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UK Economy Unexpectedly Shrinks as Consumers Cut Back

  • Surprise drop renews calls for household and business support
  • GDP falls 0.1% in March after flatlining in February
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WATCH: The UK economy shrank unexpectedly in March. Burden explains.Source: Bloomberg
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The UK economy unexpectedly contracted in March as the cost of living squeeze forced consumers to cut back on spending, throwing doubt on the Bank of England’s ability to keep hiking interest rates and piling pressure on Prime Minister Boris Johnson’s government to respond.