UK GDP flatlined in the July-September quarter, ONS reports, as companies warn October budget has hurt economy too

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A £3.7bn takeover in the UK insurance sector has been agreed, putting jobs at risk.

Aviva has reached agreement with Direct Line to take over its smaller rival in a cash and share deal.

“This deal is excellent news for the customers and shareholders of Aviva and Direct Line. It builds on our track record of delivering four years of strong financial performance and, in line with our strategy, it accelerates our growth in capital light business.

Aviva and Direct Line share a deep commitment to excellence in looking after customers, and this will remain a top priority following the Acquisition. The financial strength and scale of the Combined Group means customers will benefit from competitive pricing, an enhanced claims experience and even better service.

The conclusion has to be that the govt messaging over the summer was entirely self defeating to the mission of economic growth, and those words came with a cost in a way they didn’t in opposition. Very, very hard to recapture the goodwill they had with business in early July.