UK economic growth to dry up; house buyer demand falls – business live

Rolling coverage of the latest economic and financial news

Poundland: UK customers cut back on essentialsFewer inquiries at UK estate agentsUK growth to stall in Q2 and Q3, and shrink in Q4UK economy ‘will grind to a halt’, BCC forecastsPrice of UK petrol makes biggest daily jump in 17 yearsComing up: European Central Bank meeting


Sofa retailer DFS has warned that the UK home furniture market has slowed — adding to concerns over the economic outlook.

DFS reports that its orders have fallen since April, in line with a market-wide fall of around 2.1%.

The furniture retailer DFS is normally pretty pleased with itself and bullish in tone, but today’s unexpected trading update strikes a different note, headlined “Slowing market-wide demand observed in Quarter 4” and warning that “the ongoing Covid linked supply-chain disruption, combined with lower order intake since April has led to lower levels of production and deliveries relative to our previous expectations” and that underlying profit before tax and brand amortisation for y/e June is now expected to be only £57m-£62m, which compares to guidance of £66m-85m at the time of the interims in March.

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