Rolling coverage of the latest economic and financial news as Bank of England figures point to an economic slowdown

Profits at the hedge fund co-founded by the GB News and Spectator owner Sir Paul Marshall plunged by almost two-thirds last year, resulting in significantly reduced payouts for its partners.

Marshall Wace, one of London’s most successful hedge funds, has declared profits of £192m in the year to the end of February 2024, a sharp fall of 64% compared with the £538m the previous year.