Britain’s economic recovery suffered a setback in April, with gross domestic product (GDP) shrinking by 0.3% on a monthly basis, marking the steepest contraction since October 2023, according to data released by the Office for National Statistics (ONS) on Thursday.
The contraction, which exceeded market expectations of a 0.1% fall, has renewed concerns over the UK economy’s resilience and intensified pressure on both Downing Street and the Bank of England (BoE)’s policy stance.
