head of Sports Direct rushed to buy parts of him.

It is not yet clear how many jobs will be saved with the agreement.

He is supposedly planning to buy it hours later.

Mr. Ashley said earlier that he dreamed of owning a department store in the United Kingdom.

House of Fraser was plunged into a crisis after C.banner, the Chinese owner of Hamleys, invested his investment in the troubled retail chain.

C.banner planned to buy a 51 percent stake in House of Fraser and plow £ 70 million into the troubled retailer, but canceled the measure last week.

While business investment increased by 0.5 percent, which shows that despite serious warnings about the possibility of an agreement without brexit, companies still have confidence in the United Kingdom.

But there is depressing news about the manufacturing sector in the United Kingdom as production fell 0.8 percent.

And the trade deficit widened by £ 4.7 trillion.

Mr. Hammond said: "We are working hard to build a stronger and fairer economy: dealing with the deficit, helping people to work and cutting taxes for people and businesses.

"Unemployment is at its lowest level since the 1970s, our national debt is beginning to decline, and the economy has grown every year since 2010.

"By supporting innovative British companies to grow and create jobs, we will continue this progress and build an adequate economy for the future."

"Today's £ 780 million investment will support innovators across the country to create the technologies of the future and the best and highest paid jobs we urgently need."

The figures come after a dramatic morning on Main Street, when House of Fraser announced that it was calling managers, but Ashley rushed to buy parts of it.

But it is not yet clear how many of the 17,000 jobs at risk will be saved with the agreement.

The agreement was reached after the well-known retailer was He plunged into a new crisis after C.banner, the Chinese owner of Hamleys, invested his investment in the troubled retail chain.

John McDonnell MP, Chancellor of the Shadow of Labor, commenting on the latest GDP figures, said:

"More than eight years of unnecessary austerity driven ideologically has created an economy unable to cope with the instability caused by mismanagement of the Tories of the Brexit negotiations.The result is low growth and stagnant pay.

"The growth is anemic, the boards go bankrupt and the NHS is now in permanent crisis, while tourists are being hit by the declining pound of conservatives.

"The work will bring stability to the economy and an increase in living standards with stable planning and investment in the long term and ensuring a Brexit agreement that prioritizes employment and the economy."

The main store of the Fraser House on Oxford Street (pictured) was one of those that were closed before the announcement of the ransom was announced this morning.

The main store of the Fraser House on Oxford Street (pictured) was one of those that were closed before the announcement of the ransom was announced this morning.

The main store of the Fraser House on Oxford Street (pictured) was one of those that were closed before the announcement of the ransom was announced this morning.

High Street decline: retailers struggling to stay afloat as online rivals lead their customers

Toys R Us: The toy chain entered administration on the last day of February after being unable to find an external buyer. In February, HMRC sought to recover £ 15 million in unpaid VAT and this eventually led the company to the administration.

Maplin: One of the largest electronics retailers in the United Kingdom collapsed in the administration on the same day as Toys R Us after talks with buyers failed to secure a sale. The business faced the fall in the pound after the Brexit vote, weak consumer confidence and the withdrawal of credit insurance.

Conviviality Retailing: The main beverage supplier and outside license owner of Wine Rack and Bargain Booze entered the administration at the beginning of April. The company had grown too fast by merger, there was a series of profit warnings and a £ 30 million tax bill for which Conviviality was forced to request additional funds from investors, who refused.

Warren Evans: Retailers of beds, mattresses and furniture in London and the southeast entered the administration a week after they went on sale. The retailer, known for its ethical stance, had been losing money for some time under the pressure of increasing costs and reducing customer spending.

Calvetron: The owner of the fashion brands Jacques Vert, Windsmoor, Dash and Eastex, which managed around 300 concessions in the UK in stores such as Debenhams and House of Fraser, went into administration in early May. The bosses said that inflation and the wage freeze had been a driving force behind the decline in spending.

Juice Corporation: The signature behind the fashion brand Joe Bloggs and the retailer that designed the wedding dress for Diana, Princess of Wales, collapsed in the administration in January. Although the group made profits, it did not manage to enter the fashion market.

Mothercare: The maternity and baby goods retailer has proposed closing 50 stores as part of a planned change for the company. He said the losses were driven by the costs of 17 store closures last year, onerous leases and a restructuring of the central office that resulted in 190 job cuts.

Carpetright: The conflicting flooring company is embarking on a store closure program and has begun raising £ 60 million in emergency funds as it pushes through a restructuring after announcing that it hoped to reserve an underlying year-round loss of between £ 7 million and £ 9 million.

Carluccio: The luxury deli chain unveiled a restructuring plan that will likely lead to 34 restaurant closures, citing a combination of a gradual decrease in consumer spending and increased competition, along with rising costs at hand of work, raw materials, rentals and business.

Other restaurants that have made voluntary agreements with the company so far this year include Byron, Prezzo and Jamie & # 39; s Italian.

New style: The clothing chain announced earlier this year that it would close 60 stores in the UK and cut 1,000 jobs as part of a financial restructuring.

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