Study: 80% of UK Companies Affected by Middle East Conflict

Moscow (ANTARA) - Approximately 80% of 800 UK companies have reported experiencing or likely to experience the impact of the Middle East conflict, according to the British Chambers of Commerce (BCC).

“Four out of five companies, or 80%, reported impacts already felt or anticipated due to the Iran conflict, according to the BCC’s research,” the British Chambers of Commerce stated on Monday (25 May).

“Rising energy prices and shipping costs were the most frequently cited direct impacts by surveyed companies. Over 800 businesses participated in the online survey conducted in April,” the organisation added.

The statement noted that the manufacturing sector was hit hardest, with 68% of companies reporting they have already been affected.

Additionally, 23% of manufacturing firms reported they are likely to be impacted soon.

“The research found that three-quarters of companies, or 75%, expect energy bills to rise over the next year due to the conflict. Of those responding, 43% anticipate energy costs increasing by more than 20% within the next 12 months,” the statement said.

The study also found that the proportion of companies reporting difficulty paying electricity bills rose by 9 percentage points since the start of the year, reaching 36%.