A man checks a strike action announcement board at the closed Charing Cross train station in London, Britain May 12, 2023. REUTERS/Maja Smiejkowska
Economic output fell 0.1% in May from April, the Office for National Statistics said, following growth of 0.2% in the previous month.All sectors of the economy contracted in May with the exception of services, which showed no growth. The pound rose modestly against the dollar on the back of the data.
Britain's economic recovery from the COVID-19 pandemic has lagged most of its peers among major advanced economies, with only recession-hit Germany having fared as badly as of the first quarter of this year. "However, given the long time lag between rate rises and its effect on the real economy, tightening further risks damaging our growth prospects by overcorrecting for past errors."
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