Woman holds British pound banknotes in this illustration taken May 30, 2022. REUTERS/Dado Ruvic/Illustration/LONDON, June 13 - Talk about bad timing. The British economy shrunk for the second consecutive month in April, the Office for National Statistics revealed on Monday, just a few days before the Bank of England is expected to again raise interest rates and outline future hikes in its battle against inflation.
This leaves responsibility for easing the pain with the government, which was late waking up to the necessity of doing more to support the economy. UK Chancellor Rishi Sunaka package worth 15 billion pounds – equivalent to about 0.7% of this year’s GDP - to help households cope with the impact of higher energy and food prices.
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