UK economy shrinks

The Office for National Statistics says the UK economy shrank by 0.3% in April – the biggest monthly contraction since October 2023.

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The Chancellor Rachel Reeves says she’s disappointed at the decline. The assessment comes after yesterday’s government spending review in which she boosted funds for the NHS, defence and housing.

She now faces questions on whether taxes will have to be raised in the next budget to meet the cost.

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