The UK economy contracted in May after businesses across the country downed tools for the King's coronation, according to official figures.Gross domestic product (GDP) declined by 0.1% for the month, after increasing by 0.2% in April, the Office for National Statistics said.The contraction was driven by the extra bank holiday weekend for the royal occasion, meaning sectors like construction and finance lost a working day in the month.Economists had been expecting the economy to shrink slightly m

The UK economy contracted in May after businesses across the country downed tools for the King's coronation, according to official figures.Gross domestic product (GDP) declined by 0.1% for the month, after increasing by 0.2% in April, the Office for National Statistics said.The contraction was driven by the extra bank holiday weekend for the royal occasion, meaning sectors like construction and finance lost a working day in the month.Economists had been expecting the economy to shrink slightly more. Deutsche Bank thought the monthly GDP decline would be 0.3%, while Investec Economics had predicted 0.5%.The economy had been boosted in April as Britons spent more in pubs, bars and shops.