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UK GDP shrinks 0.3% in April; Trump’s duties and tax expiry hit growth, exports to US plunge by record £2 billion
Britain's economy experienced a sharp 0.3% contraction in April, the largest since October 2023, primarily due to a slump in the services sector and a significant drop in exports to the US following President Trump's tariffs. The decline complicates the Bank of England's monetary policy outlook, potentially delaying anticipated interest rate cuts despite persistent inflation concerns.
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