The UK economy contracted by 0.1% in April as the Iran war began to take its toll on growth, official figures show.
As energy prices have risen as a result of the conflict, after Iran closed off the strait of Hormuz – a key shipping route for global trade – the UK’s strong expansion in the first quarter had been expected to slide into reverse.
The fall in gross domestic product in April followed a 0.3% increase in March, according to the Office for National Statistics.
The data will underline fears that the UK economy will contract in the second quarter of the year.
The chancellor, Rachel Reeves, has sought to argue that the economy was strong as it entered the crisis and has criticised Donald Trump’s “folly” in unleashing the conflict.
More details soon …
UK economy shrank by 0.1% in April as Iran war held back growth NYT News Today.
Hence then, the article about uk economy shrank by 0 1 in april as iran war held back growth was published today ( ) and is available on NY Times News ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( UK economy shrank by 0.1% in April as Iran war held back growth )
Also on site :