UK economy shrank by 0.1% in April as Iran war held back growth

GDP hit by higher energy prices caused by Middle East conflict, after 3% rise in March

The UK economy contracted by 0.1% in April as the Iran war began to take its toll on growth, official figures show.

As energy prices have risen as a result of the conflict, after Iran closed off the strait of Hormuz – a key shipping route for global trade – the UK’s strong expansion in the first quarter had been expected to slide into reverse.

Continue reading...