The UK jobs market showed a small drop in unemployment to 4.9% by February, but signs of weakness remain, such as fewer people working and weak wage growth. The conflict in Iran and rising energy prices may make the economic situation more difficult, and the Bank of England is cautious about raising interest rates aggressively.
Key Facts
UK unemployment fell from 5.2% to 4.9% in the three months to February.
Economic inactivity increased, meaning more people are not looking for work.
The number of payrolled jobs declined by 65,000 in March compared to a year earlier.
Annual pay growth slowed to 3.8%, the weakest since autumn 2020.
Real wage growth, after adjusting for inflation, was only 0.7%, the lowest since mid-2023.
Rising energy prices and the Iran conflict threaten the UK’s economic recovery.
Economists expect unemployment to rise through 2026 due to economic slowdown.
The Bank of England may hold interest rates steady rather than raise them aggressively because wage growth remains weak.
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Oil prices fell slightly while most Asian stock markets rose amid uncertainty about U.S.-Iran talks aimed at ending the war. U.S. President Donald Trump announced Vice President JD Vance would visit Pakistan, but Iran did not agree to continue negotiations after the U.S. Navy seized an Iranian cargo ship.
Key Facts
Brent crude oil price dropped 1% to $94.44 per barrel; U.S. crude fell 1.2% to $86.19.
Asian stock markets mostly increased: Japan’s Nikkei rose 0.9%, South Korea’s Kospi gained 2.6%, Taiwan’s Taiex went up 1.8%.
Hong Kong’s Hang Seng index increased by 0.4%, while China’s Shanghai Composite fell 0.1%.
Australia’s S&P/ASX 200 declined slightly by 0.1%.
U.S. President Donald Trump said Vice President JD Vance will hold talks in Islamabad, Pakistan.
Iran showed no commitment to continuing negotiations after the U.S. Navy seized an Iranian-flagged cargo ship.
A ceasefire agreement between the U.S. and Iran is set to expire Tuesday night, creating uncertainty about peace prospects.
Oil prices remain below recent peaks despite ongoing war concerns, and U.S. economic indicators show resilience due to consumer spending.
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Primark’s owner, Associated British Foods (ABF), plans to separate Primark from its food businesses like Twinings and Kingsmill by the end of 2027. The company reported lower sales and profits partly due to weak consumer spending, which may be affected further by the Middle East conflict.
Key Facts
ABF will split Primark from its food business, called FoodCo, by the end of 2027.
Group sales dropped 2% to £9.46 billion in the six months ending February 28.
Pre-tax profits fell 9% to £632 million in the same period.
ABF’s sugar business performed worse than expected and is forecasted to lose money this year.
Primark’s sales declined 2.7% globally, with UK sales rising but European sales falling 5.6%.
The company said the Middle East conflict is affecting consumer confidence and spending.
George Weston, ABF’s CEO, will lead the food business after the split.
Eoin Tonge will stay as CEO of Primark after the separation.
ABF believes the split will help both businesses grow and improve shareholder returns.
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Purdue Pharma will be sentenced to pay $225 million to the Justice Department to settle thousands of lawsuits about its role in the opioid crisis. As part of a deal, the Sackler family who owns Purdue will pay up to $7 billion over 15 years, mostly to government programs fighting opioid addiction.
Key Facts
Purdue Pharma pleaded guilty in 2020 to three federal criminal charges about opioid sales practices.
The company admitted it failed to stop its painkillers from being sold illegally on the black market.
Purdue also paid doctors and a medical records company to encourage more opioid prescriptions.
A judge will order Purdue to forfeit $225 million to the Justice Department.
In the plea deal, the government waived $5.3 billion in criminal fines and $2.8 billion in civil penalties.
The Sackler family will pay up to $7 billion over 15 years to state, local, and tribal governments and some victims.
The settlement is one of the largest and includes money for both government programs and some victims directly.
Total opioid-related settlements with drug companies in recent years exceed $50 billion, mostly for overdose prevention.
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UK unemployment fell to 4.9% in the three months to February, lower than expected. However, wage growth slowed and experts predict more job losses due to the Middle East conflict and economic challenges.
Key Facts
UK unemployment rate dropped from 5.2% in January to 4.9% in February.
Wage growth, excluding bonuses, slowed to 3.6%, the lowest since November 2020.
