UK GDP shrinks in March as consumers cut spending

Spending in shops drops steeply as ONS data shows economy struggling before higher energy bills and tax rises

Britain’s economy contracted in March as consumers cut back on spending in the face of the rising cost of living, the latest official figures show.

Activity fell by 0.1% after flatlining in February – an even weaker performance than economic experts had been predicting – with spending in shops suffering particularly badly.