UK Finance Minister Rachel Reeves acknowledged signs of economic recovery, citing strong first-quarter GDP growth of 0.7% and improved business surveys. However, she noted that public frustration over slow improvements in living standards persists. Recent purchasing managers’ indexes indicate a rebound in activity following a dip in April caused by global trade disruptions. Despite positive indicators, Reeves emphasized concerns about sluggish growth and rising living costs during a meeting of G7 finance ministers. She announced plans to address high energy costs and increase public investment in energy infrastructure as part of upcoming spending plans. Reeves also pledged not to repeat the significant tax hikes seen in her first budget last year.
— new from Reuters