A month into a Gulf crisis, closure of the Strait of Hormuz has driven oil to $120 a barrel, adding £307m to UK fuel costs and threatening £150 on annual food bills. The OECD says £15bn has been wiped from UK growth, the US cost is put at $25bn, and over a million people have been displaced in Lebanon.
Washington has given Tehran ten more days to reopen a key shipping strait, pausing planned action while talks continue. UK officials warn of diesel shortages by mid‑April and higher prices if flows don’t resume. A senior US figure also said London is within range of long‑range missiles.
Chancellor Rachel Reeves faces claims from business figures and opponents that the Treasury is benefiting most from high pump prices via duty, VAT and green levies, after she criticised retailers. Supporters say measures tackle unfair pricing; critics urge tax cuts to ease costs.
NS&I’s chief has been sacked amid claims of a cover‑up linked to a savings scandal. The Treasury knew last year and had already cut his bonus. A review will examine service failings and the scale of affected customers, with compensation and further action possible.
Economists warn the UK faces a triple hit: growth cut to 0.7% in 2026 with recession risk, inflation at 4%—twice the Bank’s target—and an energy crunch from Gulf disruption. The squeeze threatens higher fuel and home energy bills, weaker wage growth, rising unemployment and a £10bn hole in public finances.
Experts warn counterfeit World Cup football kits may contain unsafe chemicals, posing health risks. With official strips costly, some fans could turn to replicas sold online and in markets. Trading standards advise buying from authorised retailers to avoid harm and losing money.
New guidance tells parents to cap under-5s’ screen time at one hour a day to support development. Limits are said to aid sleep, language and attention. Families are urged to favour reading, active play and outdoor time, and to avoid screens at meals and before bed.
OECD cuts the UK’s 2026 growth forecast to 0.7% from 1.2%, the sharpest downgrade in the G20, blaming fallout from a Gulf crisis linked to US policy. It warns of higher inflation and tougher headwinds for Britain.
Trump has extended by 10 days the deadline to reopen the Strait of Hormuz, saying talks are progressing and suspending planned military action. Washington says Tehran is considering concessions and inspections, while analysts caution shipping and energy markets remain exposed.
Official data show 33,005 hospitality firms have closed since the Budget, with pubs, cafes and hotels hit hardest. Critics blame Labour’s tax rises for lost jobs. Ministers say the programme is needed to repair the public finances and will support long‑term growth.