UK economy shrinks as firms battle higher priceson June 13, 2022 at 6:31 am

The UK economy shrank again in April as businesses felt the impact of price rises and supply chain shortages.

The economy contracted by 0.3% in April after it shrank by 0.1% the month before, the Office for National Statistics (ONS) said.

April’s fall was driven by the services sector due to the winding down of the NHS’s Covid test and trace operation.

The Bank of England has warned of a “sharp economic slowdown” and concerns over a recession have been raised.