UK economy shrank 0.1% in March as inflation and Ukraine war takes toll

The Independent says the UK economy shrank in March, as soaring living costs and the war in Ukraine hindered recovery from the pandemic.

Experts warned that the squeeze on household incomes spelled trouble ahead for the economy and that the risk of a recession was growing.

Official figures show the economy grew by 0.8 per cent between January and March, down from growth of 1.3 per cent in the previous three months.

However, GDP fell by 0.1 per cent in March, leaving it just 0.7 per cent above pre-pandemic levels, the Office for National Statistics (ONS) said.

The figures are the latest economic warning sign for Rishi Sunak after separate data showed retail sales had slowed and consumer confidence plunged.

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