The Middle East energy shock could wipe around £35 billion from the UK economy over the next two years in a "best-case" scenario, an economic think tank has warned.The National Institute of Economic and Social Research (Niesr) said that a more protracted crisis in the Middle East could see the UK enter a recession in the second half this year.

The Middle East energy shock could wipe around £35 billion from the UK economy over the next two years in a "best-case" scenario, an economic think tank has warned.The National Institute of Economic and Social Research (Niesr) said that a more protracted crisis in the Middle East could see the UK enter a recession in the second half this year.