According to data released by the Office for National Statistics (ONS) the UK economy showed growth of 0.7% in the second quarter of 2015. This compares with 0.4% in the first quarter of the year (the weakest pace of growth since 2013) and means the economy has now registered 10 consecutive quarters of sustained growth. The pleasing data has been fuelled by a hike in the services sector which has been driven by increased North Sea oil & gas production following tax cuts in March. Manufacturing has proved tough due to the strength of the pound denting sales into the Eurozone. With output in the economy during the second quarter up 2.6% on last year there has been talk of an interest rate rise – it has stuck at 0.5% for six years. Against this backdrop the often lacklustre Summer period has sprung to life at a corporate level with cash rich firms unveiling a raft of deals. Swiss giant Zurich Insurance Group is considering a potential £5bn plus cash offer for RSA Insurance, Melrose has sold its portfolio company Elster for £3.3bn, Hikma Pharmaceuticals is buying US rival Roxane Laboratories and GKN is to acquire Dutch engineering business Fokker for £500m.
Here is August WHI Spy in full: WHI Spy AUG 15