UK economy shrank by 0.1% in April as Iran war held back growth

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The month-on-month contraction followed a 0.3% increase in March, according to the Office for National Statistics, with services output down 0.2% and construction output up 0.1%. The chancellor argued the economy was in a stronger position to cope with the war’s costs, while the European Central Bank raised rates for the first time since 2023 in response to inflation driven by the conflict.