Shock contraction of 0.3% for UK economy in April as CBI demands 'vital actions' to prevent recession

'For many households, it will feel like a recession'. CBI chief economist RainNewtonSmith says high inflation in the UK will result in the 'biggest squeeze on household incomes since records began'. KayBurley: 📺 Sky 501, Virgin 602, Freeview 233

Cabinet minister: Real challenges ahead

The CBI downgraded its growth outlook to 3.7% for this year, from 5.1% previously, and just 1% in 2023, from 3%.Its chief economist, Rain Newton-Smith, added:"This is a tough set of statistics to stomach. War in Ukraine, a global pandemic, continued strains on supply chains - all preceded by Brexit - has proven to be a toxic recipe for UK growth.

"We have a plan to turbocharge productivity through investment in capital, people and ideas, so everyone across the country can benefit from a strong, healthy economy."

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

SkyNews /  🏆 35. in UK

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CBI warns UK government over Northern Ireland protocolImpasse over Brexit deal forcing companies to reconsider investing in Britain, says business lobby group
Read more »

UK GDP report for April released as recession fears grow – business liveRolling coverage of the latest economic and financial news
Read more »

Recession fears grow as UK economy shrinks 0.3% in April🚨Recession fears grow as UK economy shrinks 0.3% in April amid spiralling living costs
Read more »

GDP fell by 0.3% in April as economy slumpsThe latest figures from the Office for National Statistics will heighten fears that Britain is heading for a recession
Read more »

Tell us: have you been affected by the UK monkeypox outbreak?The current outbreak of monkeypox in the UK has reached over 300 cases, according to official figures
Read more »

UK weather: 'Particularly potent' pollen causing worse-than-usual hay fever symptoms, Met Office saysAllergy UK also warned against a new phenomenon - thunderstorm asthma - whereby asthma and hay fever sufferers suffer worse symptoms when the weather is turbulent
Read more »