6:28 am, April 29, 2026
UK economy set for £35bn hit from Middle East energy crisis, think tank says
The Middle East energy shock could wipe around £35bnfrom the UK economy over the next two years in a ‘best-case’ scenario, an economic think tank has warned.
The National Institute of Economic and Social Research (Niesr) said that a more protracted crisis in the Middle East could see the UK enter a recession in the second half this year.
It indicated that the Bank of England’s committee rate-setters are likely to increase interest rates this summer as a result, with the potential for up to six more hikes in a more severe scenario. It predicts interest rates to be held at a meeting tomorrow (Apr 30), but will rise to 4% in July.
BP slammed over ‘astronomical’ profits amid oil price spike caused by Iran war
BP has come under fire after revealing profits more than doubled in the first three months of the year thanks to the soaring cost of crude caused by the Iran war.
The FTSE 100 firm revealed its preferred profit measure – underlying replacement cost profit – surged by over 130% to a better-than-expected 3.2bn US dollars (£2.4bn) in the first quarter, up from 1.38bnUS dollars (£1.02bn) a year earlier and 1.54bn US dollars (£1.13bn) in the previous three months. Most analysts had expected first quarter profits of 2.67bn dollars (£1.97bn).
Campaigners accused the group of profiting at the expense of households, who have seen fuel prices rocket at the pumps and are set to see energy bills jump higher when the price cap is next updated on July 1.
Caterham reveals new Seven ‘Miami Special Edition’
Caterham is set to introduce a new limited-run version of the Seven track day sports car with the ‘Miami Edition’ at this week’s Formula One Miami Grand Prix.
The special edition is finished off in bespoke Aqua custom paint with a unique Miami Edition decal pack in Vibrant Pink and White. At the rear, there is a ‘Miami’ script and a silhouette of the Formula One Miami race track. Inside, the Miami script is embossed into the head rests while there is an individual numbered plaque on the dashboard.
The Caterham Seven Miami Edition will make its debut at this weekend’s Formula One Miami Grand Prix, though the car will only be available for the American market. Only 12 will be made.
The markets
The FTSE 100 nudged higher on Tuesday as investors weighed the Middle East crisis and reports that OpenAI has missed internal targets for users and revenue.
The FTSE 100 closed up 11.70 points, 0.1%, at 10,332.79. The FTSE 250 ended down 180.01 points, 0.8%, at 22,399.42, and the AIM All-Share fell 8.28 points, 1.0%, at 786.90.
The pound eased to 1.3505 US dollars on Tuesday afternoon from 1.3549 dollars on Monday. Against the euro, sterling ebbed to 1.1534 euros from 1.1543 euros.
Starmer to face MPs after defeating bid to investigate claim he misled Commons
Sir Keir Starmer will face MPs after defeating a bid to launch an inquiry into claims he misled Parliament over the Peter Mandelson affair.
Wednesday’s Prime Minister’s Questions will be the last before Parliament is suspended, or ‘prorogued’, ahead of the start of a new session on May 13.
The weekly grilling is likely to see Sir Keir face further questions from the Conservatives about Lord Peter Mandelson, following a day when Labour MPs were whipped to oppose a Tory motion calling for the prime minister to be investigated over his insistence that due process was followed in the peer’s appointment as ambassador to the US.
King hails ‘truly unique’ alliance in speech to US Congress
The King has acknowledged victims of sexual abuse in the wake of the Jeffrey Epstein scandal highlighting in a speech to Congress the ‘collective strength’ of the UK and US to support survivors.
Charles delivered an address to both houses on Capitol Hill telling the assembled politicians the partnership between the two nations is ‘more important today than it has ever been’.
And he said when Britain and America drew on their common values to come together: ‘This, I believe, is the special ingredient in our relationship’.
Tuesday on Car Dealer
Car dealer group Hendy falls to huge loss as late accounts finally posted – plus 2025 will be bad too
Car dealer group Hendy has finally published its long-overdue accounts for 2024 that show an ‘extremely disappointing’ £18.1m loss before tax.
Cazoo positioned as ‘credible challenger’ to Autotrader as Motors ditches brand
Motors will rebrand its advertising business as Cazoo next month as the latter is the only ‘credible challenger’ to Autotrader, the company has said.
BMW selects UK car dealers to take part in brand’s ‘Classic Partner’ pilot scheme
BMW has teamed up with its UK dealer network to provide a new pilot scheme aimed at making life easier for owners of its classic models.
Car Dealer Power ‘gives a level of credibility that really matters’ – vote for your winners now!
Winning a Car Dealer Power Award gives businesses ‘a level of credibility that really matters’, a former winner has said.
Weather
Sunny and warm across most of the UK today after early fog clears in the north-east, reports BBC Weather. Windy conditions affect south Wales and England, especially along coasts.
Tonight, cloud and light showers reach the far south-west, while most areas stay clear. Winds remain strong in Wales and southern England.