Private sector pay growth fell slightly from 3.3% to 3.2%, aligning with Bank of England inflation targets.
The Bank of England will review employment and inflation data before deciding on interest rates on April 30.
Iran war starting February 28 has not yet affected February jobs data, but March payrolls fell by 11,000 workers.
Job vacancies are at their lowest level in nearly five years, but vacancies per unemployed person stay about the same.
Economic forecasts expect unemployment to rise to 5.8% by mid-2027, with about 250,000 extra job losses linked to the Middle East crisis.
The IMF recently lowered the UK’s growth forecast for 2026 from 1.3% to 0.8%, the biggest downgrade among G7 countries.
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The UK unemployment rate fell unexpectedly to 4.9% in the three months leading up to February. Wages grew by 3.6% annually during this period, rising faster than inflation despite a slower growth pace.
Key Facts
The unemployment rate in the UK dropped to 4.9% from an expected 5.2%.
The data covers the three-month period up to February.
The Office for National Statistics (ONS) provided these figures.
Wages increased by 3.6% year-on-year between December and February.
Wage growth is still higher than inflation, meaning pay raises outpaced price increases.
Analysts had predicted the unemployment rate would stay the same at 5.2%.
The UK economy showed stronger growth than expected in February.
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The war in the Middle East has caused a fuel crisis that forced many ceramic factories in Morbi, India’s ceramics hub, to shut down due to a shortage of propane and natural gas. This has led to job losses and many migrant workers returning to their hometowns.
Key Facts
Morbi, in western India, is the center of the country’s ceramics industry, employing over 400,000 workers.
More than 600 ceramic companies operate in Morbi, producing about 80 percent of India’s ceramics products.
At least 450 companies in Morbi have stopped working because they cannot get enough propane and natural gas.
The fuel shortage is linked to the war between the US, Israel, and Iran, which has disrupted gas supplies through the Strait of Hormuz.
Many migrant workers, like Pradeep Kumar, have lost their jobs and returned to their poorer home states.
The Morbi Ceramic Manufacturers Association has closed units until April 15, hoping the crisis will improve.
The ongoing conflict has caused global fuel supply disruptions and higher oil prices.
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An ancient breed of white park cattle in the UK has been added to an urgent "priority" at-risk list by the Rare Breeds Survival Trust due to a sharp drop in calf numbers. The charity also moved three other native livestock breeds to the priority category and is calling for more government support to protect these rare animals and their environmental roles.
Key Facts
White park cattle, an ancient breed linked to the Celts, saw calf births drop to less than two-thirds of 2022 numbers.
The Rare Breeds Survival Trust upgraded white park cattle, original population Lincoln red cattle, Boreray sheep, and Soay sheep to the "priority" risk category in its 2026 watchlist.
White park cattle are described as semi-wild and partially domesticated, with long horns and a history dating back 2,000 years in Britain.
Their numbers declined due to industrial farming and low financial incentives for farmers to keep native breeds.
White park cattle contribute to conservation grazing, which helps maintain wildlife habitats.
The charity emphasizes the importance of these breeds for biodiversity and urges environmental policies that support them.
Some native breeds like Aberdeen Angus cattle and Manx Loaghtan sheep are increasing in population.
The UK government says it supports at-risk native breeds through sustainable farming schemes and habitat funding.
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A monthly pop-up shop in Kettering, Northamptonshire, gives free clothing, toiletries, and household items to people facing financial difficulties. The initiative is part of a local council program aimed at helping families cope with rising living costs.
Key Facts
The pop-up shop is run by LIVE Kettering at Drover's Hall.
People receive tokens to choose up to 10 free items like school uniforms and work clothes.
The service started because of the increasing cost of living in the area.
It serves multiple towns, including Kettering, Wellingborough, and Corby.
Visitors say the free items help them save money on essentials like food and clothing.
Kettering is described as a less wealthy town with many people struggling financially.
The project is organized with support from North Northamptonshire Council.
The pop-up shop aims to support the local community during economic challenges.
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Denby Pottery, a ceramics company in Derbyshire founded in 1809, is facing financial troubles due to rising energy and labor costs and entered administration on March 31. More than 40,000 people have signed a petition asking the government to include the ceramics industry in a financial support program called the British Industry Supercharger scheme to help with electricity costs.
Key Facts
Denby Pottery appointed administrators on March 31 because of high energy and labor costs.
