The UK's GDP fell by 0.1% in May, following a 0.3% contraction in April. The decline raises challenges for Prime Minister Keir Starmer's Labour government amidst global economic uncertainties. Finance Minister Rachel Reeves called the GDP figures disappointing, stating the need to kickstart economic growth. Labour plans to cut red tape and invest in the National Health Service and infrastructure to boost the economy. Notable declines in production and construction sectors were observed, particularly influenced by the oil, gas extraction, car manufacturing, and pharmaceutical industries.
The UK's economy unexpectedly fell for a second month in a row in May, with GDP shrinking 0.1% following a 0.3% contraction in April, amidst global economic uncertainty.
Finance Minister Rachel Reeves described the latest GDP figures as 'disappointing' and emphasized her determination to kickstart economic growth through a multi-billion pound investment plan.
Labour has pledged to cut red tape and implement investment plans targeting the National Health Service and infrastructure to stimulate economic recovery.
Production fell primarily due to oil and gas extraction, car manufacturing, and the pharmaceutical sector, significantly impacting the UK's GDP.
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