February GDP report to show if UK economy was growing before Iran war began – business live

Rachel Reeves, the UK Chancellor, has announced an expansion of support for the most energy-intensive UK businesses, as they face soaring bills due to the Middle East conflict, with the February GDP report set to reveal whether the UK economy was growing before the Iran war began, in London, on 16 April 2026.

The key facts of the announcement centre on the government's efforts to mitigate the impact of the conflict on UK businesses, particularly those with high energy demands, as the war in Iran has led to increased energy costs globally. The expansion of support is a significant development, as it aims to help businesses navigate the challenging economic landscape. The February GDP report will provide crucial insight into the state of the UK economy before the conflict escalated, and its release is highly anticipated by economists and business leaders. The report will show whether the UK economy was able to sustain growth despite the looming threat of war in the region.

The wider context of the announcement is set against the backdrop of the ongoing conflict in the Middle East, which has far-reaching implications for the global economy. The war in Iran has disrupted energy supplies, leading to increased costs for businesses and consumers alike. The UK government's decision to expand support for energy-intensive businesses is a response to the pressing need to protect these companies from the adverse effects of the conflict. This move is part of a broader pattern of governments worldwide taking steps to mitigate the economic fallout of the war. The conflict has also led to increased tensions between nations, raising concerns about the potential for further destabilisation in the region.

The reaction to the announcement has been cautiously welcomed by business leaders, who have been calling for increased support to help them cope with the soaring energy bills. The next steps will likely involve the government working closely with businesses to implement the expanded support package, which may include measures such as subsidies or tax relief. The implications of the February GDP report will be closely watched, as it will provide a clearer picture of the UK economy's resilience in the face of global uncertainty. The report's findings will also inform the government's future economic policy decisions, particularly in relation to supporting businesses affected by the conflict.