'Things are only going to get worse' as UK economy contracts in March

UK GDP down 0.1%

The UK economy shrank for the first time this year, falling 0.1% as the cost of living crisis takes hold under the shadow of spiralling inflation, higher rates and the Russian invasion of Ukraine.

Both the monthly and quarterly reading, which indicated growth of 0.8%, came in under consensus, and investors are concerned that the economy's contraction had begun so soon in the year. Emma Mogford,...