Blow for Rishi Sunak as UK economy FLATLINES despite PM telling voters Britain had ‘turned a corner’ after emerging from recession

Rishi Sunak has taken a hit ahead of the elections British economy According to the latest figures, the decline appeared to have leveled off in April.

The Office for National Statistics reported that domestic product (GDP) growth was flat this month, after growing 0.4 percent in March.

The figures will cause a headache for the Prime Minister, who told voters the economy had “turned a corner” after emerging from recession in the second half of last year.

Both Work and the Liberal Democrats attacked the Tories for overseeing a ‘stalled’ and ‘stagnant’ economy, before the general election on the 4th of July.

Experts also predicted Sunak was unlikely to get a boost from a rate cut ahead of election day.

They said it was ‘unlikely’ that the bank of England would cut rates when the Monetary Policy Committee meets next week to make its next decision.

Rishi Sunak has been dealt a blow ahead of the election as latest figures showed the UK economy had flattened in April

The Office for National Statistics reported that domestic product (GDP) growth was flat in April, after growing 0.4 percent in March

Economists had forecast GDP to be flat in April, pressured by weaker-than-usual retail sales and heavy rain over the Easter period.

It comes after the economy grew by an estimated 0.6 percent in the first quarter of 2024, pulling Britain out of a minor recession at the end of 2023.

On a quarterly basis, real GDP is estimated to have grown by 0.7 percent in the three months to April, compared with the three months to January 2024.

Luke Bartholomew, deputy chief economist at asset management giant Abrdn, said monthly GDP data can be volatile, and it is “important not to put too much stock in just one month of data and look at the broader trend over several months.”

He added: “And on that basis, the picture is emerging of a solid recovery from last year’s recession. This should continue as the year progresses as households benefit from strong real income growth amid falling inflation.”

Services output grew 0.2 percent in April, the fourth consecutive month of growth, while output fell 0.9 percent in April, after growing 0.2 percent in March.

Construction output fell 1.4 percent in April, the third consecutive monthly decline, and fell 2.2 percent in the three months through April.

Labour’s shadow chancellor Rachel Reeves said: ‘Rishi Sunak claims we have turned a corner, but the economy has stalled and there is no growth.

“These figures expose the damage done by fourteen years of conservative chaos.”

Liberal Democrat Treasury spokesperson Sarah Olney said: ‘As Rishi Sunak’s time as Prime Minister comes to an end, Britain’s economic growth is also slowing.

“The Conservatives have completely failed to deliver the growth they repeatedly promised, instead presiding over stagnation and economic misery for hardworking families across the country.

The Conservatives’ manifesto shows that they simply do not have the ambition and vision to get the economy going again.

“It is clear to voters across the country that the only way to make this happen is to vote them out of office on July 4.”

Suren Thiru, economic director of the Institute of Chartered Accountants in England and Wales, said: ‘Despite these disappointing GDP figures, a rate cut in June appears unlikely, with the Bank of England likely to be a little wary of taking policy in the middle. change. of an election campaign.’

Nicholas Hyett. investment manager at Wealth Club said: ‘The market had low expectations for the UK economy in April, and they were met.

“In an election month, when every data release is closely watched, there is little here that can change the narrative.”