The UK economy suffered an unexpected contraction for the second consecutive month in May, according to official data issued on Friday, which exacerbated the concerns of Finance Minister Rachel Reeves, amid the growing global turmoil.
The National Office for National Statistics said that the GDP cried 0.1 % after a decrease of 0.3 % in April.
Economists who have been consulted before Reuters Mostly, they expected that GDP will grow 0.1 % compared to April.
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After the outbreak of growth earlier this year, the British economy may now face a stable or weaker growth than it was previously expected from April to June.
Friday data increases the expectations that will reduce the Bank of England from interest rates next month.
“The lack of momentum in the British economy, which these slow numbers referred to, means that reducing the interest rate in August seems to be inevitable, despite the recent increase in inflation,” said Surin Thero, Director of the ICAEW Accounting Agency economy.
It continues after the announcement
The government of the government of Prime Minister Kiir Starmer has struggled to increase growth in its first year, with a tax increase on US President Donald Trump and commercial wars, which weighs towards the economy.
