UK economy unexpectedly shrinks in March as consumers cut back

May 12, 2022 3:16 PM

LONDON (BLOOMBERG) – The UK economy unexpectedly contracted in March as the cost of living squeeze forced consumers to cut back on spending, throwing doubt on the Bank of England’s ability to keep hiking interest rates and piling pressure on Prime Minister Boris Johnson’s government to respond.

Source : https://www.straitstimes.com/business/economy/uk-economy-unexpectedly-shrinks-in-march-as-consumers-cut-back