Sharp British economic contraction raises fresh fears over impact of rate hikes
Economists had forecast a 0.2 per cent decline for the month
The UK economy shrank surprisingly sharply in July as the health sector was impacted by further industrial action and retailers were knocked by wet weather.
Data from the Office for National Statistics (ONS) showed that gross domestic product (GDP) contracted by 0.5 per cent in July.
It is the heaviest decline since December last year and comes amid concerns recent interest hikes and persistent inflation could stifle economic growth.
Economists had forecast a 0.2 per ...