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Monday newspaper round-up: British economy, Post Office, Selfridges

By Michele Maatouk

Date: Monday 26 Jul 2021

Monday newspaper round-up: British economy, Post Office, Selfridges

(Sharecast News) - The British economy is growing at its fastest pace in 80 years and could recover its pre-pandemic size by the end of this year, according to a leading economic forecaster. Buoyed by the vaccine rollout and a bounce back in consumer spending, the EY Item Club said it now expected GDP to grow by 7.6% - which would be the fastest annual growth in national income since 1941. The UK economy shrank by 9.8% in 2020, the worst performance in the G7. - Guardian
The government has set aside as much as £233m to cover payouts from the Post Office to wronged postmasters who were forced to cover shortfalls caused by a broken computer system. State aid disclosures analysed by the Guardian show that taxpayers' share of funding for the payments could be significantly larger than the £153m which the Post Office has reserved to make restitution to the postmasters. - Guardian

China's role in building nuclear power stations in the UK is under threat amid growing concern about the emerging superpower's involvement in critical national infrastructure. The Government is exploring ways to stop state-owned China General Nuclear (CGN) taking part in the £20bn Sizewell C power plant that CGN's partner EDF wants to build in Suffolk, along with all future UK power projects, the Financial Times reported. - Telegraph

Credit Suisse has reached an out-of-court settlement with one of its former top bankers over the spying scandal that rocked the Swiss business world and led to the resignation of former chief executive Tidjane Thiam. The Zurich-based bank confirmed Swiss newspaper reports, with a spokesman telling Reuters: "Everybody involved has agreed to settle and this matter is now closed." - Telegraph

The billionaire Weston family is kicking off a formal auction of Selfridges to flush out a buyer for the department stores business. It is understood that advisers at Credit Suisse will start to send out information memoranda - documents that pitch a business to prospective buyers and that include its strengths, competitive advantages and latest financial details - imminently amid hopes that a deal could be completed by the end of the year. - The Times

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