UK economy shows no growth in April – ONS
(Reuters) -A swift rebound in Britain’s economy in early 2024 came to a halt in April, driven by sharp declines in industrial and construction output in another challenging set of data for Prime Minister Rishi Sunak ahead of the July 4 election.
Gross domestic product was flat in April after a 0.4% month-on-month rise in March, the Office for National Statistics said.
A Reuters poll of economists had pointed to no growth for monthly gross domestic product in April.
The figures follow labour market data on Tuesday that showed falling employment and rising unemployment, but continued strong wage growth.
Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!
By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.
Rachel Reeves, who stands to become finance minister if the opposition Labour Party wins the election, sought to use the data to attack one of Sunak’s main election campaign messages.
“Rishi Sunak claims we have turned a corner, but the economy has stalled and there is no growth,” she said immediately after the figures were published.
(Reporting by Andy Bruce; Editing by William Schomberg)
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.
