The British Economy began to Shrink
The British economy contracted by 0.3% in April. The Confederation of British Industry has called on the government to take urgent action to prevent an inflationary recession.
Official statistics show that businesses in the UK are experiencing the effects of rising prices and supply chain problems. April is the first month in which all major sectors of the British economy - services, industry and manufacturing - have shrunk since January 2021, writes BNR.
The Confederation of British Industry called on the government to take immediate action. A statement from the confederation warned that the government's actions risked taking the economy seriously into the background in the coming months due to rising living costs, airport problems, planned train strikes and the battle with the EU over the Northern Ireland Protocol.
The Bank of England warned of a sharp slowdown in the economy and very realistic forecasts for a recession.
Prices in the UK are rising at the fastest pace in 30 years with record levels in fuels and energy bills.
Meanwhile, Prime Minister Boris Johnson is expected to announce a new food strategy later today, based on support for farmers.
The idea is to produce more local food to avoid future economic shocks. However, those familiar with the plans sharply criticized them, including the prime minister's adviser on nutrition.
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