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UK economy faces recession if strait of Hormuz remains closed, EY warns - business live

The UK economy could slide into recession if the Strait of Hormuz remains closed, warns EY. A potential GDP contraction of 0.2% is on the horizon, while oil prices are dropping as Middle Eastern tensions ease.

The Guardian· Aug 3, 2026 · 1:33 PM · 32 views

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The UK economy could slide into recession if the Strait of Hormuz remains closed, warns EY. A potential GDP contraction of 0.2% is on the horizon, while oil prices are dropping as Middle Eastern tensions ease. Full story and more reels: https://newsreel.video #news #breaking #economy #UK #recession #oilprices #MiddleEast

Originally reported by The Guardian. Read the full story →

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