""Recession is potentially on the cards. If the conflict continues for an extended period, we can expect people to tighten their belts. Investment and consumer spending are likely to decrease, making contraction inevitable.""
""Even the UK, which sources most of its gas from Norway, will feel the impact through higher wholesale prices. Iran is like a wounded bear, lashing out at anyone it perceives as responsible.""
Analysts warned that ongoing conflict in the Middle East could push the UK economy into recession, particularly following attacks on Qatar's LNG facility. Israel's strike on Iran's gas field led to retaliatory actions, causing a surge in UK natural gas prices. The Bank of England predicts inflation could reach 3.5% by the third quarter, potentially rising to 5% if the conflict continues. Experts suggest that consumer spending may decline, and the damage to key energy facilities could have long-lasting effects on global markets.
Read at London Business News | Londonlovesbusiness.com
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