Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK Economy Stagnates in April Amid Wet Weather

by June 12, 2024
June 12, 2024
UK Economy Stagnates in April Amid Wet Weather

The UK economy failed to grow in April, with heavy rainfall significantly dampening consumer spending. According to the Office for National Statistics (ONS), economic activity remained flat for the month, aligning with economists’ forecasts.

This stagnation comes on the heels of the UK recording its fastest economic growth in two years from January to March, effectively pulling the country out of the recession experienced in the latter half of last year. The economy’s performance is a critical issue for the main political parties as they gear up for the general election on 4 July.

Despite an increase in spending on services for the fourth consecutive month, this was counterbalanced by declines in production and the construction sector. The UK’s gross domestic product (GDP), which gauges the value of goods and services produced over time, had grown by 0.4% in March.

Certain sectors of the services industry outperformed others, with significant growth in the information, communication, and scientific sectors. However, retail trade suffered, with many businesses attributing lower output to the wet weather, which saw rainfall well above the long-term average.

Consumer-facing services saw a 0.7% decline in output, reflecting ongoing struggles with the high cost of living. However, economists caution against over-interpreting monthly economic fluctuations, which can be influenced by factors like weather or the timing of holidays such as Easter.

Overall, the economy showed a 0.7% growth over the three months to April, compared to the February to April period. These figures will be crucial for the Bank of England’s next meeting, where decisions on interest rates will be made.

Many households continue to face financial pressure from rising energy and food prices, as well as higher mortgage payments driven by increased interest rates. The central bank has been raising rates in an effort to control inflation.

The latest data comes amid the third week of election campaigning, where economic promises have been central. Chancellor Jeremy Hunt expressed optimism, stating that the data indicated the economy “is turning a corner.” He added, “Under the Conservatives, we can keep the economy growing with our clear plan to cut taxes on work, homes, and pensions.”

In contrast, Labour’s Shadow Chancellor Rachel Reeves pointed to the flat growth in April, criticising the long-term impact of Conservative policies. “These figures expose the damage done after fourteen years of Conservative chaos,” she said.

Liberal Democrat Treasury spokesperson Sarah Olney remarked, “As Rishi Sunak’s time as prime minister peters out, so does the UK’s economic growth,” reflecting the political tensions surrounding the economic situation as the election approaches.

Read more:
UK Economy Stagnates in April Amid Wet Weather

0
FacebookTwitterGoogle +Pinterest
previous post
Sector Rotation Model Flashes WARNING Signals
next post
Raspberry Pi Shares Surge on London Debut, Sparking Market Optimism

You may also like

Stocks Rise as Rishi Sunak Becomes Prime Minister

November 10, 2022

Experts weigh in on crypto price predictions amid...

December 9, 2024

Best Prop Trading Firms: Get Started in the...

June 1, 2023

ScaleWise backs BGF’s £15m investment in Cronofy with...

May 22, 2025

SMEs growth opportunities at risk without government attention

November 20, 2023

CBI business group boss Danker sacked after misconduct...

April 11, 2023

Getting to Know You: Stuart Davis, CEO &...

August 7, 2025

From Humble Beginnings to Tech Titan: How Nick...

March 1, 2024

UK manufacturing growth slows amid shipping delays and...

July 2, 2024

BrewDog Co-Founder James Watt Steps Down as CEO...

May 9, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Case v. Montana Brief: Limit Loopholes to the Fourth Amendment

      August 7, 2025
    • Trump opens $9tn US retirement market to crypto in landmark executive order

      August 7, 2025
    • What Should We Learn from China’s Nuclear Construction Costs?

      August 7, 2025
    • Closing the Primary Care Gap

      August 7, 2025
    • Veteran Biden insider Anita Dunn appears in House Oversight autopen probe

      August 7, 2025
    • NDAs banning harassment and discrimination disclosures to be void under new UK workplace reforms

      August 7, 2025

    Categories

    • Business (8,704)
    • Investing (2,182)
    • Politics (16,331)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved