IoD press release  GDP declines as impact from Middle Eastern conflict spreads

“April’s decline in GDP shows impacts from the Middle East spreading across the economy. Manufacturers, wholesalers and those in transport, accommodation and travel are all reporting lower turnover arising from the conflict.  Meanwhile the prices of crude oil inputs are up 75% on the year. These impacts will only deepen and spread as time passes, with higher inflation eroding consumer incomes and spending. For businesses, sharply rising fuel, transport and input costs, slowing decision-making and declining confidence are combining with a turbulent and costly domestic policy environment, creating strong headwinds to growth. As the UK continues to navigate these challenges, the careful management of policy trade-offs matters more now than ever. The removal of barriers to growth, from tax and regulation and the delivery of a predictable policy environment, must remain the focus of government policy action.”