Britain's economy stagnated in April after emerging from recession in the first quarter of the year, official data showed Wednesday, dealing a setback to Prime Minister Rishi Sunak ahead of next month's general election. The zero growth in April followed an expansion of 0.4 percent in March, according to the Office for National Statistics. The Conservatives would "keep the economy growing with our clear plan to cut taxes on work, homes and pensions", he added. It came as official data Tuesday revealed a rise in British unemployment amid elevated earnings growth. Next week sees the release of official inflation data for May along with a regular Bank of England meeting where the BoE is expected to keep its main interest rate at a 16-year high.

Source: The Times June 12, 2024 10:24 UTC