Economy alert: GDP contracts by 0.1% as US-Iran squeezes household finances
The UK economy slowed down in April 2026, with the country's gross domestic product (GDP) contracting 0.1 per cent, according to the latest figures from the Office for National Statistics (ONS).
Economists had priced in a drop in GDP as households start to feel the squeeze after the US-Iran war sent fuel prices surging.
Chancellor Rachel Reeves is under further pressure to course-correct the economy amid the ongoing conflict in the Middle East.
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