Author: Richard Partington Economics correspondent

UK

After a stagnant April, the UK economy bounced back in May, with a 0.4% growth in GDP, exceeding expectations of 0.2%. Chancellor Rachel Reeves aims to prioritize economic revival, setting a goal for the highest sustained growth within the G7 nations. Following Labour leader Keir Starmer’s election victory, the economy is slowly recovering from last year’s recession, marked by a 0.7% growth in the first quarter. However, April saw a standstill due to dampened consumer spending caused by inclement weather. Inflation has stabilized at the government’s 2% target after hitting an 11.1% peak in October 2022. As prices ease, the…

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