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Consumer prices rose just 2.8% in July, the sharpest monthly drop in two years, as energy bills tumbled. But energy and food economists predict a rebound as the Iran conflict keeps global oil markets volatile.
The International Monetary Fund has raised its 2024 UK growth forecast to 0.7% but warns the conflict in Iran could derail recovery. Domestic political instability remains a key risk factor.
President Donald Trump and Chinese President Xi Jinping will hold high-stakes talks in Beijing next week, with Iran’s escalating conflict and trade imbalances dominating the agenda. The meeting comes as US naval operations in the Gulf tighten pressure on Tehran.
The widening US-Israeli campaign against Iran has sent petrol prices surging and mortgage rates climbing, with analysts warning of a prolonged squeeze on household budgets starting this month. A leaked Treasury risk assessment reveals fresh vulnerabilities in the UK's energy and housing markets.
The Bank of England is set to maintain interest rates at 5.25% next week as geopolitical tensions from the Iran conflict drive economic uncertainty. Analysts warn of prolonged inflation risks tied to disrupted oil supplies and supply chain shocks.