UK economy shrunk in April as tax rises and US tariffs kicked in

The UK economy contracted by 0.3% in April due to tax hikes and US tariffs, impacting exports and household bills. This decline was higher than the predicted 0.1% fall. The decrease was influenced by a rise in employers' National Insurance and household bills, along with tariffs imposed by US President Trump, causing a significant drop in US exports. Chancellor Rachel Reeves plans to bolster growth with increased funding for the NHS and defense following these economic challenges.