Economy triple whammy from builders, manufacturers and trade deficit

More evidence of spluttering economic growth emerged on Thursday with a triple whammy for the UK from builders, manufacturers and a widening trade deficit.

The raft of downbeat figures came as the Bank of England prepared to hold interest rates at 0.5% today following growth of just 0.1% for the wider economy between January and March.

Construction-industry output fell 2.3% in a snow-affected March — rounding off the worst quarter for the industry in nearly six years.

Manufacturers also endured more declines, falling by a worse-than-expected 0.1% over the month.

The Office for National Statistics’ latest figures also showed the UK trade deficit widening by £1.9 billion to £3.1 billion, as import growth outstripped exports.

“Today’s figures support previous estimates showing the economy was very sluggish in the first quarter of 2018, with little impact overall from the bad weather,” the ONS’s Rob Kent-Smith said.