Surveys by the British Chamber of Commerce showed that most British exporters and manufacturers were affected by disturbances in the Red Sea caused by attacks on ships there.
The British Chambers of Commerce reported that 55 percent of exporters reported that their businesses were affected, and 53 percent of manufacturers and service companies were affected, a category that includes retailers and wholesalers. Across all business transactions, 37 percent reported an impact.
Container rental costs have also quadrupled, according to some companies, while others have faced delivery delays of between three and four weeks, as well as cash flow difficulties and a shortage of spare parts.
In turn, the Bank of England highlighted the turmoil in the Red Sea as a key upside risk to inflation this year, although the attacks and wider conflict in the Middle East have so far had less of an economic impact in Britain than originally feared.
The Standard & Poor’s Purchasing Managers’ Index showed that British business costs rose at the fastest rate in six months in February. Many manufacturers cited higher shipping costs associated with the disruptions in the Red Sea, but higher wage bills were a bigger factor for most.
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