This article is from the source 'guardian' and was first published or seen on . The next check for changes will be
You can find the current article at its original source at https://www.theguardian.com/business/2025/jun/12/uk-economy-shrinks-firms-hit-by-higher-taxes-and-trump-trade-war
The article has changed 9 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| UK economy shrinks by 0.3% as firms hit by higher taxes and Trump trade war | UK economy shrinks by 0.3% as firms hit by higher taxes and Trump trade war |
| (31 minutes later) | |
| Worse than forecast April GDP data shows challenge facing Rachel Reeves to kickstart growth to fund spending review | |
| Business live – latest updates | Business live – latest updates |
| The UK economy contracted in April by 0.3% as businesses cut jobs and cancelled investment plans in response to higher taxes and the uncertainty created by Donald Trump’s tariff war. | The UK economy contracted in April by 0.3% as businesses cut jobs and cancelled investment plans in response to higher taxes and the uncertainty created by Donald Trump’s tariff war. |
| Figures from the Office for National Statistics showed the economy went into reverse after growing by 0.2% in March and 0.5% in February. | Figures from the Office for National Statistics showed the economy went into reverse after growing by 0.2% in March and 0.5% in February. |
| The figure overshot City economists’ expectations of a 0.1% contraction, underscoring concerns that an increase in employer national insurance contributions and the impact of escalating US import tariffs on the global economic outlook would harm the UK’s growth prospects. | The figure overshot City economists’ expectations of a 0.1% contraction, underscoring concerns that an increase in employer national insurance contributions and the impact of escalating US import tariffs on the global economic outlook would harm the UK’s growth prospects. |
| The latest jobs data from HMRC showed the number of workers on company payrolls fell by 109,000 in May – the largest monthly fall since the same period in 2020 during the first Covid lockdown. | The latest jobs data from HMRC showed the number of workers on company payrolls fell by 109,000 in May – the largest monthly fall since the same period in 2020 during the first Covid lockdown. |
| More than 250,000 jobs have been lost in Britain since Rachel Reeves’s autumn budget. | More than 250,000 jobs have been lost in Britain since Rachel Reeves’s autumn budget. |
| Coming only a day after the chancellor laid out plans to grow the economy in a three-year spending review, the data will disappoint ministers keen to show they have improved the UK’s outlook. | Coming only a day after the chancellor laid out plans to grow the economy in a three-year spending review, the data will disappoint ministers keen to show they have improved the UK’s outlook. |
| Sign up to Business Today | Sign up to Business Today |
| Get set for the working day – we'll point you to all the business news and analysis you need every morning | Get set for the working day – we'll point you to all the business news and analysis you need every morning |
| after newsletter promotion | after newsletter promotion |
| More details soon … | More details soon … |