UK Economy Slows Amid Political Unrest and Middle East War Impact
The UK economy has slowed down in the second quarter of this year due to political unrest and the impact of the Middle East war, according to official data. The country's GDP grew by only 0.4% between April and June, a decline from the 0.6% increase seen in the first three months of the year.
As Britain struggles with high inflation, millions of citizens are feeling the strain of rising energy costs due to the US-Iran conflict. The new finance minister, John Healey, acknowledged the added pressure on British businesses and households, saying 'I know people are worried about the impact of the conflict in the Middle East on their cost of living...'
Despite the slowdown, ONS director Liz McKeown noted that services remained a key driver of growth, with a 0.5% increase in output during the second quarter.