May 12, 2022
According to the Office for National Statistics (ONS), the economy of the UK shrank by 0.1 percent in March after showing no increase in February.
The economy rose by 0.8 percent in the first three months of the year, owing to the hospitality and travel industries’ recovery from coronavirus pandemic restrictions.
The Office for National Statistics stated that the automotive industry was “struggling.”
The Bank of England has warned that the United Kingdom is facing a “sharp economic slowdown,” with prices growing at their quickest rate in 30 years, owing to rising fuel, food, and energy costs.
By the end of the year, the Bank predicts that inflation – the rate at which prices grow – will have surpassed 10%.
Source: BBC News
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