UK set to shed 163,000 jobs amid Iran war fallout Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The economic woes caused by the Iran war are expected to cost the British economy jobs this year. With no sign of an end to the conflict, the latest regional outlook from the Item Club shows the UK economy is expected to shed 163,000 jobs this year. It warns that lower income regions – such as South Wales and the Humber – will be hit hardest by the economic shock from the Middle East. Both areas are heavily reliant on manufacturing and construction industries, which are suffering from higher energy costs and supply disruption. Item Club, an economic forecasting group, predicts 5,700 jobs will be lost in South Wales, and 2,800 in the Humber over the year. But the economic damage from the energy shock will run wider – as households across the country cut back on discretionary spending in the face of a surge in the cost of living.…