Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
The UK economy unexpectedly slowed in April, falling 0.3% m/m, below analyst expectations for a 0.1% gain. The decline was driven by the end of the test and trace programme across the country and a significant decline in the number of Covid-19 vaccinations delivered, which took 0.5% of overall GDP from the previous month.
According to the Office for National Statistics, GDP would have just about held in positive territory for the month if the T&T and vaccination hit was removed. Despite the decline, GDP was still 0.9% above its pre-Covid February 2020 level.
The 0.3% decline in headline growth in April followed a fall of 0.1% in March and marked the first back-to-back falls in 2 years (last March/Apr 2020 at the start of the pandemic). Heading into this week's Bank of England Monetary Policy Committee meeting, the data will only underline the problems for policymakers facing slowing growth and well-above target inflation.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.