5:07 am, June 12, 2026
UK economy set to show Iran war impact in April from surging fuel prices
Britain’s economy is expected to show signs of an impact from the Iran war when official figures are released for April on Friday, with forecasts for a sharp pullback after a surprisingly strong start to the year.
The figures from the Office for National Statistics (ONS) are set to show the beginnings of a squeeze on households after the conflict sent fuel prices surging, with most economists pencilling in a 0.1% decline in output month-on-month during April in a marked reversal after the 0.3% growth seen in March.
Retail figures for April have already revealed sales fell at their fastest rate for almost a year, down 1.3% as soaring petrol and diesel prices hit fuel sales and demand for clothing waned. It is thought that much of the reversal in sales is also down to households having stocked up on fuel in March as prices started rising at the pumps.
Record-breaking SpaceX flotation set to make history
Elon Musk’s rocket firm SpaceX will make its widely anticipated 1.8 trillion US dollar (£1.3 trillion) stock market debut in the US on Friday in what is likely to be the world’s biggest flotation in history.
The company, formally known as Space Exploration Technologies Corp, is offering 555.6 million shares at 135 dollars (£101) each, with an unusually high proportion – 30% – being offered to retail investors alongside large institutional players.
The blockbuster initial public offering (IPO) on the Nasdaq is set to raise 75 billion dollars (£56.2 billion) for SpaceX to help it launch 100,000 next-generation Starlink satellites into orbit as part of aims to deploy artificial intelligence (AI) data centres in space. It could also make Musk the world’s first trillionaire.
MG to debut new compact EV at Goodwood Festival of Speed
MG will unveil a new electric hatchback at next month’s Goodwood Festival of Speed event.
The brand, which already produces a series of electric and hybrid vehicles, says that the new vehicle – expected to be called MG2 – will be a ‘new B-segment electric hatchback due to join the MG range in 2027’.
In addition to this new production model, MG will also be showcasing a new ‘electric design vision’ which will preview and ‘aspirational’ upcoming model set to join the brand’s line-up shortly. However, no further information about this model has been confirmed at this time.
The markets
The FTSE 100 closed higher on Thursday despite ongoing tensions in the Middle East and an interest rate hike in Europe.
The FTSE 100 closed up 49.07 points, 0.5%, at 10,303.88. The FTSE 250 ended up 19.30 points, 0.1%, at 22,970.64, while the AIM All-Share fell 1.42 points, 0.2%, to 770.96.
The pound traded at 1.3342 dollars on Thursday afternoon, down from 1.3397 on Wednesday. Against the euro, sterling eased to 1.1578 euro from 1.1593 on Wednesday.
Starmer’s authority shaken by defence secretary’s exit over military funding
Sir Keir Starmer’s beleaguered premiership has been shaken to its core by the shock resignation of John Healey as defence secretary over a dispute about long-term funding for the military.
Healey was joined in his exit from government by armed forces minister Al Carns, as well as two parliamentary aides, heaping pressure on the prime minister, who is already facing the threat of a leadership challenge.
In a letter announcing his decision, Mr Healey suggested Sir Keir had been ‘unable’ to overrule chancellor Rachel Reeves in meeting the amount of cash which military officials had hoped for in the Defence Investment Plan (Dip).
Belfast stabbing victim’s condition ‘improving’ and he may soon come out of coma
The condition of the Belfast stabbing victim is ‘improving’ and he could be woken from a coma within the next 48 hours.
Stephen Ogilvie lost his left eye and suffered deep cuts to his head, face and back in a stabbing attack on Monday which preceded two nights of disorder in Northern Ireland.
On Thursday night police maintained a presence in areas that witnessed some of the worst disorder over recent nights – including the Newtownards Road in east Belfast and the Sandyknowes roundabout on the northern outskirts of the city – but as of 10pm there were no reports of further significant outbreaks of disorder.
Thursday on Car Dealer
Higher wages and National Insurance costs hit JCT600 profits
JCT600 says increases in National Insurance and minimum wage costs added £3.2m to its annual cost base in 2025, as the dealer group reported a slight fall in profits.
AION ramps up warranty competition with eight-year, 100,000-mile package
New Chinese car maker AION has announced one of the longest new car warranties in the UK, as competition hots up in this once dominated area of car sales.
Leapmotor brings in new customers to Stellantis as Chinese firm eyes up further UK expansion
Leapmotor is bringing a wave of fresh customers into Stellantis, who have never bought from the firm’s brands before.
Weather
After a cloudy start with the chance of light drizzle, conditions will gradually improve today with sunny spells developing through the afternoon and more prolonged sunshine by evening, reports BBC Weather. It will be breezy and feeling warmer.
Tonight stays largely dry with clear spells, light cloud at times and continued breezy conditions.
