UK Economy Grows 0.3% in March Amid Iran War Impact

AI Summary

The UK's economy grew by 0.3% in March, contrary to analysts' expectations of a contraction. Overall growth for the first quarter was reported at 0.6%, as stated by the Office for National Statistics (ONS). Contributing sectors included retailing and construction. However, analysts warn that the Iran conflict may negatively influence future growth, with rising energy and food prices expected to pressure disposable incomes. Recent borrowing costs have reached their highest level in 30 years, raising concerns about economic stability.