The UK is set to experience the steepest slowdown in growth among G20 economies as a result of the war involving Iran, the OECD warns.The organisation now expects UK GDP to expand by just 0.7% this year, a marked downgrade from its earlier 1.2% forecast.At the same time, UK inflation is projected to rise to about 4%, up sharply from previous estimates. Global forecasts were also adjusted.While...

President Donald Trump used his Truth Social account to sharply criticise NATO partners and Britain over their responses to recent tensions with Iran.He accused allies of failing to assist the United States and warned they would be remembered for their lack of support.He also urged Iranian negotiators to accept a settlement quickly, saying delay could lead to irreversible consequences. Trump...

After eight years of talks, Australia and the European Union have finalized a wide-ranging free trade agreement in Canberra valued at roughly A$10 billion.The pact removes almost all customs duties between the two sides and also deepens cooperation on defence, supply-chain resilience and critical minerals — steps officials said are designed to withstand growing global uncertainty.Tariffs on...

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...

A leading offshore trade group has urged the UK government to allow more North Sea oil and gas activity, warning that shrinking domestic output is leaving the nation exposed to volatile global markets.Offshore Energies UK (OEUK) said recent supply shocks and rising crude prices have underlined the need for more home-grown hydrocarbons to reduce import dependence.The trade body pointed to...

A fresh shock from the Middle East has sent energy markets reeling and reopened a debate Europe hoped it had settled.Months after stepping away from Russian fuels, EU capitals now face sharp price jumps and renewed political pressure as supplies tighten.After Russia’s 2022 invasion of Ukraine, the EU moved quickly to cut dependence on Moscow. Oil flows from Russia have almost disappeared for...

Households face a sharp rise in energy costs from July, with consultancy Cornwall Insight projecting an increase of roughly £332 a year for a typical dual-fuel home.The firm estimates the annual bill under Ofgem's price cap for July to September would reach about £1,973, up from the current level of £1,641.Cornwall Insight is updating its outlook weekly because of large swings in wholesale...

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...

Missile attacks on Qatar's key energy hub at Ras Laffan have caused heavy damage to liquefied natural gas and gas-to-liquids facilities, sending gas prices sharply higher and raising concerns about a prolonged hit to global supplies.Ras Laffan is Qatar's main LNG processing complex, handling roughly one-fifth of the world's liquefied natural gas.The site, near the North Field and about 80km...