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Thursday newspaper round-up: Samsung, ISAs, British car production

The impact of Brexit on the UK economy will be worse than that caused by the pandemic, according to the chairman of the UK fiscal watchdog. Richard Hughes said the Office for Budget Responsibility (OBR) had assumed leaving the EU would “reduce our long run GDP by around 4%”, adding in comments to the BBC: “We think that the effect of the pandemic will reduce that (GDP) output by a further 2%.” – Guardian

Advertisers are expected to spend almost £1bn more marketing their products this festive season than last year, marking the return of the annual big-budget Christmas marketing battle. UK companies are forecast to spend a record £7.9bn on advertising during the critical “golden quarter” to Christmas, retailers’ most lucrative three-month sales period. – Guardian

South Korean tech giant Samsung Electronics posted a 28pc jump in operating profit on Thursday despite global supply chain challenges caused by the pandemic. The world’s top chipmaker saw its operating profit reach 15.8 trillion won (£9.8 billion) for the July-September period, it said in a regulatory filing. – Telegraph

The amount that savers can deposit in their Isas will be frozen until at least 2023, the Treasury said, in a blow for investors worried about higher tax bills and savers concerned about inflation. The Junior Isa allowance will be kept at £9,000 and the adult Isa allowance at £20,000, where it has been since 2017. – The Times

British car production has fallen to its lowest levels since the Thatcher recession and the industrial strife that met her economic reforms in the early 1980s. Just 67,000 cars came off the assembly lines in September, according to latest figures, a fall of 41.5 per cent year-on-year and the worst performance since 1982 when British Leyland phased out the Austin Allegro, Vauxhall was dropping the Chevette and Ford ditched its bestselling Cortina. – The Times

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