Fears are mounting over the health of the UK economy after it unexpectedly shrank in April, as concerns over soaring inflation and slowing global growth triggered a sharp sell-off in financial markets.
In figures highlighting the growing risk of recession, the Office for National Statistics said gross domestic product (GDP) fell by 0.3% on the month, after a 0.1% decline in March. Statisticians said the decline was driven by the winding down of the government’s Covid test-and-trace service, as well as shortages of supplies and soaring costs hitting manufacturing output.
