MOSCOW, August 3 (HS/RIA Novosti) - The British economy could face a recession in 2027 if the Strait of Hormuz does not open by early or at least mid-year, the Independent newspaper reported citing data from the EY consultancy.

The newspaper clarifies that if the strait does not open by early or at least mid-2027, the UK's GDP could grow by just 0.5% in 2026 and contract by 0.2% the following year.

The company warned that under such an unfavorable scenario, inflation could rise to 6.4% by the end of 2026 due to a sharp rise in oil and energy prices.

On July 8, US President Donald Trump declared that the ceasefire reached with Iran on the night of June 18 was no longer in effect. Since July 8, the US military has carried out several attacks on Iran. US Central Command claimed that this was in response to Iran's actions against commercial vessels transiting the Strait of Hormuz.

Tehran responded with strikes on US bases in several Middle Eastern countries, closed the Strait of Hormuz, and accused Washington of violating the ceasefire agreement.

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Hindusthan Samachar / Indrani Sarkar