[Impact of Iran War Causes Significant Contraction in UK Service Sector] According to a report by Jinse Finance, on July 3, the ongoing impact of the Iran war has caused the UK’s dominant service sector activity to contract for the second consecutive month in June, marking the largest decline since early 2023. The UK’s June Services PMI final reading fell from 49.3 in May to 48.8, declining for the second straight month and reaching its lowest level since January 2023. This figure is also lower than the previously announced preliminary estimate of 48.7. A reading below 50 indicates that the service sector is in a state of contraction. Overall, the rate of new business contraction hit its fastest pace since November 2022. Businesses expressed concerns about who will succeed UK Prime Minister Starmer and their fiscal policies, as well as global inflationary pressures.