Sky News Business20/04/2026BusinessUnited Kingdom
UK economy to 'flirt' with recession as Iran war oil shock threatens 250,000 job losses
Item Club forecasts just 0.7% growth this year with unemployment rising to 5.8% amid Middle East crisis
L'essentiel
- The UK economy will flirt with recession this year with almost 250,000 people potentially losing jobs due to Iran war oil price shock, according to the Item Club.
- The independent forecaster predicts just 0.7% growth for 2024, down from 1.4% last year, with unemployment rising to 5.8% from 5.2%.
- Brent crude hit $95 a barrel as the Strait of Hormuz was closed, choking off a fifth of global oil and gas supplies.
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The UK economy will flirt with recession this year with almost 250,000 people potentially losing jobs due to Iran war oil price shock, according to the Item Club. The independent forecaster predicts just 0.7% growth for 2024, down from 1.4% last year, with unemployment rising to 5.8% from 5.2%. Brent crude hit $95 a barrel as the Strait of Hormuz was closed, choking off a fifth of global oil and gas supplies. The Iran war began on 28 February.
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