The British Chambers of Commerce announced that most British exporters and manufacturers were affected by the disturbances in the Red Sea resulting from Houthi attacks on ships.

According to the survey conducted between January 15 and February 9, about 55% of exporters reported being affected, and about 53% of manufacturers, retailers and wholesalers reported repercussions of the tensions taking place in the shipping lane.

Some companies reported that container rental costs had quadrupled their value, while others faced delivery delays of three to four weeks, as well as cash flow difficulties and spare parts shortages.

Earlier, the Bank of England highlighted Red Sea turbulence as one of the upside risks to inflation this year, as increasing costs and logistics expenses are one of the main challenges facing companies.