From Morningstar:

The UK is showing signs of a recession as retail sales rose by 0.1% in November, with a 1.3% increase from October. Excluding fuel, sales jumped 1.3% month-on-month, but GDP fell by 0.1% in the third quarter of 2023. Analysts suggest the UK could be in a technical recession, but precise data is still needed.

Jeremy Hunt has signed a post-Brexit financial services deal with Switzerland to maintain open access for UK and Swiss firms. The deal is based on mutual recognition of domestic laws and regulations and aims to provide frictionless, cross-border provision of financial services across various sectors including asset management, banking, and investment services.

The innovative deal between UK and Switzerland will see firms able to serve clients in each respective country while largely following their domestic rules. It will also exempt the UK from a 2024 requirement for foreign insurance firms to establish a base in Switzerland before serving Swiss clients. The new agreement is being considered a landmark deal that will set the standard for future deals with other financial centers around the world.



Read more: UK Flirts With Recession as Retail Sales Rise and…