UK unemployment unexpectedly drops to 4.9% in the quarter to February, but vacancies sink to a five-year low and payrolled jobs fall as SMEs feel the squeeze from the £25bn NI hike and the Iran war energy shock. Read more: Unemployment dip flatters to deceive as SME hiring freezes amid Iran shock
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Soaring energy costs and fractured supply chains are set to tip Britain to the edge of a technical recession by the summer, with smaller businesses bearing the brunt of the squeeze, according to the Item Club’s latest forecast. Read more: Britain to ‘flirt’ with recession as Iran oil shock rattles SMEs
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Tesco chief Ken Murphy urges ministers to ease tax and energy costs as the grocer posts an 8.5% profit rise and widens guidance amid the Iran conflict. Read more: Tesco urges ministers to ease cost burden as Iran conflict clouds outlook
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SDCL Efficiency Income Trust (SEIT) has abandoned its rescue plan and opted for a managed wind-down after pressure from activist Saba Capital, leaving retail investors nursing potential losses of more than 50 per cent on £1.1bn raised. Read more: Retail backers of SEIT face wiping out half their money as green trust raises the white flag
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Amazon is repurposing its shuttered Fresh convenience stores as Whole Foods outlets in London, but with cumulative losses exceeding £200m, questions remain over the strategy’s viability. Read more: Amazon bets on Whole Foods to salvage its troubled UK grocery ambitions
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The Bank of England warns the Iran war could trigger a financial crisis, with rising mortgage costs, inflation and market volatility hitting UK households. Read more: Bank of England warns Iran war could trigger financial crisis risks
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SpaceX is preparing for what could become the largest stock market debut in history after confidentially filing for an initial public offering that may value the company at more than $1.75 trillion. Read more: SpaceX files for record-breaking IPO with $1.75tn valuation target
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London food suppliers face rising costs and disrupted imports as the Iran war drives up fuel prices and strains global supply chains. Read more: Iran war drives up costs and disrupts supply for London’s food markets
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Barclays is scaling back lending to smaller borrowers after losses linked to private credit firm collapses, shifting focus to larger corporate clients. Read more: Barclays pulls back from small business lending after private credit losses
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UK borrowing costs surge to highest since 2008 as gilt yields hit 5%, driven by energy price spikes and inflation fears linked to Middle East conflict. Read more: UK borrowing costs hit highest level since 2008 as markets reel from energy shock
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