Retail sales rise in Great Britain after Iran war prompted ‘panic at the pumps’

Motorists stocking up on fuel helped to push up retail sales in Great Britain last month as the Iran war prompted “panic at the pumps” amid rapid rises in petrol and diesel prices.The Office for National Statistics (ONS) said the volume of retail sales rose by 0.7% last month, well above analysts’ forecasts of just 0.1%.That rise was driven by a 6

Stock markets will fall, Bank of England deputy governor says

Record-high global stock markets do not reflect the risks in the global economy, and will fall back, a deputy governor at the Bank of England has said.Sarah Breeden, the deputy governor for financial stability at the Bank, fears that macroeconomic risks are not fully priced into equity markets. She cited concerns about private credit markets, highly valued artificial intelligence stocks, and other “risky valuations”.Breeden told the BBC: “There’s a lot of risk out there and yet asset prices are at all-time highs. We expect there will be an adjustment at some point

‘Dumb mistake’: Mayfair club Annabel’s gave managers bonus from staff service charge

The restaurant tycoon Richard Caring has admitted his private members club Annabel’s made a “dumb mistake” after staff revolted over the use of more than £70,000 of their pre-Christmas service charge takings to pay managers’ bonuses.Just one table of diners at the exclusive Mayfair venue, which has hosted celebrities, financiers and aristocrats ranging from Kate Moss and Harry Styles to the late queen, can spend more than £10,000 in an evening, according to workers.Guests pay an optional 15% service charge, which goes to staff, and a further £3-a-head cover charge, which is kept by the company. The Guardian has seen evidence that Annabel’s, where a latte costs £6, a cheeseburger £26 and a ribeye steak £125, can collect more than £100,000 in service charges in just one week.One member of staff said that “everyone got mad” when workers realised their share of the bumper service charge takings in the run-up to Christmas had been reduced by as much as £70,000 to hand bonuses to about 50 managers

Feeling gloomy about the economy? The ‘vibecession’ has arrived in Australia – but experts are less worried

Australian households were already on edge before the bombs started falling in Iran.The cost of living was high and inflation was accelerating again, forcing the Reserve Bank to start ratcheting up interest rates.It’s clear that this is a time of deep uncertainty and anxiety.Nevertheless, it is striking that more than six in 10 Australians reckon the country is either already in a recession, or will be in the next 12 months, according to a poll conducted for the Nine newspapers.Just 15% thought the country would avoid a deep downturn, while 22% said they were unsure

Reform UK asks steel bosses to draft ‘alternative strategy’ for industry

Reform UK has asked steel bosses to draw up an “alternative steel strategy” to rival recent government plans, stoking industry fears over a charm offensive by Nigel Farage’s party as it eyes gains in former Labour heartlands.Richard Tice, Reform’s deputy leader, met a group of bosses shortly before Labour announced new steel tariffs in March and commissioned them to draft a competing plan that will include scrapping net zero policies.The party is trying to harness growing anger at the government for high business energy bills, exacerbated by the Iran war, which are damaging steel companies and the wider manufacturing sector. Reform’s overtures have received a mixed reception across the industry.One of the plan’s authors, the boss of a steel fabricating company, said Tice had made them feel Reform “cares about the industry” more than Labour

Revealed: UK oil refinery owner moved Russian loans to offshore subsidiary where sanctions did not apply

Days after the first wave of Russian tanks surged over the border into Ukraine in March 2022, dockers at a port in northern England took a stand.Appalled by Vladimir Putin’s brutality, workers at Ellesmere Port in Cheshire vowed never to unload any Russian oil destined for the nearby Stanlow refinery, a major hub for UK fuel supplies.As the spotlight fell on Essar, the Indian-owned conglomerate that is Stanlow’s parent company, it also acted fast, ceasing all imports of Russian fuel.But analysis of the Essar group’s company accounts by the Guardian and SourceMaterial, an investigative journalism organisation, raises questions about whether the flow of money was staunched as swiftly as the flow of oil.In the months after the invasion, Essar entered into complex offshore arrangements that appear to have enabled the group to keep dealing with a Russian bank under sanctions from the west