A petition started by former worker Hayley Baddiley calls for ceramics firms to join the British Industry Supercharger scheme, which currently covers sectors like steel and chemicals.
The petition got over 40,000 signatures in four days; 100,000 are needed for a parliamentary debate.
The UK ceramics industry employs more than 20,000 people and is worth about £2 billion.
More than 80 Denby Pottery workers have already been made redundant during the administration process.
Amber Valley MP Linsey Farnsworth supports the petition and believes this will help attract new investors.
The government said it is in talks with industry groups and unions to support historic industries like ceramics during tough economic times.
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Farmers in the UK are struggling with a big rise in the price of red diesel, a type of cheap fuel used for farming. This increase is causing them to reconsider planting crops and could lead to higher food prices and shortages in the future.
Key Facts
Red diesel price increased from 78p per litre before the Middle East war to £1.22 recently, peaking at £1.38 in early March.
The conflict in the Middle East started on 28 February and caused fuel prices to rise.
Prices have dropped slightly after a ceasefire announcement on 8 April but remain 56% higher than before the war.
Farmers use red diesel for off-road vehicles, making it important for planting and harvesting crops.
Fertiliser costs have also gone up, for example, a tonne bag rose from £336 to £390 since last year.
Farmers report that the price they get for wheat is not rising enough to cover their increasing costs.
Some farmers are cutting expenses like farm insurance to manage costs, which is risky.
The government extended a 5p fuel duty cut until September and keeps an 80% tax discount on red diesel.
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Palantir, a US technology company known for spy tools, published a manifesto praising American power and suggesting some cultures are less advanced. UK politicians criticized the document, expressing concern about Palantir’s large government contracts, including a £330 million deal with the NHS and others with police and defense agencies.
Key Facts
Palantir’s manifesto stated some cultures have made important progress while others remain “dysfunctional.”
The manifesto called for the US to bring back military conscription (a draft).
The company predicted a future with autonomous (self-operating) weapons controlled by AI.
UK Members of Parliament (MPs) called the manifesto a “parody” and “disturbing.”
Palantir has contracts in the UK worth over £500 million, including with the NHS, police, and Ministry of Defence.
MPs worry Palantir’s views and culture may not fit with handling sensitive UK government data.
The company’s CEO, Alex Karp, has made controversial statements about AI and political power shifts.
MPs want the UK government to reconsider or end Palantir’s contracts, especially with health and financial regulators.
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The Australian Competition and Consumer Commission (ACCC) is suing Woolworths for allegedly using misleading price promotions that made customers think they were getting real discounts. The ACCC claims Woolworths raised prices temporarily before marking items as "Prices Dropped" discounts, which may have misled shoppers about actual savings.
Key Facts
The ACCC filed a court case against Woolworths about its “Prices Dropped” promotion.
Between September 2021 and May 2023, Woolworths raised prices on at least 266 products before offering them at a “discount.”
The items were sold at the original price for 180 days or more, then the price went up by at least 15% for less than 45 days before the promotion.
The third price shown during the promotion was often higher than the long-term original price before the temporary increase.
The ACCC calls this practice “marketing magic,” suggesting it tricks customers into thinking they got a real deal.
In one example, a family pack of Oreos was raised from $3.50 to $5.00 before being “discounted” to $4.50, which was still more than the original price.
Woolworths often agreed with suppliers on the discounted price while also planning price increases beforehand.
The case is similar to a previous one against Coles for misleading price promotions.
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Apple has named John Ternus as its next CEO, taking over from Tim Cook in September. Ternus is a long-time Apple engineer known for leading the hardware division, including work on Apple’s own computer chips and products like the Apple Watch and AirPods.
Key Facts
John Ternus will become Apple’s CEO on September 1, replacing Tim Cook.
Tim Cook will become the executive chair of Apple’s board of directors later this year.
Ternus has worked at Apple since 2001 and became head of hardware engineering in 2021.
He led the development of Apple’s custom silicon chips that boosted Mac sales.
Products launched under his leadership include the Apple Watch, AirPods, and Vision Pro headset.
Tim Cook praised Ternus for his engineering skills and leadership qualities.
Ternus graduated in mechanical engineering from the University of Pennsylvania.
Ternus will face challenges in advancing Apple’s artificial intelligence technology, especially in updating Siri and launching new AI products.
