Labour MP addresses IMF bailout rumours
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GB NEWS
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.
Suren Thiru, ICAEW Chief Economist, said: “This decline is the first economic blow landed by the Iran conflict as falling fuel sales and slowing services output meant the UK’s early-year growth momentum stalled in April.
The economy contracted by 0.1 per cent in April
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GETY
“Skyrocketing fuel costs have noticeably altered the UK’s growth trajectory having flipped from a tailwind to growth in March to a headwind in April as motorists cut consumption in the face of surging pump prices, after frontloading purchases in March.”
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