Metro53 - London (Web Desk) – Rising tensions with Iran and the possibility of war are raising serious concerns over the economic impact on the United Kingdom. Media reports from London indicate that over 100,000 people could face unemployment if the situation escalates.
Experts say that rising energy prices and overall uncertainty may disrupt business activities. Economist James Smith warned that if the conflict lasts three months, organizations may be forced to reduce staff hours or cut expenses to cope with increasing costs.
He added that hiring processes could slow down or halt completely, further limiting job opportunities. Current reports indicate that the UK’s unemployment rate has already reached 5.2%, the highest level in the past five years. If the conflict continues, it could rise to 5.5%.
Experts also noted that expectations for interest rate cuts this year, which could have supported the economy, are now weakening due to the current geopolitical situation.
