UK economy shrank by 0.1% in April as Iran war held back growth
Summary
The UK economy shrank by 0.1% in April, partly due to rising energy prices linked to the war involving Iran. This decline came after a 0.3% growth in March and suggests the UK’s economy may shrink further in the second quarter.Key Facts
- The UK economy fell by 0.1% in April.
- Economic growth in March was 0.3%.
- Rising energy prices from the Iran conflict affected the UK economy.
- Iran closed the Strait of Hormuz, a vital global shipping route, impacting trade.
- The UK’s strong growth earlier in the year slowed down due to these factors.
- Economists worry the UK economy could shrink in the second quarter of the year.
- Chancellor Rachel Reeves said the UK economy was strong before this crisis.
- Reeves criticized President Trump’s role in the conflict as a cause of economic problems.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.