Reported 7 months ago
Due to rainy weather affecting retail and construction industries, the UK economy stagnated in April, with a weak recovery momentum in the second quarter. In light of the upcoming July parliament elections, the opposition Labour party seized the opportunity to criticize Prime Minister Sunak for his economic promises. Manufacturing and construction output both dropped in April, while the service sector only grew marginally. Despite economic growth faltering in April, it is believed that factors like high inflation and interest rates are expected to diminish by year-end, potentially benefiting the next government. The current GDP growth is sluggish, giving the Labour party ammunition to attack Sunak ahead of the elections on July 4th.
Source: YAHOO