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"UK economy shrinks by 0.3% as firms hit by higher taxes and Trump trade war"
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"The UK economy contracted by 0.3% in April, surpassing City economists' expectations of a 0.1% contraction. The contraction was attributed to businesses cutting jobs and cancelling investment plans in response to higher taxes and the uncertainty caused by the US tariff war. The latest jobs data from HMRC showed a 109,000 decline in the number of workers on company payrolls in May, the largest monthly fall since the first Covid lockdown. This data will disappoint ministers who had hoped to show an improvement in the UK's economic outlook."
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"content": "nostr:nprofile1qy3hwumn8ghj7un9d3shjtt5v4ehgmn9wshxkwrn9ekxz7t9wgejumn9waesqgyaxdzsjh5cdhke4aey6f4gcklwq59l6c2uxt79ua5crgyfcusq3cwyf5fq\nhttps://i.guim.co.uk/img/media/155f8c48dfa53c0642206160a55e47477283583c/227_62_4919_3938/master/4919.jpg?width=140\u0026quality=85\u0026auto=format\u0026fit=max\u0026s=496bf48ac577ffd85cb1b14d74a6b483\nWorse than forecast April GDP data underlines challenge facing Rachel Reeves to kickstart growth to fund spending reviewBusiness live – latest updatesThe UK economy contracted in April by 0.3% as businesses cut jobs and cancelled investment plans in response to higher taxes and the uncertainty created by Donald Trump’s tariff war.Figures from the Office for National Statistics showed the economy went into reverse after growing by 0.2% in March and 0.5% in February. Continue reading...\nhttps://www.theguardian.com/business/2025/jun/12/uk-economy-shrinks-firms-hit-by-higher-taxes-and-trump-trade-war",
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