UK growth forecasts slashed by IMF as Iran war hurts global economy – as it happened

The World Bank headquarters in Washington, DC. Photograph: Gent Shkullaku/ZUMA Press Wire/Shutterstock

4.07pm BST

Cosing post

Time to wrap up, after a day in which the UK suffered the sharpest cut to growth forecasts of the largest global economies from the IMF, as the conflict in the Middle East raised the prospect of a “major energy crisis”.

Here’s today’s main stories:

4.07pm BST

IMF raises Russia 2026 GDP growth forecast due to higher oil prices

Russia is getting a small growth boost from the Iran war!

The IMF has raised its forecast for Russia’s economic growth this year to 1.1%, from 0.8% previously, due to higher oil and other commodity prices as a result of the Middle East crisis.