Iran war to have lasting effects on British economy

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New forecasts indicate that the Iran war will have a lasting impact on the British economy, even if it ends in short order. The National Institute of Economic and Social Research predicts growth of 0.9% this year and 1% in 2027, compared to forecasts of 1.4% and 1.3% made in February. Inflation had been expected to hit the Bank of England’s target of 2% in spring. Now it is expected to climb to 4.1%. These are grim figures for a Labour government that has put growth at the centre of its policy platform. The IMF says the conflict will do more damage to the UK than any other major economy due to its reliance on energy imports.