UK Economy Set to Shrink as Iran Energy Shock Hits Growth

The UK economy is expected to contract despite a boost at the start of the year, with economists warning that the war in Iran’s energy price shock will now show up in fresh data. Economists believe that the UK economy declined by 0.1 per cent in April. Official figures will be published on Friday. The drop in growth momentum will reflect the late impact of the war in Iran on businesses and consumers, City analysts have said, as political uncertainty around the Labour Party’s leadership could als