Fertiliser shortages to have dramatic effect on food prices, says Duke of Westminster’s firm Mark Preston, of Grosvenor Group, who owns one of the UK’s leading farms, says knock-on effect of Iran war could arrive next year
Oil prices fall as Trump says strait of Hormuz ‘open to all’ if Iran accepts deal US president says war will end if Tehran agrees to deal, but that ‘bombing starts’ again if it does not
Up to 150 former WH Smith stores face closure, putting thousands of jobs at risk Modella Capital, which rebranded shops as TG Jones, unveils radical restructuring plan, including rent holidays
Airlines among companies using fuel surcharges to cover surge in costs, UK survey shows Firms raising prices at fastest rate in three years, driven by soaring energy and wage bills but also extra materials costs
Cut borrowing costs for poorer countries to free up $900bn for development – report G77 nations spend $8tn a year servicing debts, but analysis shows how comprehensive relief could benefit social spending
Four in five Britons worried Iran war will make food more expensive, poll finds Shoppers concerned about effect of Middle East conflict, as UK retailers say government running out of time to cut costs
Rubio insists US is ‘very fortunate’ as Iran war pushes gas price near $4.50 US secretary of state says US is better off than other countries hit by disruption in oil supplies
UK 30-year borrowing costs hit highest since 1998 amid oil price surge and political uncertainty – as it happened Long-term UK borrowing costs hit 28-year high on expectations of higher inflation, and speculation that local elections could prompt leadership challenge
Rachel Reeves and Scott Bessent argued in person about Iran war, sources say UK chancellor said to have told US treasury secretary she did not like his tone during meeting in Washington in April
New threat to Labour spending plans as UK long-term borrowing costs hit highest level since 1998 Inflation fears fuelled by Iran war and renewed uncertainty over Starmer’s leadership prompt bond sell-off
Reform UK’s immigration policies are a significant risk to the UK economy An exodus of workers will be damaging – and electoral change might help Britain escape instability and low growth
‘There is a good deal of fear’: what would a Labour leadership challenge mean for bond markets? Rayner and Burnham are trying to gain markets’ confidence amid concerns they could loosen fiscal rules if they replace Starmer
The RBA has hiked interest rates. Use our loan calculator to check how it could affect you The RBA has lifted rates again after soaring fuel prices pushed up inflation
UK food prices on track to rise by 50% since start of cost of living crisis Beef and olive oil costs increase the most as climate and energy shocks drive inflation, research suggests
Women in developing countries hardest hit by rising debt burden, UN research finds Study warns women face job losses and increased unpaid care duties as debt and conflict-driven turbulence force spending cuts