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Shares in gambling group Rank have dropped by over 7.5% after being hit by a payment fraud in Spain.
Rank told the City this morning that its Spanish businesses, Enracha and Yo, have been the victim of a payment fraud, totalling around €7.1m.
“The quarterly national accounts left Q3 GDP growth unrevised at 0.1% quarter-on-quarter, and very small revisions to prior quarters essentially left the bigger picture unchanged. The expenditure breakdown was slightly more encouraging than before, with consumer spending growth now marginally higher in Q3 and a string of upward revisions leaving the recent performance of business investment looking much healthier.
“However, looking at the past few years, it is evident that growth has relied heavily on the public sector. UK GDP has increased by 2.4% since the end of 2022, with government consumption and investment contributing 1.7ppts. Current spending plans should sustain the public sector’s significant role in 2026, but the absence of a sustainable growth driver remains a problem for the UK economy.
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