The UK economy grew at the fastest rate in a year during the last three months of 2016, beating a preliminary estimate and showing how little immediate impact June's Brexit vote had on growth.
The Office for National Statistics said gross domestic product rose by 0.7% in the fourth quarter compared with the previous three months, up from an initial estimate of 0.6%.
However business investment fell and there were signs that a tougher year lies ahead, while household spending growth slowed in the fourth quarter as separate data showed the UK’s dominant services sector expanded in December at the slowest pace in seven months.
Construction needs …
The UK needs to recruit 400,000 people each year until 2021, or one worker every 77 seconds, if it's to meet house building and construction needs, According to a report published today.
The report by engineering and consultancy firm Arcadis examined the extent of the skills gap across the UK's entire infrastructure and house building workforce and said that the current gap is independent of any potential effects of Brexit, which it said would "further exacerbate the situation".
It concluded that London and the South East will need to employ 110,000 people, more than any other part of the UK, making up nearly 30% of the total.
Top economist Arrow dies...
Kenneth Arrow, the man behind one of the key principles of modern economics, has died. The Noble prize winning economist’s work, on general equilibrium, contributed to the tenets of free market economics. His name may not roll off the top of one’s head quite as easily as an Adam Smith, Milton Friedman, or peer John Hicks, nonetheless, he was described as “the most important theorist of the 20th century in economics.” When he received the Nobel award in 1972, at the age of 51, Arrow was the youngest ever recipient.
Gas TV …
Britain's biggest energy supplier, British Gas plans to invest £100mln in reduced bills and Sky TV packages as part of a customer reward programme.
The company – owned by Centrica PLC (LON:CNA) - said a range of new tariffs, to launch in April, would offer discounted energy and services such as boiler servicing and insurance as well as Sky TV entertainment packages.
Earlier this month, British Gas said it would freeze prices on its standard energy tariff until August.
Defence change …
Defence firm BAE Systems PLC (LON:BAE) said Charles Woodburn, a former oil industry boss will take over as its chief executive on July 1 when current incumbent Ian King retires.
King is retiring after a career spanning more than 40 years in the defence sector, including serving as BAE's chief executive since 2008.
Woodburn joined the FTSE 100-listed firm last year as King’s heir apparent.
Another boardroom …
Former French President Nicolas Sarkozy has been appointed as a director of Europe's largest hotels group, Accor Hotels and will chair its newly created international strategy committee,
Sarkozy, who led France for five years from 2007, lost his bid for another presidential term in November after coming third in the candidate primaries for his centre-right party.
The 62-year-old replaces Nadra Moussalem, the head of private equity firm Colony Europe which sold its 4.9% stake in Accor earlier this month.