Calls for emergency budget grow as UK economy contracts unexpectedly in March, with consumers cutting back on spending, and car sector struggling
- Full story: UK economy shrinks as consumers cut back
- UK GDP fell 0.1% in March as cost of living crisis hit
- Quarterly growth slowed to 0.8% in Q1
- Introduction: UK GDP shows health of economy
- Saudi Aramco overtakes Apple as world’s most valuable company
The drop in GDP in March will add to the pressure on the government to do more to help struggling families, as calls for an emergency budget increase.
Chancellor of the Exchequer, Rishi Sunak, says he knows these are ‘anxious times’ — but does not pledge any new help.
“The UK economy recovered quickly from the worst of the pandemic and our growth in the first few months of the year was strong, faster than the US, Germany and Italy, but I know these are still anxious times.
“Our recovery is being disrupted by Putin’s barbaric invasion of Ukraine and other global challenges but we are continuing to help people where we can.
“The time absolutely has come for action whether it’s an emergency budget or whether it’s another vehicle.”