UK economy shrinks by a fifth; House prices rise 5%; Shell to axe up to 9,000 jobs; British car firms may face higher tariffs

Meghann Showers

© Provided by This Is Money The FTSE 100 index closed lower this afternoon, ending up down 0.53 per cent or 31.40 points at 5,866.10.  US markets are up following a dismal presidential election TV battle last night.  The UK economy shrank by 19.8 per cent in size between April […]



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The FTSE 100 index closed lower this afternoon, ending up down 0.53 per cent or 31.40 points at 5,866.10. 

US markets are up following a dismal presidential election TV battle last night. 

The UK economy shrank by 19.8 per cent in size between April and June, according to the Office for National Statistics. The figures are less severe than first thought, but are still the worst GDP contraction on record. 

House prices rose by 5 per cent in September compared to the same month last year, figures from mortgage lender Nationwide show. It is the highest price increase on record and is also up 0.9 per cent from August. 

Royal Dutch Shell today announced plans to cut up to 9,000 jobs or more than 10 per cent of its workforce around the world. The oil and gas giant said that the reorganisation will lead to annual savings of up to £2billion by 2022. 

British car makers could face higher export tariffs even with a Brexit deal, according to a letter seen by the BBC. The European Commission has apparently rejected a request for car parts from Japan and Turkey used on UK car production lines to be considered British.



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