Although the UK remains uninvolved in the US-Iran conflict, the nation is enduring significant economic fallout. The Office for Budget Responsibility (OBR) reports that rising energy prices will stifle short-term growth, increase inflation, and result in a grim outlook for living standards.
Projections indicate that interest rates will climb, raising costs for both borrowers and government debt repayments. Chancellor John Healey acknowledged these real challenges ahead, announcing new government policies designed to provide some breathing space for households in the immediate future.
