UK Economy Contracts for Second Month, Raising Concerns
GDP fell 0.1% in May, defying hopes for a slight rebound
The UK economy shrank for the second consecutive month in May, with official figures showing a 0.1% decline in GDP, missing forecasts for modest growth.
Economists warn the contraction adds pressure on the Bank of England and the government to stimulate the economy amid persistent cost-of-living challenges and rising borrowing costs.
Economists warn the contraction adds pressure on the Bank of England and the government to stimulate the economy amid persistent cost-of-living challenges and rising borrowing costs.
