Economic Review March 2026

Middle East conflict hits UK economy, interest rates on hold and UK wage growth continues to ease

Key takeaways

Office for Budget Responsibility warned the Middle East conflict will impact both global and UK economies significantly

Last month, Bank of England policymakers unanimously voted to maintain interest rates at their current level of 3.75%

Office for National Statistics figures indicate pay growth is slowest for five years and consumer confidence dipped

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Economic Review March 2026

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