The 0.3% drop in UK GDP in April 2022, driven by a cost-of-living crisis and falling service output, signaled an impending economic downturn. High inflation and increased energy costs curtailed spending, leading to a period of sluggish growth and subsequent interest rate hikes by the Bank of England. For a detailed breakdown of the fiscal context, see the Spring Statement 2022 . Spring Statement 2022 (HTML) - GOV.UK
The 0.3% drop in UK GDP in April 2022, driven by a cost-of-living crisis and falling service output, signaled an impending economic downturn. High inflation and increased energy costs curtailed spending, leading to a period of sluggish growth and subsequent interest rate hikes by the Bank of England. For a detailed breakdown of the fiscal context, see the Spring Statement 2022 . Spring Statement 2022 (HTML) - GOV.UK
