Most British companies are experiencing negative consequences from the conflict in Iran or expect them in the short term, The Times reported, citing a report by the Association of British Chambers of Commerce.
According to the report, such sentiments are evident in the management of 80% of the 800 companies surveyed. More than 55% of the companies reported that they had already been affected by the US and Israeli strikes on Iran, while another 25% expect similar negative consequences in the future.
The most pessimistic sentiment is in the manufacturing sector. 68% of companies there have already felt the impact of events in the Middle East, while another 23% expect it soon. Companies said they were bracing for potential shocks, including rising energy prices, supply chain disruptions and increased material costs.
“Even if the current ceasefire soon marks the end of the conflict, its economic consequences will be felt for many months to come. The geopolitical kaleidoscope is shaken and there is no quick fix,“ said William Bain, head of trade policy at the Association of British Chambers of Commerce.