Rachel Reeves says it is "disappointing" to have a month of "bad data", as the latest figures show the UK economy shrunk by 0.3% in April, a figure higher than expected. But the chancellor says U.S. trade tariffs have had an impact. Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00Well, if you look at the three-month GDP numbers, the economy grew by 0.7%.
00:05It's obviously disappointing to have one month's bad data.
00:10But April was a particularly challenging month with the US trade tariffs.
00:14But, of course, since then, we've managed to secure trade deals with the US, with India and with the EU.
00:20We'll have a new forecast based on the economic performance and much else besides in the autumn for the budget.
00:29I've made that commitment that we won't increase those key taxes that working people pay, income tax there, national insurance and VAT as well.
00:37And we'll stick to that commitment that we made in the manifesto because we want to ensure that working people are better off.
00:44And that's what we're determined to do as a government.