BP’s chair deserved a kick for his silly obstinacy over shareholder resolution

BP has fresh faces in the boardroom and a rigged strategy: it’s pivoting back to oil and gas and away from its low-carbon assets in an attempt to improve a weak share price. One can agree or disagree with the approach. But it was a silly act of overreach for a newish chair to try to stifle debate on such matters.That, in effect, was what Albert Manifold did when he excluded a resolution for Thursday’s annual meeting from Follow This, a Dutch investor group. The proposal itself cannot be described as explosive

Lockheed Martin CEO sees Trump’s Pentagon as ‘golden opportunity’ for growth

Lockheed Martin’s CEO has called the Trump administration a “golden opportunity” for the company as it expands its contracting work for the federal government amid the conflict in the Middle East.In an earnings call on Thursday covering the first quarter of 2026, Lockheed Martin CEO Jim Taiclet told investors that the company is well positioned “based on more available resources for us”.“This is a golden opportunity right now based on who’s in government,” Taiclet said, citing “their experience, their willingness to change, the demand that they have for what we do and what our partners in our industry do”.He added that the company could move past the “burden” that came with government contracting and move it “towards a commercial contracting system”.“I’m encouraged by all of this in the evolving landscape,” Taiclet said

Iran war hurting UK economy as consumer confidence falls; BP’s new chair suffers investor revolt – as it happened

Breaking: UK consumer confidence has fallen for the third month in a row, as people grow more nervous about their personal financial situation and the economy.Data provider GfK’s Consumer Confidence Barometer, just released, has fallen by four points to -25 in April, the biggest drop in a year.That’s the lowest level since autumn 2023, indicating that the disruption and high energy prices caused by the Iran war is alarming consumers.When asked about the UK economy, the measure for the country’s general economic situation over the last 12 months decreased by eight points to -51. Expectations for the general economic situation over the coming 12 months fell by six points to -43, GfK reports

Simon Edye obituary

My friend and one-time employer Simon Edye, who has died aged 73, ran the popular Ronaldo Ices in Norwich for more than 40 years, starting with one homemade, hand-hauled Victorian-style barrow and going on to supply shops, restaurants, theatres and visitor attractions throughout East Anglia.Born in Sidlesham, West Sussex, to John Edye, a journal editor, and Alison (nee Allan), a teacher, Simon was the eldest of three brothers. He went to Chichester high school for boys, then in 1970 started a social sciences degree at the University of East Anglia, but dropped out, settled in Norwich and tried his hand at various jobs: fruit and veg picker and ganger, acupuncturist, taxi driver and bicycle repairman, for which a friend painted the humorous sign “Honest Ron Enterprises – Bicycle Repairs”.With Simon’s brother, Jo, “Honest Ron’s” then went into the stir-fry business, with a stall at Stonehenge, Albion Fairs in East Anglia, and even the Epsom Derby. In 1983, Simon built his barrow and started selling ice cream on Norwich’s pedestrianised London Street

UK braces for price rises driven by Iran war as economic confidence plummets

Confidence in the UK economy has fallen sharply amid the mounting economic fallout from the Iran war, surveys show, as businesses prepare to raise their prices and consumers brace for a fresh cost of living shock.Highlighting the knock-on effect of the Middle East crisis in Britain, several closely watched surveys of business activity and consumer confidence blamed the US-Israeli war on Iran for a marked deterioration in the outlook in April.The latest barometer from the data company GfK showed UK consumer confidence slid in April to its lowest level since October 2023, while three separate business surveys revealed an increase in cost pressures facing companies and an expectation they would raise their prices over the coming months.Neil Bellamy, consumer insights director at GfK, said soaring fuel prices and the prospect of higher energy costs were a constant reminder to consumers of the inflationary shock from the war.“Consumers really do have the jitters now,” he said

American Airlines says soaring price of jet fuel will cost it $4bn this year

The soaring price of jet fuel will cost American Airlines another $4bn this year, the carrier has said, wiping out forecast profits.The airline, the world’s largest by passengers flown, said the fuel crisis from the US-Israel war on Iran could push it into losses during 2026, having forecast profits approaching $1.8bn before bombing started.The price of jet fuel has more than doubled since the conflict began at the end of February. While many European airlines have hedged their fuel, locking in a purchase price for months or years ahead, American carriers have been exposed to the price rises

​Folded​, whipped or baked into something golden, ricotta ​i​s brilliant and adaptable

