UK GDP failed to grow in April, as wet weather hit retailers and construction firms
UK economy flatlines in blow to Rishi Sunak’s hopes of recovery
Wet weather in April derailed the economy’s growth push, experts are explaining this morning.
Lindsay James, investment strategist at Quilter Investors, says:
“The great British weather can be thanked for today’s poor GDP figures, as persistent rain has kept consumers from spending and caused economic growth to grind to a halt for the month with no growth registered. With rainfall in April 55% higher than average and the wettest April since 2012, it is perhaps no surprise to see the economy struggle as a result, with sectors such as retail, construction and pubs all severely impacted.
“Whilst the weather has thankfully improved of late, likely boosting May’s reading, the second quarter is off to a slow start and has a lot of catching up to do if it is to match the 0.6% growth seen in the first quarter.
“After one of the wettest Aprils since records began it’s no surprise that rain dampened consumer spending, with many households also feeling the pinch from higher prices and bills.
“But consumers and firms alike are going to start to feel the benefit of lower inflation, which in turn should boost confidence and support spending as we head into a summer packed with major entertainment and sports events, like the Euros.
Continue reading… The Guardian Read More UK GDP failed to grow in April, as wet weather hit retailers and construction firmsUK economy flatlines in blow to Rishi Sunak’s hopes of recoveryWet weather in April derailed the economy’s growth push, experts are explaining this morning.Lindsay James, investment strategist at Quilter Investors, says:“The great British weather can be thanked for today’s poor GDP figures, as persistent rain has kept consumers from spending and caused economic growth to grind to a halt for the month with no growth registered. With rainfall in April 55% higher than average and the wettest April since 2012, it is perhaps no surprise to see the economy struggle as a result, with sectors such as retail, construction and pubs all severely impacted.“Whilst the weather has thankfully improved of late, likely boosting May’s reading, the second quarter is off to a slow start and has a lot of catching up to do if it is to match the 0.6% growth seen in the first quarter.“After one of the wettest Aprils since records began it’s no surprise that rain dampened consumer spending, with many households also feeling the pinch from higher prices and bills.“But consumers and firms alike are going to start to feel the benefit of lower inflation, which in turn should boost confidence and support spending as we head into a summer packed with major entertainment and sports events, like the Euros. Continue reading…
