BUSINESS LIVE: UK prepares for ‘optimistic’ budget; THG shareholder woes continue; Morrisons goes private
Rishi Sunak will today declare Britain is ready to enter a ‘new age of optimism’ and a ‘post-Covid’ economy as he is handed a Budget day growth boost.
Official forecasts are expected to show the economy is rebounding faster than predicted, but the threat of rising prices and worker shortages could put pressure on household finances.
Shares in The Hut Group crashed to an all-time low on Tuesday as attempts to restore confidence in the online retailer fell flat.
On yet another tough day for founder Matt Moulding, the Manchester company’s shares plunged 21.1 per cent, or 64.8p, to 242p, less than half of the 500p it floated at amid great fanfare in September last year.
Morrisons yesterday completed its last day on the stock market where it spent 54 years before its £7bn takeover by US private equity.
Shares in the supermarket, which was set up in 1899 and listed in 1967, ceased trading ahead of the completion of the acquisition by Clayton, Dubilier & Rice.
Much of Rishi Sunak’s budget has already been revealed to the press, with the Treasury set to unleash more than £30bn of spending