Portrait of the Week – 16 August 2018

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Unemployment fell by 65,000 to 1.36 million — at 4 per cent the lowest level since 1975. The economy in the United Kingdom grew by 0.4 per cent in the second quarter, compared with 0.2 per cent in the first. The rate of inflation rose a jot from 2.4 to 2.5 per cent, measured by the Consumer Price Index. Sports Direct, run by Mike Ashley, agreed to buy the House of Fraser chain of 59 department stores for £90 million after it had gone into administration. Homebase said it was closing 42 of its 241 stores. Marks & Spencer closed seven clothes stores as part of its programme to close 100 by 2022. Ofcom fined Royal Mail £50 million for anti-competitive behaviour. Citizens Advice said that it would be realistic to extend the 2020 deadline for installing smart meters in 30 million homes and businesses to 2023. Sir V. S.