Good morning and welcome to the IC’s Markets Live blog, where we detail the latest news affecting your portfolio.
Borrowing reached £24.3bn in May
UK public sector net borrowing reached an estimated £24.3bn last month, the second-highest May borrowing since monthly records began nearly three decades ago. However, this figure marked a £19.4bn improvement on the same period in 2020, when the world was in the early grip of the Covid-19 pandemic and government support costs were ballooning.
Meanwhile, public sector net debt (excluding public sector banks) stood at £2.2trn at the end of May, according to the latest data from the Office for National Statistics (ONS). This constituted roughly 99.2 per cent of gross domestic product (GDP) and was the highest ratio since March 1962 when a figure of 99.5 per cent was recorded.
Soho House to IPO
Want to buy shares in a swanky members club? Nick Jones thinks you might. The founder of the Soho House Group yesterday unveiled plans to go public on the New York Stock Exchange, under the moniker ‘Membership Collective Group’ (MCG).
The group depicts itself as a “global membership platform” comprising various Soho House locations as well as City-based site The Ned and Greek destination Scorpios Beach Club. It has filed a registration statement with the US Securities and Exchange Commission (SEC), it said, although the number of shares and price range for its proposed offering have not yet been declared. HC
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