Prolonged Iran War Could Tip UK into Recession Next Year, Report Warns The EY economic outlook paints a dire picture for the UK's future if the Iran war continues to simmer and the Strait of Hormuz remains shut.
The report warns that GDP could slow sharply this year, followed by a contraction next year if the situation doesn't improve.
The Strait of Hormuz is a vital waterway, accounting for nearly 20% of the world's oil and gas exports. Its closure has already led to rising oil prices and inflation.