UK economy shrank in second quarter according to poll of economists – as it happened

Rolling live coverage of business, economics and financial markets as analysts weigh risk of recessions across the world

It may only be August, but already the prospect of a cost-of-living Christmas is lumbering into view, according to discount book retailer TheWorks.co.uk.

Analysts are on the look out for big profit warnings as the cost-of-living crisis hits consumers, and The Works said the slump in sales is already here, with no clear end in sight.

The general market outlook has deteriorated since the beginning of the calendar year, with low consumer confidence and rising inflation being significant factors. It is not clear how long these market conditions will persist, which creates a heightened degree of uncertainty about how consumers will behave, particularly in the forthcoming Christmas shopping season, The Works' most important trading period.