UK economy grew by 0.1% in May despite impact of Iran war
Summary
The UK economy grew slightly by 0.1% in May, recovering from a small drop in April. This growth happened despite rising energy costs caused by the war in Iran.Key Facts
- UK GDP increased by 0.1% in May after falling 0.1% in April.
- Economists had predicted a 0.1% growth for May, matching the official figures.
- The war in Iran has pushed up energy prices, affecting the UK economy.
- The International Monetary Fund (IMF) raised its forecast for UK growth in 2024 to 1%, an increase of 0.2 percentage points.
- The UK economy showed more strength than some experts expected given the Middle East conflict.
- Oil prices have recently risen again due to renewed violence in the Middle East.
- The Resolution Foundation thinktank warns that over half of the £23.6 billion economic flexibility from the spring budget could be lost because of the war’s impact.
- Andy Burnham is beginning his role as Labour leader amid these economic challenges.
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