Burnham warned of Iran war impact on UK growth next year
Summary
Andy Burnham was told that if problems in the Strait of Hormuz continue until 2026, the UK economy will grow very little in 2027. The conflict involving Iran has caused higher oil and fuel prices and disrupted supply chains, slowing down economic growth.Key Facts
- UK officials have a report saying the economy might only grow by 0.3% in 2027 if the Strait of Hormuz issues last until late 2026.
- The conflict in the Middle East has affected UK businesses and slowed economic growth this year.
- Higher costs for oil and fuel are linked to the Iran war.
- Supply chains have been disrupted due to the conflict.
- The UK economy started the year strong but then slowed down.
- Official UK statistics for April to June growth are expected to show about 0.4% growth.
- Government planners consider different possible future scenarios for the economy.
- The new prime minister and chancellor have seen this economic forecast.
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