In April, the UK GDP saw a decline of 0.3% month-on-month, which was worse than the anticipated 0.1% drop, following a 0.2% increase in March. The services sector experienced a 0.4% fall, while construction output rose by 0.9%, and production output decreased by 0.6%. Investment Manager Nicholas Hyett highlighted several economic challenges, including legal services down 10.2% due to new Stamp Duty rules and various longer-term trade barriers with the US. The Chancellor's hope rests on infrastructure spending to bolster the economy amidst these setbacks.
UK GDP declined by 0.3% in April, a greater fall than expected, indicating significant headwinds affecting economic growth amid changing policies and market conditions.
Nicholas Hyett notes that legal services plummeted by 10.2%, reflecting the impact of Stamp Duty changes and signaling broader challenges for the economy ahead.
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