Britain's Sky-High Energy Costs Have Wiped £30BILLION Off UK GDP, Report Finds

Britain's sky-high energy costs have wiped £30BILLION off UK GDP, report finds

Sky-high industrial energy costs have wiped £30billion from UK GDP, analysts say. Energy bills for British businesses are the highest in Europe, resulting in power-hungry industries struggling to keep pace with international peers, researchers from EY say. This has meant these sectors have shrunk as the wider economy grew, with an estimated cost to GDP of £30billion since 2019. EY’s UK Economic Outlook report for May finds that in 2019, industri…

Middle East conflict to weigh on UK growth, EY warns

The UK economy’s growth is forecast to grow by 0.8% in 2026, falling from a previous forecast of 1.3%, as disruption to global energy supplies impacts national momentum and drives inflation higher, according to EY’s latest UK Economic Outlook.  It comes as consumer spending is predicted to grow by 0.3% in 2026, significantly lower than the 0.9% growth forecast prior to the energy disruption. The average UK household has also shifted its budget t…

Global energy supply disruption to slow UK GDP growth from 1.3% to 0.8% this year

The conflict in the Middle East is forecast to weigh on the UK economy and exacerbate longstanding national challenges related to consumer spending and energy prices, according to the new EY UK Economic Outlook. EY analysis shows that, prior to the outbreak of the conflict in the Middle East, UK GDP was on track to […]

UK Consumers Feel Impact of Middle East Tensions

The conflict in the Middle East is forecast to weigh on the UK economy and exacerbate longstanding challenges for retail and hospitality businesses, according to the new EY UK Economic Outlook.EY analysis shows that, prior to the outbreak of the conflict in the Middle East, UK GDP was on track to grow by 1.3% in 2026. However, the disruption to global energy supply and subsequent effect on prices and inflation are now predicted to weigh on the U…

Middle East conflict increases longstanding challenges on retail and hospitality businesses - Credit Connect

The conflict in the Middle East is forecast to weigh on the UK economy and exacerbate longstanding challenges for retail and hospitality businesses, according to the new EY UK Economic Outlook. The analysis shows that, prior to the outbreak of the conflict in the Middle East, UK GDP was on track to grow by 1.3% in 2026. However, the disruption to global energy supply and subsequent effect on prices and inflation are now predicted to weigh on the…

Retailers face £78bn spending black hole as Middle East conflict knocks consumer confidence

UK consumer spending growth is expected to slow sharply this year as conflict in the Middle East weighs on economic momentum and adds further pressure to retail and hospitality businesses. The latest EY UK Economic Outlook forecasts consumer spending will rise by just 0.3 per cent in 2026, down from the 0.9 per cent growth the UK was on track to achieve before the conflict. EY also cut its GDP growth forecast for the year from 1.3 per cent to 0.…