The Guardian view on Britain’s economy: to profit politically a recovery must be felt in people’s pockets

Editorial: The chancellor can point to growth and lower inflation, but weak job data, flat living standards and uncertain productivity are no reason to cheer

BP chair removed over ‘unacceptable’ governance oversight and conduct issues; UK petrol prices hit new Iran war high – as it happened

Rolling coverage of the latest economic and financial news

Oil price rises back above $100 a barrel as energy market may be past ‘point of no return’

Crude rises after US strikes on Iran dampen hopes of peace deal, with experts saying talks appear stuck in ‘endless loop’

Next boss warns over ‘dramatic fall’ in UK entry-level jobs

Peer’s comments come as Milburn report is likely to find government has failed to tackle youth unemployment

NS&I failures pile on the agony for bereaved families chasing missing premium bonds

Errors and delays in tracing accounts at the trusted savings institution have compounded the stress of relatives losing loved ones

UK consumers likely to face higher prices ‘for many months to come’

Data shows even if Iran war ends, shop price inflation on rise, while only 16% of firms left unscathed by conflict

With oil markets nearing the danger zone, a US-Iran deal can’t come soon enough

Global prices are approaching a tipping point that could trigger inflation, shortages and, over time, recession

Even if the Iran war ended today, US fuel prices aren’t likely to normalize this year

Prewar US gas prices averaged about $3 a gallon nationally – kiss that number goodbye for 2026

UK borrows more than forecast in April as inflation adds to benefits bill

The £24.3bn figure comes amid rising cost of pensions as bond market jitters take monthly debt interest to £10.3bn

Starmer says he will campaign for Burnham in Makerfield byelection – as it happened

Prime minister tells reporters he would campaign personally in the contest

Britain’s politicians need to worry less about the bond markets – and more about the Bank of England

A new model of central banking would weaken the power of bond vigilantes – and help progressive politicians pay for transformative change, says academic Daniela Gabor

UK service sector activity slumps in one of sharpest declines for a decade

Firms hit by ‘perfect storm’ of uncertainty about Labour leadership and impact of Iran war

Schools are ‘pipeline’ to joblessness for many people, says ex-Labour adviser

Ban social media and reform education to tackle scandal of young people not in work or study, says Peter Hyman

Manchester shows biggest fall in inner-city deprivation in boost for Burnham

City made outsized contribution to falling levels of deprivation between 2010 and 2025, thinktank finds

Reeves to promise free summer bus rides for children and food tariff cuts in living costs package

Chancellor launches ‘Great British summer savings scheme’ after Keir Starmer postpones fuel duty increase Planned fuel duty rise to be scrapped, says Keir Starmer