UK Economy Grows 0.4% in May, Surpassing Expectations
New government faces pressure to sustain growth amid challenges in construction and consumer spending.
- The UK economy expanded by 0.4% in May, doubling economists' predictions of 0.2% growth.
- Retail and construction sectors showed significant rebounds, contributing to overall economic growth.
- Chancellor Rachel Reeves emphasizes economic growth as a national priority for the new government.
- Despite the positive growth, high interest rates continue to pressure the construction industry.
- Households are set to face a £94 increase in water bills over the next five years to fund infrastructure improvements.
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