BREAKING NEWS

BREAKING NEWS

More evidence of UK slowdown

Now Reading:

More evidence of UK slowdown

Text size Aa Aa

The UK economy grew more slowly than previously thought in the first quarter according to the latest government figures. They show that the service sector recorded its weakest performance in more than a decade.

British GDP rose by 0.3% on the quarter, revised down from 0.4%. That was the weakest rate in three years. The pound fell as investors reasoned that it is now less likely that UK interest rates will be raised this year to combat inflation.