UK economy flatlined in month before Iran war hit global energy prices

2026-03-13 - 07:03

January’s GDP figure comes as higher energy prices likely to drive up inflation, dashing hopes of interest rate cut The UK economy entered the Middle East crisis after a weak start to the year, according to official figures showing flatlining January output before the US-Israel war on Iran hit global energy prices. Figures from the Office for National Statistics (ONS) showed zero growth in gross domestic product, down from an increase of 0.1% in December, as the economy failed to recover from uncertainty surrounding the chancellor Rachel Reeves’s autumn budget. Continue reading...