The UK economy returned to growth in May, but the fallout of the Iran war continues to hamper businesses and consumers, leading one expert to note Andy Burnham will inherit an economy which is “not the G7 laggard that many regard it” as – but others cautioning worse lies ahead.
Rising energy costs and disruption to supply chains are two of the biggest issues to any further economic expansion, with the Office for National Statistics (ONS) data showing gross domestic product rose (GDP) by 0.1 per cent in May, following a 0.1 per cent contraction in April.
