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

Rolling coverage of the latest economic and financial news 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 perfo