GDP monthly estimate, UK: May
202
HM Treasury Spokesperson Responds to ONS' May GDP Figures
An HM Treasury Spokesperson Said:
We have the right economic plan which has put the UK in a much
stronger position than two years ago with the fastest growth in
the G7 in the first quarter and the OECD agreeing that we have
restored stability.
"We're forecast to be the fastest growing European G7 economy
this year and next, inflation is steady, and for
the first time since 2004, weare forecast to borrow less this
year than the G7 average.
British Chambers of
Commerce
Responding to the latest GDP data, published by the Office
for National Statistics this morning, Stuart
Morrison, Research Manager at the British Chambers
of Commerce said:
The latest ONS data
shows a fragile economy weighed down by
geopolitical tensions and domestic cost
pressures.
With GDP growing by 0.7% in
the three months to May, and only 0.1% in May itself,
the new government faces the same growth challenge as its
predecessor.
The Iran conflict is having real-world
consequences for UK firms. Rising energy prices and shipping
disruption are increasing costs and creating uncertainty across
the economy.
For most businesses, recent cost
rises, including the national insurance hike, are just
the tip of the iceberg. BCC analysis shows
government-imposed costs on a typical SME have risen by more than
70% in just 10 years.
The impact is
clear - business confidence is low, and
our latest SME survey shows investment plans at their weakest level since
the pandemic.
From the moment Andy enters Downing Street, he must back
business. That means moving quickly to cut the cost of doing
business and create opportunities to boost trade, investment and
productivity across the economy.
TUC
Commenting on ONS figures
showing monthly GDP up by 0.1% in May 2026, and by
0.7% in the three months to May 2026, TUC General
Secretary Paul
Nowak said:
Better growth in
our economy is good news and essential for boosting
jobs and
incomes. But despite welcome improvements,
the outlook remains uncertain - and up and
down the country too many
working people are still struggling to get
by.
Donald Trump's illegal war has
sent energy prices through the roof and comes after years of
bills increasing sharply.
That's why
the new prime minister must urgently show working
people that this government is on their side by
making living standards his number one priority.
That means cutting energy bills
for most households - paid
for by taxing banks'
eyewatering excessive profits.
This common-sense step would put
more money back in people's pockets, give families the confidence to spend on the
high street and support the economy.
CBI
, CBI Senior Lead Economist,
said:
"The economy managed to eke out modest growth in May. The
pre-summer heatwave supported retail sales and probably provided
a boost to some other consumer-facing sectors as well. But the
broader sectoral picture was mixed, suggesting that the UK
continues to struggle to build sustained momentum.
Businesses remain cautious about the outlook for the rest of the
year. Uncertainty over the policy outlook and the Autumn Budget,
given the looming change in government, is likely to weigh on
confidence and investment decisions. The renewed military strikes
in the Middle East highlight the risk of further volatility in
global energy and financial markets. Our own business surveys
weakened in May and softened further in June, with private sector
activity expected to remain subdued over the coming months.
"With a new Prime Minister coming into office, the government
must restore competitiveness by tackling the growing cost
pressures that businesses are facing in every corner of the
country. This must include taking direct action to lower the UK's
industrial electricity costs, which are currently 45% more
expensive than the G7 median. Lowering industrial electricity
costs will give businesses the confidence to invest and unlock
stronger economic growth across the UK.