Big Four consultancy EY has said that the UK economy could perform better than first expected this year if the Strait of Hormuz re-opens.

Big Four consultancy EY has said that the UK economy could perform better than first expected this year if the Strait of Hormuz re-opens.

The EY economic outlook cautions that GDP could slow to 0.5% this year and contract by 0.2% next year if the Strait of Hormuz remains shut into 2027.

Britain's economy may shrink in 2027 if the Strait of Hormuz closure continues. Forecasters predict a 0.2% contraction if the waterway remains shut until mid-2027. This scenario…