BRITAIN faces a recession this year with interest rates soaring to 5.25 per cent if the Middle East crisis doesn’t end by 2027, according to the National Institute of Economic and Social Research (Niesr).Even in the “best case scenario” that the US-Israeli war on Iran ends this year, the energy shock caused by the blockade on the Strait of Hormuz will wipe about £35 billion from the economy over the next two years, the think tank predicted. 

BRITAIN faces a recession this year with interest rates soaring to 5.25 per cent if the Middle East crisis doesn’t end by 2027, according to the National Institute of Economic and Social Research (Niesr).

Even in the “best case scenario” that the US-Israeli war on Iran ends this year, the energy shock caused by the blockade on the Strait of Hormuz will wipe about £35 billion from the economy over the next two years, the think tank predicted.

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