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Businesses began applying for refunds of tariffs imposed during President Trump's term that the Supreme Court later ruled unconstitutional. However, some companies are facing problems using the new online system created to handle these refunds.
Key Facts
Businesses can now request refunds for tariffs from President Trump's administration.
The tariffs were ruled unconstitutional by the Supreme Court.
A new online portal was launched to manage these refund requests.
Some users have experienced technical problems when trying to use the portal.
The refund process started on Monday.
The situation is being covered by CBS News with reports from Jo Ling Kent.
The issue affects companies that paid tariffs under these now-invalid rules.
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The government plans to change how electricity prices are set, aiming to reduce the impact of rising gas costs on energy bills by moving some older renewable energy producers to fixed-price contracts. This change is expected within about a year and is part of a larger effort to promote clean energy and protect consumers from price spikes caused by fossil fuel markets.
Key Facts
The government will propose weakening the link between electricity prices and gas prices to protect consumers.
Older renewable energy projects will be shifted to fixed-price contracts instead of prices tied to gas.
This change aims to reduce sudden electricity bill increases when gas prices rise.
Renewable energy already generates a large share of electricity but current pricing ties bills to gas costs.
About one-third of Britain's electricity comes from older renewable projects targeted by the change.
The plan will be subject to public consultation and could be implemented in about a year.
The government may increase the windfall tax on some electricity generators to encourage switching contracts.
Additional proposals include easier planning rules for electric car chargers and more solar panel installation by businesses.
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The Trump administration started an online system to give money back to businesses hurt by tariffs that the Supreme Court said were illegal. Some businesses have already said they are having problems using the new refund website.
Key Facts
The Trump administration created a website to refund businesses affected by certain tariffs.
These tariffs were ruled illegal by the Supreme Court.
The refund portal became available on a Monday.
Reports have emerged that some businesses are experiencing difficulties with the refund system.
The portal is intended to help businesses recover costs caused by these tariffs.
The news was reported by CBS News and MoneyWatch.
The issue concerns U.S. economic policy and government programs.
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Many young adults in the UK are working two or three jobs to cover their living costs. This trend is increasing, especially among people under 30, as the cost of daily life and housing rises.
Key Facts
A record 1.35 million adults in the UK now have at least two jobs.
Young adults (under 30) are the main group working multiple jobs, called "poly-employment."
Ashlin works 60 hours a week as a civil servant, waitress, and baker to afford living expenses.
Cait works three jobs to pay off debt from maternity leave and hopes to save for a house.
Chloe balances freelance design work, teaching, and care home shifts, aiming for a creative industry career.
Multiple jobs make it hard for workers to have free time or rest.
High living costs and expensive mortgages are driving people to take on extra work.
Some see multiple jobs as temporary until they can get better full-time roles.
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Fuel thefts in the UK have increased by 62% compared to last year, with thieves stealing more expensive amounts due to rising fuel prices linked to the war involving Iran. Petrol retailers report more frequent unpaid fuel drive-offs, and police along with the government are working to stop the problem.
Key Facts
Petrol thefts have risen by 62% over the last year.
The average amount stolen per theft has increased by 46%, now nearly £70 per incident.
Rising fuel prices since the Iran conflict have pushed petrol costs up by £14 and diesel by £27 per tank.
A petrol station owner with five sites suffers about five unpaid fuel incidents weekly per site.
Some thefts are planned and organized, while others may involve people who simply forgot to pay.
Theft problems are worse in less wealthy areas like east/south east London, Glasgow, Manchester, Leeds, and Birmingham.
Police are increasing efforts to catch offenders and work with fuel retailers.
The government says those who steal fuel must face legal consequences.
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The UK government plans to move older wind and solar farms onto fixed-price contracts for electricity. This aims to protect consumers and businesses from sudden spikes in gas prices, which strongly affect electricity costs.
Key Facts
Older wind and solar farms make up nearly one-third of Great Britain’s power market.
These renewable projects currently get extra payments on top of the market price.
The new plan asks these projects to switch to contracts that pay a set price for electricity.
Fixed-price contracts help separate electricity prices from gas price changes.
The move is voluntary but linked to avoiding higher taxes on extra profits.
The UK’s electricity prices are very high because about 30% of power comes from gas plants.
Gas prices influence the whole electricity market, causing price swings for consumers.
The government wants to lower price shocks and promote more clean energy and electric alternatives.
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