UK firms halt investments and hiring as Iran war pushes up costs, bosses warn
Summary
UK businesses are slowing down investment and hiring because of higher costs linked to the war in Iran and political uncertainty at home. Rising energy prices and supply problems are causing companies to focus on managing expenses instead of growing.Key Facts
- The US-Israeli war on Iran began over two months ago, affecting global markets and UK businesses.
- More than half of mid-sized UK companies say increased energy and fuel costs, plus supply chain issues, are their biggest challenges.
- UK employers are putting cost control ahead of business growth due to these pressures.
- Job vacancies in the UK fell by 7.7% from March to April and are down 5.6% compared to last year.
- Some job categories, like pilots and travel agents, saw big drops in postings, while others like nannies and sales executives increased.
- The UK government plans new support measures to help households and businesses cope with economic pressures.
- About a third of businesses want to use more UK suppliers or bring production closer to home to reduce risks.
- UK economic growth was 0.3% in March despite the Iran war starting at the end of February, but future growth is uncertain.
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