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Government fears UK economy could shrink in face of attacks on shipping in Red Sea


pellinore

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The UK made a brilliant decision to put up trade barriers with the world's biggest market 20 miles away, so we could trade globally instead. What could go wrong with trading with companies 12 thousand miles away?

A shipping giant boss described “significant disruption” to global trade that is already being felt “down to the end consumer”. Before the military strikes on Thursday, Maersk chief executive Vincent Clerc had urged a “stronger mobilisation” to repel the attacks to avoid higher prices for customers.

Around a quarter of the world’s shipping containers are currently being diverted from the area, with traffic forced to take a longer route around Africa’s Cape of Good Hope.

About 15 per cent of global seaborne trade passes through the Red Sea, according to the White House, including eight per cent of global grain, 12 per cent of seaborne oil, and eight per cent of the world’s liquified natural gas.

Tesla announced that it would be suspending most of its production at a Berlin factory as it faced a shortage of components following the Red Sea attacks. The US electric car maker said: “The armed conflicts in the Red Sea and the associated shifts in transport routes between Europe and Asia via the Cape of Good Hope are also having an impact on production in Gruenheide.”

Tesco boss Ken Murphy said earlier this week that the disruption “could inflate the cost of some items but we just don't know at the minute”.

Government fears UK economy could shrink in face of attacks on shipping in Red Sea (msn.com)

Edited by pellinore
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Well if the UK economy shrinks because of safety to shipping concerns in the Red Sea, then the rest of the world will also suffer. 

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