Wet weather in April flatlines UK economy, with no growth at all recorded
The headline growth for April is difficult news for Rishi Sunak, ITV News Business Editor Joel Hills reports
The UK economy did not grow in the month of April, figures from the Office for National Statistics have shown.
Gross domestic product (GDP) flatlined during the month, following growth of 0.4% in March.
The ONS said rainy weather throughout April brought retail sales down, with Met Office rainfall hitting 155% of the month's long term average.
Economists had predicted that GDP would be flat in April, held down by weaker-than-usual retail sales over the Easter period.
The figures come amid the lead-up to next month's General Election on July 4. Prime Minister Rishi Sunak has pegged much of his campaign on a recent record of economic improvement under his Conservative government.
On a quarterly basis, real GDP is estimated to have grown by 0.7% in the three months to April, compared with the three months to January 2024.
The economy grew by an estimated 0.6% in the first quarter of this year, pulling the UK out of a small recession at the end of 2023.
Shadow chancellor Rachel Reeves said: “Rishi Sunak claims we have turned a corner, but the economy has stalled and there is no growth.
“These figures expose the damage done after 14 years of Conservative chaos.”
This comes as the Bank of England makes its next decision on interest rates next week. Experts have predicted the Monetary Policy Committee is unlikely to lower interest rates without further progress on inflation and a cooling in the labour market.
Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales, said: “Despite these disappointing GDP figures, a June interest rate cut looks improbable, with the Bank of England likely to be a little wary of shifting policy in the middle of a General Election campaign.”
The Conservative Party has been approached for comment.
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