A major industry group is warning the UK it must boost domestic oil and gas production to avoid growing dependence on imported fuel as global tensions push prices higher.Offshore Energies UK (OEUK) says the government should rethink its ban on new North Sea exploration licences, arguing that Britain risks exposure to supply shocks if more home-grown output is not allowed.Energy markets have...

Mortgage borrowers, and first-time buyers in particular, are facing a sudden squeeze as lenders withdraw low-deposit deals and interest rates climb sharply.Industry data show more than 200 low-deposit mortgage products have been removed since 6 March, with one day seeing 52 deals pulled and another 30 taken off the market.Overall, over 20% of products available at the start of the month are no...

Another surge in energy prices has jolted Europe, reviving memories of the 2022 shock that followed Russia’s invasion of Ukraine.This time the trigger is instability in the Middle East, which has disrupted key shipping routes and sent markets into a fresh tailspin.The EU had vowed to end its heavy dependence on Russian fuels after 2022 and moved quickly: Russia now supplies almost none of the...

A Russian drone hit a residential building in Zaporizhzhia, killing two people and wounding two children, local officials say.The attack came on the eve of new negotiations between Ukrainian and American delegations in the United States.The talks, which had been paused after the recent escalation in the Middle East, are expected to cover Ukraine’s response to Washington’s temporary easing of...

The flare-up around Iran is already sending sharp ripples through the UK economy, touching everything from farmers' fuel supplies to homebuyers' mortgage deals.Even though Britain does not import Iranian gas, recent missile strikes have driven up global energy prices fast enough to affect domestic markets.Farmers are rationing red diesel and some mortgage offers have been withdrawn as lenders...

Chancellor Rachel Reeves will set out her Budget in the House of Commons around 12:30 GMT, facing pressure to find extra revenue while promising investment to cut NHS waiting lists and tackle the cost of living.She has flagged that tough but fair decisions are needed to reduce national debt and drive growth, with an immediate response from opposition leader Kemi Badenoch expected after the...