A legal bid to prevent British Prime Minister Boris Johnson suspending parliament to stop lawmakers blocking a no-deal Brexit will be heard at a Scottish court next month, the International New York Times reported on a Reuters story. A group of about 70 lawmakers from opposition parties are backing a bid to have Scotland's highest civil court rule that Johnson cannot ask Queen Elizabeth to prorogue, or suspend, parliament before Britain leaves the European Union on Oct. 31.

Household income, spending and wealth rose at the start of the year, bolstered by a strong labour market, according to the latest data, but Brexit uncertainties left consumers gloomy about the future direction of the economy, the Financial Times reported.

Thomas Cook, the UK tour operator, lost nearly a fifth of its market value after it confirmed it was seeking a further £150m on top of the £750m already secured as part of a rescue deal with its debtholders, the Financial Times reported. The Financial Times revealed on Friday that Thomas Cook was in talks with bondholders to secure the additional capital, as part of a bailout involving its largest shareholder, the Chinese conglomerate Fosun, and its lending banks.

The British economy shrank in the second quarter for the first time in almost seven years as stockpiling activity slowed and Brexit uncertainty intensified against a backdrop of weaker global growth, the Financial Times reported. Output fell 0.2 per cent in the three months to June, worse than the flat performance expected by economists and down from a 0.5 per cent expansion in the first quarter, according to data from the Office for National Statistics released on Friday.

Boris Johnson arrived in Downing Street last month intent on putting “rocket boosters” under the economy, the Financial Times reported. But after the dismal growth figures released on Friday, the prime minister may count himself lucky if the UK manages to avoid falling into a recession by October 31, when he insists the UK will leave the EU.

Investment banks and hedge funds are betting on the downfall of UK shopping centres, turning their attention to corporate bonds issued by one of the country’s largest retail landlords, the Financial Times reported. Bricks-and-mortar retailing in the UK is in crisis because of higher costs and consumers moving purchases online — trends that have forced a series of big retailers to enter insolvency arrangements, shutting thousands of stores.

Tata Steel’s UK division sank deeper into the red over the past financial year, as output fell at the country’s largest producer because of repair work on a furnace. The manufacturer registered a 1 per cent increase in annual sales to £2.41bn in the period ended 31 March because of higher global steel prices, according to its annual report, the Financial Times reported. But its operating loss before one-off items widened to £157m, from £48m last year, because of lower liquid steel production and sales volumes, the company said.

Burford Capital, a London-listed fund that finances lawsuits in return for a cut of any payouts, said it is considering buying back shares, a day after short-seller Muddy Waters criticised its accounts and said it had bet on its shares falling, Reuters reported. “The board is ... considering the company buying back its own shares, given the potential investment return the shares represent at their current price,” it said in a statement.

The cost of insuring PizzaExpress’ debt against default has jumped to its highest level amid concerns over the chain’s borrowing as it grapples with an increasingly difficult UK market and a costly overseas expansion, the Financial Times reported. As one of the oldest and largest casual-dining operators in the UK, PizzaExpress has been buffeted by slowing consumer spending and increased costs from a combination of rising business rates and increases to the national living wage.

An investment group owned by Turkey’s military pension fund is in last-minute talks about a takeover of British Steel, offering hopes of a deal that could save thousands of jobs, the Financial Times reported. Ataer Holding, a wholly owned vehicle of state military retirement scheme Oyak that is also the largest shareholder in Turkish steel group Erdemir, is negotiating with the UK government about acquiring the collapsed steelmaker, according to two people familiar with the matter.