UK faces £35bn hit and risk of recession this year over impact of Iran war, thinktank warns

The UK is facing a £35bn economic hit and a risk of recession this year due to the fallout from the Iran war, according to the National Institute of Economic and Social Research (Niesr). The thinktank warns that even under a best-case scenario, UK economic growth will slow in 2026 and 2027 as a result of the Middle East conflict.