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The City View: Subpar UK economic figures, and more rate hikes to come

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Today Andy Silvester talks to City A.M.’s Economics and Markets reporter Jack Barnett. They go through the gloomy economic figures released by the ONS this morning measuring the economy’s performance, and explain what this will mean for rate hikes going forward.

And in the news: BT has confirmed a joint sports venture with Warner Bros Discovery, MPs have called for a crackdown on dirty money, and Volkswagen has stated that it will build 800,000 electric vehicles worldwide by the end of 2022.

Episode transcript (auto-generated)

Andy Silvester 0:07 Good afternoon from me, Andy Silvester, the editor here at City A.M. for the City View podcast, your daily evening commute hit of business news, plenty of it about today most of the focus it has to be said on the economy with some extraordinarily interesting GDP figures out earlier today. Jack Barnett, our economics and markets correspondent who is of course on put on quite a lot, but we’re here to talk about those in a bit and what it might mean for the future of the UK economy but plenty of corporate news around to today, starting with BT confirming its new sports joint venture with Warner Brothers discovery, the firm will after media speculation, join a 5050 venture with the US media giant which will bring together BT sports and Eurosport under one umbrella. And Bt is pushing to football of course started way back in 2012. It caught Champions League matches and Europa League matches from sky it’s been a big driver for them of broadband subscriptions. But the company has for an awfully long time been thinking that it was better to focus on its core objectives. And frankly, broadcasting Champions League games isn’t amongst those terms of the deal were undisclosed elsewhere. MPs today call for a crackdown on dirty money as they argued city bosses should face jail if they fail to prevent illicit cash from flowing through the UK financial system and launching an economic crime manifesto. The cross Party MPs for the UK and its overseas territories have played a key role in enabling kleptocrats worldwide, including those propping up the Kremlin. As they said the UK needs smarter regulations to tackle money laundering. Labour MP and former committee chair Margaret Hodge said that London is now the laundromat for washing dirty cash and tired of oversimplification day Margaret that will let you off, she argued a lack of proper enforcement it’s in the UK become the jurisdiction of choice for dirty money. Elsewhere Volkswagen has announced it will build some 800,000 electric vehicles worldwide by the end of the year, as it continues upon its environmental and financial strategy had a sales Hildegard Wartman said today that EU car sales will increase despite title deliveries falling because of macroeconomic and geopolitical issues. Of course COVID induced shortages being a key part of that home JD sports the retailers announced an increase in sales but said it also remained aware of market volatility and possible headwinds looming ahead forecast........

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