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 0.3% 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 vital shipping route for global trade – the UK’s strong expansion in the first quarter slid into reverse. Continue reading...

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