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

The shipping group Clarkson’s has reported its best ever half-year performance this morning, benefiting from disruption in the Middle East.

Its pre-tax profit shot up 56% to £61.5m in the first six months of the year, compared with the same period in 2025.

Clarksons delivered a record first half performance, reflecting both the investment into our underlying business and the exceptional volatility caused by the disruption to global trade from global conflict including the situation in the Strait of Hormuz. We expect the full year performance of the group to be materially ahead of market expectations.

The conflict affects our national security, our UK bases, personnel and allies in the Middle East. But it also threatens our economic security: impacting the family finances of millions of British people.

And I know that many British businesses have been put under pressure by increasing costs too. Conflict and uncertainty increases inflation, threatens growth and pushes up costs for businesses and governments alike.”