UK Economy Contracts for Second Consecutive Month
May's GDP falls by 0.1%, increasing pressure on Bank of England for rate cuts
The UK economy shrank by 0.1% in May, marking the second consecutive monthly decline following a 0.3% drop in April.
The contraction, driven by decreased activity in manufacturing and construction sectors, has heightened expectations that the Bank of England may cut interest rates in August to stimulate growth amid ongoing fiscal challenges.
The contraction, driven by decreased activity in manufacturing and construction sectors, has heightened expectations that the Bank of England may cut interest rates in August to stimulate growth amid ongoing fiscal challenges.
