Rachel Reeves say GDP figures ‘are disappointing’ after UK economy shrinks for second month in a row – business live | Business

Published: 2025-07-11 08:44:58 | Views: 11


Reeves: Fall in GDP is disappointing

Chancellor Rachel Reeves has described the latest GDP figures as “disappointing”.

Following this morning’s news that the UK economy contracted by 0.1% in May, Reeves points to the government’s efforts to support households financially:

“Getting more money in people’s pockets is my number one mission. While today’s figures are disappointing, I am determined to kickstart economic growth and deliver on that promise.

“The choices we have made in our first year in government have seen us extend the £3 bus fare cap, fund Free School Meals for over half a million more children, press ahead with plans to deliver free breakfast clubs for every child in the country and increase the National Minimum and National Living Wage, giving a pay rise to 3 million workers.

“There’s more to do, that’s why in the Spending Review we boosted investment and jobs, through better city region transport and record funding for affordable homes, as well as backing major projects like Sizewell C.”

[Reminder: economists had expected the UK economy returned to growth in May, but GDP has actually fallen by 0.1% during the month, pulled down by a fall in manufacturing output].

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FTSE 100 index hits new high, as 9,000 point mark

May’s weaker-than-expected growth report has not spooked the City.

Instead, the FTSE 100 blue-chip index has risen slightly, hitting a new intraday high for the second day running.

The FTSE 100 index gained almost 9 points, or 0.1%, to 8984 points, putting the 9,000 points mark in reach for the first time.

Energy giant BP (2.3%) is leading the risers after it reported a rise in oil, gas & low carbon energy production in the last quarter.

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