UK economy shrank in March as households began to feel the impact of rising prices
The and cut down on spending.
, with prices rising at their fastest rate for 30 years, driven by soaring fuel, food and energy costs. He added that trade in the retail sector had fallen "well below expectations", with people cutting spending on "big ticket, non-essential items". Economists fear the economy could be contracting right now, though some of that may be down to an extra bank holiday. With taxes, interest rates, and inflation all hitting disposable income at the same time, the fear is that January could be as good as it gets for the UK economy in 2022.
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