Middle East Conflict to Slow UK Consumer Spending Growth From 0.9% to 0.3% This Year as Analysis Highlights Shift in Discretionary Expenditure

The Middle East conflict is forecast to slow UK economic growth and reduce consumer spending growth from 0.9% to 0.3%. Consumer spending is expected to decline due to economic uncertainty and inflation. The Bank of England's interest rate policy is also expected to remain unchanged for longer than previously anticipated.