UK to ‘flirt’ with recession as Iran war oil shock bites, report warns

The UK economy will “flirt” with recession this year and almost 250,000 people could lose their jobs due to the effects of the Iran war oil price shock, according to a respected independent forecaster.

The Item Club, which uses Treasury economic modelling to produce its figures, released its latest report against a backdrop of further shifts in global oil costs due to events in the Middle East.