Andy Burnham has been briefed that the UK economy will barely grow next year if disruption in the Strait of Hormuz continues until the end of 2026.
Treasury sources have confirmed that internal modelling presented to the new prime minister and chancellor suggests UK GDP growth could be as low as 0.3% in 2027, as first reported by Bloomberg.
Government officials say they routinely plan for all possible scenarios.
The UK economy saw a strong start to the year, but growth then faltered with the conflict in the Middle East affecting some businesses. The Iran war has pushed up oil and fuel prices, and also disrupted supply chains.
On Thursday, official figures will show how much the economy grew between April and June of this year.
Economists are expecting growth of 0.4% for the three months.
BBC News
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