UK economy hit with dire recession warning as Britain takes £35billion thump from Iran crisis

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UK economy hit with dire recession warning as Britain takes £35billion thump from Iran crisis.

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Britain is facing an economic hit of around £35billion over the next two years as a result of the Middle East energy crisis.The National Institute of Economic and Social Research (NIESR) said the ongoing conflict involving US-Israeli and Iranian forces is weighing on global growth and pushing up energy costs.It warned that even under a more optimistic scenario, including a rapid easing of hostilities, the UK economy would still be significantly smaller than previously expected.The NIESR said a prolonged crisis could see Britain fall into recession in the second half of 2026.

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TRENDING Stories Videos Your Say The outlook points to weaker economic growth alongside rising inflation.Consumer prices rose to 3.3 per cent last month and are expected to ease to 2.5 per cent before increasing again as higher energy costs feed through.The think tank forecasts inflation will peak at 4.1 per cent in January 2027, with a return to the Bank of England's two per cent target not expected until...

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