The UK's economy shrank unexpectedly by 0.1% in May, experiencing its second consecutive month of contraction after a 0.3% drop in April. This downturn coincided with declines in manufacturing and construction, as businesses reacted to higher taxes and uncertainties stemming from global trade tensions. Although the service sector saw a slight recovery, it was not enough to offset the negative impact of production declines in essential industries. The situation raises concerns regarding economic health, with rising pressure for tax increases amid ongoing financial adjustments by the government.
Britain's economy unexpectedly shrank in May, fueled by sharp declines in manufacturing and construction, as the country faced a second month of contraction.
The gross domestic product fell by 0.1% in May, missing City predictions of a 0.1% monthly expansion, reflecting ongoing economic uncertainty and job cuts.
Tumbling construction and manufacturing activity caused a disheartening decline in overall output, heightening concerns about the health of the UK economy.
Labour's reckless choices led to calls for tax increases in the autumn budget, as the economy actually shrank in May, according to the shadow chancellor.
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