UK economy shrinks by 0.3% as firms hit by tax rises and Trump trade war
by Phillip Inman from Economics | The Guardian on (#6XY2X)
Worse than forecast April GDP data shows challenge facing Rachel Reeves to kickstart growth to fund spending review
The UK economy contracted in April by 0.3% as businesses cut jobs and cancelled investment plans in response to higher taxes and the uncertainty created by Donald Trump's tariff war.
Figures from the Office for National Statistics showed the economy went into reverse after growing by 0.2% in March and 0.5% in February. The reading, which was the worst monthly drop since October 2023, overshot City economists' expectations of a 0.1% contraction.
Continue reading...