UK Economy Sees Modest Growth Amidst Rising Inflation and Tax Burden. The latest figures from the Office for National Statistics (ONS) reveal a 0.6% growth in the country's GDP during the first quarter of the year, with expansions seen in the services, production, and construction sectors. However, this growth is tempered by a decline in disposable incomes for UK households, as price rises and increased wealth taxes take a bite out of average spending power. According to the ONS, household disposable income dropped by 0.8% between January and March, highlighting the ongoing challenge of balancing economic growth with rising living costs and taxation pressures.
ONS confirms 0.6% GDP growth in first quarter, with services, production and construction sectors expandingBusiness live – latest updatesUK households suffered a drop in disposable incomes in the first three months of the year as price rises and extra wealth taxes hit average spending power.The Office for National Statistics said a rise in the consumer prices index (CPI) measure of inflation in the first quarter and higher capital gains tax receipts reduced real household disposable income by 0.8% from January to the end of March. Continue reading...
