The City roundup video: UK economy grows 0.7%; Tesco’s woes continue

Video: Oscar Williams-Grut provides a run-down of the day's major news from the City

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The Independent Online

Don't miss out on the goings on in the business world, with our daily round-up of the biggest news from the City.

The big story today is the economy. Figures out this morning show the UK economy grew by 0.7 per cent in the three months to September.

The economy has now grown for seven consecutive quarters, but today’s figure also shows the pace of growth is slowing. Economists aren’t worried however – a slowdown was expected.

Tesco’s woes continue to mount in the City. Eight analysts have cut their target price for the supermarket in the last 24 hours, after yesterday’s disastrous results. Shares have fallen to a new 11-year low.

Doctor Who and Don Draper are teaming up. The BBC has announced its selling half of its US business to Mad Men creator AMC Networks for $200 million.

TSB’s advertising blitz is paying off. One in ten new current accounts is now opened with the bank, which was spun out of Lloyds last year. TSB’s profits are also up by a third.

Finally, times may be tight but we’ll all still splashing out on our cats and dogs. Pets at Home said today that sales have been strong and over 600,000 people have signed up to its loyalty programme in the last six months.

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