BUSINESS LIVE: UK economy shrank in May

Economy
By Liam

BUSINESS LIVE: UK economy contracted in May; Chancellor says inflation is still a ‘trailing anchor’; costs for airport drop-offs are rising; Rics says the UK housing market remains subdued

By live commentary

Updated:

The FTSE 100 is up 0.1 percent in early trading.

According to official figures, the British economy contracted in May after companies across the country took down tools for the king’s coronation. Gross domestic product fell 0.1 percent this month after rising 0.2 percent in April, the Office for National Statistics said. Read the Business Live blog of Wednesday 12 July below.

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