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BUSINESS LIVE: UK GDP flatlined in April; DFS makes profit warning; Legal & General unveils new strategy


The UK economy failed to grow in April as poor weather hurt consumer spending, according to the Office for National Statistics. 

Among the companies with reports and trading updates today are DFS, Legal & General, Safestore, Checkit, and Frontier Developments. Read the Wednesday 13 June Business Live blog below.

> If you are using our app or a third-party site click here to read Business Live 

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UK economy stagnated in April, official data shows

The UK economy recorded no growth in April, according to the Office for National Statistics.

Gross domestic product (GDP) was flat during the month, following growth of 0.4 per cent in March, the ONS said.

GDP hit by weak construction sector

UK GDP failed to grow in April

Nicholas Hyett, investment manager at Wealth Club, comments on the altest UK GDP figures:

The market had low expectations for the UK economy in April, and it duly delivered.

Economic growth was flat, held back by a third month in a row of contraction in the construction industry and weakness in the manufacturing sector. Admittedly the numbers aren’t helped by rain that was 155% of the long term average.

That will be no surprise to anyone who’s lived through the wet and gloomy start to 2024, but has nonetheless severely dented output in house building and associated industries. After strong growth in March it’s a return to a less than compelling trend.

In an election month, where every data release will be being watched closely, there’s little here to change the narrative.

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