6:21 am, May 11, 2026
UK set to shed 163,000 jobs amid Iran war fallout – report
Britain is expected to lose 163,000 jobs this year amid the economic woes caused by the Iran war with lower income regions set to be hit hardest, according to a report.
The Item Club’s latest regional outlook warns that two of the UK’s lowest income regions – South Wales and the Humber – will suffer the most painful jobs market woes in the next year or so because of sharp energy price rises.
They are heavily reliant on manufacturing and construction industries, which Item Club cautions will shed jobs in response to higher costs and supply disruption from the Middle East conflict.
TG Jones faces administration if not restructuring by end of July, lenders told
TG Jones’ lenders have been warned that the retailer faces being put into administration by the end of July if they do not approve restructuring plans to close up to 150 shops.
Modella Capital, the owner of the chain that was formerly WH Smiths high street shops, has laid out its turnaround plan to the company’s creditors.
Its proposals involve Modella injecting some £35m worth of funding into the business while also slimming down the chain, following eight stores being shut down earlier this week. It intends to close up to 150 shops as part of the restructuring and said there could be job losses as a result.
Renault 4 ‘Plein Sud’ goes on sale priced at £27,445
Renault has announced that the R4 ‘Plein Sud’ has gone on sale with a starting price of £27,445 after the Electric Car Grant.
The Plein Sud model is equipped with a full-length electric opening canvas roof to give a drop-top-like experience wrapped up in a practical family crossover package.
The roof can be opened in several different positions and Renault claims that the construction has ‘minimal impact on headroom compared to the fixed-roof variant.’
The markets
The FTSE 100 ended a losing week on the back foot as investors weighed UK local election results and fresh clashes between the US and Iran in the Middle East.
The FTSE 100 closed down 43.88 points, 0.4%, at 10,233.07. The FTSE 250 ended down 33.34 points, 0.2%, at 22,849.38, and the AIM All-Share fell 3.89 points, 0.5%, at 814.43.
The pound firmed to 1.3623 dollars on Friday afternoon from 1.3616 on Thursday. Against the euro, sterling was little changed at 1.1568 euros from 1.1567 on Thursday.
Rayner: Starmer needs to ‘set out change’ and bring back Burnham
Angela Rayner has called on Sir Keir Starmer to ‘set out the change our country needs’ as she warned Labour is facing its ‘last chance’ after a disastrous set of election results.
The former deputy leader, widely seen as a potential successor to the prime minister, stopped short of calling for him to quit but set out a series of steps he needed to take to win back working-class voters.
She added that it had been a mistake to block Andy Burnham’s possible return to Westminster, saying Labour needs to bring its ‘best players into Parliament’.
Iran responds to US ceasefire proposal
Iran sent its response to the latest US ceasefire proposal through Pakistani mediators and wants negotiations to focus on permanently ending the war, but US pPresident Donald Trump quickly rejected it as ‘TOTALLY UNACCEPTABLE!’ with no details.
Iran seeks to end the war on all fronts, including in Lebanon, where Israel is fighting the Iranian-backed Hezbollah militant group, and to ensure the security of shipping, state TV said.
Washington’s latest proposal addressed a deal to end the war, reopen the Strait of Hormuz and roll back Iran’s nuclear programme.
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Weather
Cloud and showers in southern areas will gradually clear to sunny spells this afternoon, while most regions enjoy bright weather with isolated north-eastern showers, reports BBC Weather. Northern Scotland will turn cloudier later.
Overnight, rain spreads south-east across northern areas before weakening, while southern England stays largely clear and dry.
