GDP: UK economy shrank 0.1% in March

Chancellor Mr Sunak said: “Our recovery is being disrupted by Putin’s barbaric invasion of Ukraine.”

The figures will increase fears that Britain is heading for another recession as a result of the cost-of-living crisis

The economy unexpectedly shrank in March, raising the spectre of a full-blown recession later this year caused by the soaring cost of living.

Britain’s GDP dipped by 0.1 per cent in the month, according to the Office for National Statistics, as anxious families reined in their spending and consumer confidence plummeted.

The fall in GDP spooked the City, which had been expecting a small rise, and the FTSE-100 Index of leading company shares fell 161.2 points or 2.2 per cent to 7,186.5 in early trading.

The pound also slumped, sliding to its lowest level in two years against the dollar at one stage and a seven-month low against the euro.

https://www.standard.co.uk/news/uk/gdp-uk-economy-shrank-march-b999528.html