UK economy shrank by 0.1% in April as Iran war held back growth

The UK economy contracted by 0.1% in April as the Iran war began to take its toll on growth, official figures show. As energy prices have risen as a result of the conflict, after Iran closed off the strait of Hormuz – a vital shipping route for global trade – the UK’s strong expansion in the first quarter slid into reverse. The fall in gross domestic product in April, which had been expected by economists, followed a 0.3% increase in March, according to the Office for National Statistics. …