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Business Live with Ian King: King's coronation weighs on economy as output contracts in May
Posted
July 13, 2023
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25:02Now PlayingJoin Ian King live, as Chancellor Jeremy Hunt says the latest data shows why it is important for the country to eradicate its inflation problem, as the cost of living crisis for households is exacerbated by the prospect of rising interest rates.
The economy contracted in May as the additional public holiday for the King's coronation weighed on output, according to official figures.
Data from the Office for National Statistics (ONS) showed negative growth of 0.1% during the month, better than economists had predicted but continuing the yo-yo pattern seen throughout the last year that has left gross domestic product flat on a quarterly basis.
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