Britain's economy contracted by 0.3% in April, marking its sharpest monthly decline in nearly two years. The Office for National Statistics attributes this largely to a services sector contraction following the end of a home buyer tax break and the impact of President Trump's tariffs. UK goods exports to the US plummeted by £2 billion in April, the largest drop on record, directly linked to the tariff implementation. While a trade deal between the US and UK offers some certainty, the tariffs remain higher than pre-April levels, hindering UK trade.

Prepared by Christopher Adams and reviewed by editorial team.