Pressure grows for summer mini-budget amid recession fears

Sharp selloff of shares and fall in pound against the dollar follow news of surprise contraction in economy

Pressure is mounting on the government to deliver an emergency summer mini-budget after recession fears were heightened by a surprise contraction in the economy in March.

Evidence that the cost of living crisis was biting even before the arrival last month of dearer energy bills and higher taxes led to a sharp selloff in shares and a drop in the pound's value to a two-year low against the US dollar.