Posted 2/26/2024, 8:15:42 AM
UK firms face higher costs and delays from Yemen conflict
- British firms facing higher shipping costs and delays of up to 4 weeks due to Houthi attacks in Red Sea
- Over 1/3 of firms surveyed affected, rising to over half of exporters
- Added costs could contribute to higher overall prices in UK economy
- Exporters, retailers, wholesalers & manufacturers most impacted with shortages of goods & components
- UK economy saw drop in total goods exports in 2023; government could provide more support in upcoming budget