UK economy shrinks for second month running in May – business live

UK GDP falls by 0.1% in May, following 0.3% fall in April.US will impose 35% tariffs on Canadian imports, Trump says in letterFTSE 100 hit record high on ThursdayThe pound has dropped against the US dollar, as investors react to this morning’s worse-than-expected GDP report.Sterling has lost a third of a cent to $1.354, a drop of 0.2%.“The economy contracted slightly in May with notable falls in production and construction, only partially offset by growth in services. However, across the latest three months as a whole, the economy still grew. This reflected strength earlier in the year that resulted, in part, from some activity being brought forward to February and March.“May’s fall in production was driven by oil and gas extraction, car manufacturing and the often-erratic pharmaceutical industry. Continue reading...

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