UK Growth Halves to 0.4% as Iran Energy Shock Hits Industry

UK GDP growth fell from 0.6% in Q1 to 0.4% in Q2 2026, the ONS reported on 13 August. Oil and gas prices surged after US strikes on Iran in late February, flattening industrial production while services grew 0.5%. July's retail energy price cap rose 13%, hitting households. CPI is expected to top June's 2.6%.