There are more worrying signs that the UK is heading for a recession after the economy contracted in March.
GDP fell by 0.1 pc according to the ONS. after growth was revised downwards to zero in February.
The figures, which come even before the huge spike in energy bills in April, highlight the risk of an economic downturn as rising prices continue to affect households.
The service sector has been the biggest drag on the economy, with consumer-oriented sectors such as retail suffering from a slump in sales.
5 things to start your day with
1) German gas supply falls as Ukraine shuts down pipes from Russia Olaf Scholz has to import extra fuel from Norway and the Netherlands
2) Passengers will bear the brunt of rising landing charges at Heathrow Heathrow accuses airlines of ‘protecting their own profits’
3) Millions of electricity customers file class action lawsuit against cable ‘cartel’ Cable operators Nexans, NKT and Prysmian are accused of overcharging UK households
4) Tesco opens offices in its supermarkets Grocery store wants to earn money working from home
5) Disney beats Netflix as streaming service adds new subscribers Disney+ adds customers despite Wall Street concerns over the cost of living crisis
What happened overnight?
Stocks in Hong Kong opened lower on Thursday after an overnight decline on Wall Street.
The Hang Seng index fell 1.35 pc, or 267.68 points, to 19,566.89.
Mainland China’s Shanghai Composite Index fell 0.45 percent, or 13.90 points, to 3,044.80, while the Shenzhen Composite Index plunged 0.64 percent, or 12.33 points, to 1,906.18.
Tokyo shares also fell during early trading on Thursday as investors worried about inflation.
The benchmark Nikkei 225 index fell 1.34 percent or 350.51 points to 25,863.13 in early trading, while the broader Topix index lost 0.79 percent or 14.59 points to 1,836.56.
- Commercial: BT, 3i (full year results)† Grainger (intermediate); Balfour Beatty, Coca-Cola HBC, Convatec Group, RHI Magnesita, Superdry (trade statement)
- Economy: GDP (UK)production production (UK)industrial production (UK)manufacturer price index (US)jobless claims (US)