6:38 am, March 16, 2026
UK interest rate cut off the table amid Middle East conflict, economists say
Soaring energy prices caused by the war in Iran means an interest rate cut this week ‘makes no sense’, with future reductions also hanging in the balance, economists have said.
Economists have changed their opinion on what will happen to interest rates following the escalation of conflict in the Middle East.
Most are now expecting the Bank of England’s Monetary Policy Committee (MPC) to keep borrowing costs unchanged at 3.75% at its next announcement on Thursday, having previously guided towards a cut.
Chinese retail giant launches in UK with new Joybuy business
Chinese online retail giant JD.com is launching in the UK through its new Joybuy platform, as it seeks to target bargain-hunting British shoppers.
The £30bn e-commerce firm is launching the shopping platform on Monday. It’s China’s largest retailer, and will offer products across technology, appliances, beauty, home, groceries and other essentials.
The move comes after US and Hong-Kong listed JD.com pulled out of talks for two separate deals to buy major UK retail brands over the past two years.
In 2024, the group abandoned plans for a possible deal to buy Currys, and last September it walked away from talks over a potential takeover of Argos from Sainsbury’s.
Denza Z9GT to kick-start ‘Flash Charging’ network in Europe
The Denza Z9GT will make its debut next month and will kick-start the firm’s ‘Flash Charging’ network across Europe.
Denza is the premium sub-brand of the Chinese manufacturer BYD. The Z9GT will be the first car from BYD to be compatible with the its ultra-rapid flash charging. Denza claims that the car can be topped up at speeds of 1,500kW, allowing for 10 to 70% to be completed in just five minutes; a 10 to 97% recharge in nine minutes and 20 to 97% in 12 minutes.
Further details on the plans of BYD’s flash charging network in the UK will be revealed later this year, alongside how it will be supported with the Z9GT’s launch.
The markets
Stock prices in London closed in the red on Friday, as January’s UK gross domestic product reading disappointed and uncertainty around ongoing developments in the Middle East persisted.
The FTSE 100 Index closed down 44.00 points, 0.4%, at 10,261.15. The FTSE 250 ended down 97.64 points, 0.4%, at 22,071.10, and the AIM all-share closed down 7.64 points, 1.0%, at 759.38.
The pound fell to 1.3233 dollars on Friday afternoon from 1.3353 dollars at the equities close on Thursday. The euro stood lower at 1.1437 dollars from 1.1522 dollars. Against the yen, the dollar was trading higher at 159.58 yen compared with 159.21 yen.
PM pledges cost of living help after resisting Trump’s call for warships
Sir Keir Starmer will pledge to help households with the cost of living amid the energy price spike caused by the war in the Middle East, after he appeared to resist Donald Trump’s calls to send warships to the region.
The prime minister will on Monday say that helping households with living costs is ‘my first priority’ as he announces a subsidy for those who use heating oil to warm their homes, after they faced price spikes caused by the war.
Sir Keir on Sunday did not heed calls from Trump to deploy warships to secure the Strait of Hormuz, a key oil trade route in the Middle East being blockaded by Iran.
Petrol retailer group criticises ‘inflammatory language’ as staff face abuse
A petrol retailer trade group has accused ministers of using ‘inflammatory language’ over rising fuel prices that has led to abuse against forecourt workers.
The Petrol Retailers Association (PRA) had threatened to pull out of the Downing Street meeting with chancellor Rachel Reeves and energy secretary Ed Miliband on fuel costs, taking place on Friday afternoon, for fears it could further incite attacks on workers.
The PRA later said it would take part in the meeting after assurances from the Treasury that it would be held in private, which the group said would ‘allow a conversation to explain how the fuel market works’.
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Vaughan tells court he didn’t oust Waddell for CEO role because he could have ‘got any job I wanted’
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Large SUVs ‘more dangerous’ to pedestrians – London may consider new charges
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Competition watchdog puts fuel retailers ‘on notice’ to prevent drivers being ripped off
Fuel retailers are being put ‘on notice’ that the competition watchdog is probing petrol and diesel prices in light of the Middle East conflict to prevent drivers being ripped off at the pumps.
Weather
Early showers will fade through the morning before cloud thickens from the west, reports BBC Weather. A band of rain will spread across Northern Ireland, Scotland, Wales and much of England later.
Tonight the rain gradually clears, though some light patches linger in the west. It stays breezy with plenty of cloud and clearer spells in the east.
