Recession looms after UK economy contracted in March Business

ggood morning.

There are more worrying signs that the UK could be heading into recession after the economy contracted in March.

GDP fell 0.1pc after February growth was revised to zero, according to the ONS.

The figures, which come even before the massive rise in energy bills in April, highlight the risk of an economic slowdown as rising prices continue to hit households.

The services sector has been the biggest drag on the economy, with consumer-facing sectors such as retail suffering a drop in sales.

5 things to start your day

1) Germany’s gas supply plummets as Ukraine closes pipes from Russia Olaf Scholz forced to import additional fuel from Norway and the Netherlands

2) Passengers will bear the brunt of higher Heathrow landing fees Heathrow accuses airlines of trying to ‘protect their own profits’

3) Millions of Electricity Customers Launch Class Action Lawsuit Against Cable ‘Cartel’ Cable companies Nexans, NKT and Prysmian are accused of overcharging UK households

4) Tesco will open offices in its supermarkets A grocer seeks to cash in on the increase in working from home

5) Disney beats Netflix as streaming service adds new subscribers Disney+ adds customers despite Wall Street concerns over cost of living crisis

What happened overnight

Hong Kong stocks opened lower on Thursday after overnight declines on Wall Street.

The Hang Seng index fell 1.35pc, or 267.68 points, to 19,566.89.

The Shanghai Composite Index in mainland China fell 0.45%, or 13.90 points, to 3,044.80, while the Shenzhen Composite Index fell 0.64%, or 12.33 points. , at 1,906.18.

Shares in Tokyo also fell in early trading on Thursday as investors worried about inflation.

The benchmark Nikkei 225 fell 1.34%, or 350.51 points, to 25,863.13 in early trading, while the broader Topix index fell 0.79%, or 14.59 points, at 1,836.56.

coming today

• Business : BT, 3i (annual results); Grainger (interims); Balfour Beatty, Coca-Cola HBC, Convatec Group, RHI Magnesita, Superdry (commercial statement)
• Economy: GDP (UK)manufacturing (UK)industrial production (UK)producer price index (WE)unemployment benefit claims (WE)