6:39 am, April 2, 2026
Reeves to work with supermarket bosses amid fears over food inflation
The chancellor and supermarket bosses agreed to explore together how to ease the cost of living for consumers amid a warning that the Middle East conflict could see food inflation soar higher than 9% by the end of 2026.
The Food and Drink Federation (FDF), which represents 12,000 food and drink manufacturers, hiked its inflation forecast for the year in light of the conflict.
Rachel Reeves and energy secretary Ed Miliband hosted supermarket bosses, including from Tesco, Sainsbury’s and Aldi, for talks at No 11 on Wednesday.
Factory input price inflation jumps by most since 1992 due to Iran war – survey
Britain’s manufacturing sector has seen the biggest monthly jump in input prices for more than 30 years as the Iran war wreaks havoc on supply chains, according to a survey.
The S&P Global UK manufacturing purchasing managers’ index (PMI) survey, watched closely by economists, showed that the input price inflation index jumped by 15 points between February and March – the biggest rise since the UK withdrew from the European Exchange Mechanism (ERM) on so-called Black Wednesday in 1992.
The report also showed that delivery delays worsened due to the Middle East conflict as ships have been forced to re-route around the blocked Strait of Hormuz, which is a key shipping route. Manufacturing production also contracted for the first time in six months in March, according to the survey.
Mazda CX-5 goes on sale priced at £31,550
Mazda has announced that the new CX-5 has gone on sale priced from £31,550.
Entry-level Prime-Line gains a 10.25-inch digital driver’s display and a 12.3-inch infotainment system, while top-spec Homura gets ambient lighting and tan leather upholstery.
All models are hooked up to a 2.5-litre naturally-aspirated ‘e-Skyactiv G’ petrol engine with 24-volt mild-hybrid technology.
The markets
European stocks rallied on Wednesday as comments from both sides of the Middle East war gave some conviction for a near-term end to hostilities.
The FTSE 100 closed up 188.34 points, 1.9%, at 10,364.79. The FTSE 250 ended up 484.48 points, 2.3%, at 21,688.19, and the AIM All-Share advanced 22.13 points, 3.1%, at 739.25.
The pound rose to 1.3324 dollars on Wednesday afternoon from 1.3205 dollars at the equities close on Tuesday. Against the euro, sterling firmed to 1.1476 euro from 1.1463 euro. The euro stood higher against the greenback at 1.1608 dollars from 1.1523 dollars. Against the yen, the dollar was trading lower at 158.66 yen compared to 159.02 yen.
‘Build up some delayed courage’ and grab Strait of Hormuz, Trump tells nations
Donald Trump has said countries which rely on the vital Strait of Hormuz shipping lane for oil should ‘build up some delayed courage’ and ‘just grab it’.
The US president also said after the Iran conflict was over, the critical waterway would ‘just open up naturally’.
But while there were thinly veiled jibes at allies that had refused to take part in his offensive against Tehran, more strident criticism was missing from the American leader’s 19-minute address to the nation.
Lift-off for first manned Moon mission in more than 50 years
Nasa’s first manned Moon mission in more than 50 years that will take astronauts deeper into space than any human has gone before has blasted off.
The 322-foot rocket, carrying four crew members, successfully launched from Cape Canaveral in Florida at 6.36pm local time (11.36pm BST).
The four astronauts reached orbit ahead of circling the Earth for about 25 hours before catapulting towards the moon, their flight tracked from Goonhilly Earth Station in Cornwall.
Wednesday on Car Dealer
Used car dealer Saxton 4×4 returns to profit despite revenue falling £18m in 2025
Europe’s ‘largest used Land Rover dealer’ saw profit bounce back into the black last year after a punishing 2024.
Low mileage and nearly-new petrol cars dominated March’s fastest selling vehicles
Low mileage and nearly-new petrol cars dominated March’s fastest selling vehicles, according to the latest data from Cazoo and Motors.
Smiths Nissan backs future automotive talent at Inter-College Skills Competition
A Nissan dealership in Cambridgeshire was involved in a special event at a local college of further education recently.
Podcast: Drivers holding onto cars longer as EV doubts and cost pressures bite
Car buyers are keeping hold of their vehicles for longer due to cost-of-living concerns and confusion over EVs, an delaying their next purchase.
Weather
Sunny for many at first, but cloud will build from the west through the day, reports BBC Weather. Heavy rain and stronger winds will reach Northern Ireland and western Scotland later.
Overnight, rain spreads east with hill snow in Scotland, while elsewhere stays breezy, cloudy and showery, especially in western areas.
