Britain’s economy could be sent into a recession next year if the crucial Strait of Hormuz remains closed into 2027, a new report has warned.
The latest EY economic outlook warns that if the Middle East conflict is not resolved and the vital waterway – through which a fifth of the world’s oil and gas is normally carried – remains shut until early or mid-2027, gross domestic product (GDP) could grow by just 0.5 per cent this year and contract by 0.2 per cent next year.
