The UK economy stagnated in April, a blow to Rishi Sunak’s claim that it has turned a corner. UK GDP was unchanged month-on-month in April, new data from the Office for National Statistics shows, following growth of 0.4% in March. That is in line with City expectations, and shows the economy struggled to maintain momentum in April after leaving recession in the first quarter of 2024. Britain’s economy was dragged down by the factory sector, and by the building sector, in April. The ONS says: • Services output grew by 0.2% in April 2024, its fourth consecutive monthly growth, and also grew by 0.9% in the three months to April 2024. • Production output fell by 0.9% in April 2024 following growth of 0.2% in March 2024, but grew by 0.7% in the three months to April 2024. • Construction output fell by 1.4% in April 2024, its third consecutive monthly fall, and fell by 2.2% in the three months to April 2024. However, the Euro 2024 men’s football tournament could give the UK economy a lift this summer. A survey from the British Retail Consortium (BRC) has found that 6% of shoppers expect to buy a new TV or electronic device to watch the tournament, which begins on Friday, and in which both England and Scotland are playing. Some 13% of people plan to spend more on groceries, beer, wine and spirits and takeaways to enjoy while watching the Euros; retailers could also benefit from merchandise sales. Kris Hamer, director of insight at the BRC, says: "After sluggish spring sales, shoppers are expected to kick off their summer spending at the Euros. Here’s hoping England and Scotland can make it all the way to the final.” The agenda • 7am BST: UK GDP report for April • 7am BST: UK trade report for April • 7am BST: German CPI inflation report for May • 1.30pm BST: US CPI inflation report for May • 7pm BST: US Federal Reserve sets US interest rates We’ll be tracking all the main events throughout the day ...
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