UK economy shrinks 0.3% in April

Name: UK economy shrinks 0.3% in April
Uploaded: 2025-06-12T07:02:49+00:00
Duration: 1 min 28 s
Channel: Evening Standard
Description: UK economy shrinks 0.3% in April

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00:00The numbers are disappointing but monthly GDP numbers are particularly volatile and if you take the three month period the economy grew by 0.7%. I think we also all know that April was a challenging month. It was the month that US tariffs came in and there was a lot of uncertainty as well.

00:22Since then we've managed to secure three trade deals with the US, with India and with the EU and of course yesterday in the spending review I set out investment in our key priorities as a country, the priorities of the British people including investment in affordable housing, in energy and in local and regional transport projects to bring that growth back to the economy.

00:48Because weak economic growth has been a challenge in the UK for over a decade now and I as Chancellor am determined to turn around the poor GDP, poor growth numbers and the poor living standards because ultimately that's what this is all about.

01:05It's about trying to improve the living standards of ordinary working people which is why I haven't increased taxes on working people, it's why we increased the national living wage earlier this year and it's why yesterday I really focused on the priorities of the British people, on security, on health and also on growing our economy to put more money in people's pockets.

01:28All right.

01:29Well, I don't know.

01:31I don't know what that means.

01:34Hi.

01:36Please, I don't know.

01:37Well, let's look.

01:39All right.

01:40I'm sorry.

01:41Let's look.

01:43All right.

01:44I'm sorry.

01:45You're welcome.