Britain’s economy stagnated just a month after it exited recession, official figures show, in a blow to the Prime Minister’s election hopes. Gross domestic product (GDP) flatlined with 0pc growth in April, according to the Office for National Statistics (ONS). This was down from growth of 0.
4pc in March, although analysts had expected a contraction of 0.1pc in April. Economists have blamed unusually wet weather for dragging down output in the manufacturing and construction sectors, which both suffered monthly contractions of 1.
4pc. Paul Dales of Capital Economics said: “Overall, despite the stalling of the recovery in April, the dual drags on economic growth from higher interest rates and higher inflation will continue to fade throughout the year. “That will generate a bit of an economic tailwind for the next government.
” The stagnation will give Labour leader Sir Keir Starmer another attack line against Rishi Sunak when the pair face off in a televised debate tonight. The Prime Minister had said Britain’s economy has “turned a corner” after it exited recession in the first three months of the year with growth of 0.6pc.
Shadow chancellor Rachel Reeves said: “Rishi Sunak claims we have turned a corner, but the economy has stalled and there is no growth.” Read the latest updates below. The world faces a “major surplus” of oil by the end of the decade, the International Energy Agency has said, amid slowing demand and increased production.
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