We noticed a second consecutive contraction for economic growth in the UK this morning. After a sharp fall back in April of -0.3%, forecast suggested an uplift of 0.1% in May. These figures were slightly too optimistic, and its actual numbers came in at -0.1% for May.
Largest fall within the sector was recorded from production output, down 0.9% and construction which saw a fall of 0.6%. This will be another setback for the government and chancellor Rachel Reeves whose main priority were to create an uplift for the UK economy while reducing its budget deficit. The contraction in GDP-figures, did see GBP fall in the opening hours – putting more pressure on Bank of England to lower interest rates, for the UK economy to not continuing moving in the wrong direction.
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