Growth slumps to 0.1% on weak business investment and household spending.

Richard Partington
Fri 25 May 2018 11.04 BST Last modified on Fri 25 May 2018 14.47 BST

The weakest household spending for three years and falling levels of business investment dragged  the economy to the worst quarter for five years, official statisticians have said.

The weakest household spending for three years and falling levels of business investment dragged the economy to the worst quarter for five years, official statisticians have said.The Office for National Statistics confirmed its previous estimate that GDP growth slumped to 0.1% in the first quarter, while sticking to its view that the “beast from the east” had little impact.

Nottingham has lowest household disposable income in the UK

The latest figures will further stoke concerns over the strength of the UK economy, amid increasing signals for deteriorating growth as Britain prepares to leave the EU next year.

Some economists, including officials at the Bank of England, thought the growth rate would be revised higher as more data became available.

 

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