My record for making ricotta and lemon ring cake is three minutes and 42 seconds. That doesn’t include heating the oven or baking, or finding a recipe, which is in my head. It does include getting out the utensils (bowl, spatula, grater, scale, ring tin) and the ingredients (ricotta, olive oil, flour, sugar, baking powder, eggs, lemons), then speed-mixing everything in one bowl, scraping the batter into the tin and getting the tin in the oven via a discus throw. The timer is stopped as the oven door is closed. This is not relaxing cooking, it is entertaining cooking

Rachel Roddy’s recipe for almond and lemon spiced treacle tart | A kitchen in Rome

It wasn’t that dessert trolleys were banned in Italy during Covid, but guidelines from the Instituto Superiore di Sanità (national institute of health) were so (necessarily) rigorous around these “potential vehicles of the virus” that most places banished them to storerooms. Happily, many restaurants have since retrieved them from their long stay, so they glide or rattle between tables once more, or sit parked in an admirable position. This isn’t my first time mentioning the dessert trolley at La Torricella here in Testaccio, having written about its fabulous puff pastry and cream millefoglie in the past. But another dessert that might catch your eye as you enter the restaurant and look right at the cloth-covered trolley parked under the bar is what owner Augusto refers to as torta medievale, because of its spiced almond and dried fruit filling. It’s an unassuming but extremely good thing

I’m welcoming ​in spring ​with ​big ​Mediterranean ​flavours

A combination of the warmer weather, dusting off my sunglasses and the impending release of my new book, MEDesque (out on Thursday!), has got me fully focused on sunshine food and Mediterranean flavours. OK, so I’m not quite in rosé-in-the-garden territory just yet, but it’s close. And I am counting down the days. At home, I am leaning heavily on recipes from the queen of all things Med, Claudia Roden, to get my fix. Big hitters such as her bean stew with chorizo and bacon and chicken traybake with olives and boiled lemon deliver on all fronts, and immediately transport me to my favourite region

Save blue cheese rind for this unbeatable dressing – recipe | Waste not

On a single crumb of cheese rind there are more than 10 billion microbes: that’s more microbial cells than there are people on Earth. Cheese rind is an intensified expression of the cheese, with a powerful flavour and highly concentrated community of good bacteria, yeast and mould. But it is misunderstood and underrated, and often removed and discarded. Though it can be intense, it’s almost always edible, unless it’s grown new mould or contains synthetic plastic, wax or cloth, which should be removed.Like an apple or slice of bread, the skin, crust or rind add texture, flavour and nutrients to the eating experience

Head’s up: 12 main-course cauliflower recipes from easy to ambitious

Cauliflower looks like the ghost of broccoli, or a human brain that has been drained of blood. As is the case with many overlooked vegetables, boiling is the absolutely second-worst way to cook it (we do not talk about cauliflower rice), while roasting is best, to coax out its sweet and nutty flavours. A whole head is very good and affordable in Australia at the moment and can easily feed a whole family.Marrying florets with warm spices and fragrant baked rice, Meera Sodha’s vegan recipe is finished with a drizzle of fresh lemon juice to keep the flavour fresh. Pick a purple cauliflower and the acid at the end will flush the florets bright pink

How do I get texture and that umami hit without meat? | Kitchen aide

I’ve recently given up eating pork, but I’m struggling to compensate for its umami. How can I recreate the taste and texture in, say, carbonara or my beloved chorizo dishes?James, by emailFor Joe Woodhouse, author of Weeknight Vegetarian, there’s just something about white beans: “Whether cooked from dried, then dropping chopped onion, garlic, sage and thyme into the broth, or just dumping a jar or tin into a pan with fried garlic and sage, the smell that fills the kitchen is like that of sausagemeat,” he says. “It tastes a bit like it, too – or at least the memory of it, bearing in mind I haven’t eaten the stuff for 30 years.”The quest for that umami savouriness could start with soy sauce, Woodhouse says (“or Slow Sauce’s oat shoyu”), while chef Mike Davies’ first port of call would be Totole’s Chinese mushroom seasoning powder: “It’s super-effective in replacing the richness and fattiness that comes from cooking with any meat, and especially pork,” says the chef-director of the Camberwell Arms, south London. “Honestly, it’s such a cheat-code ingredient

Georgina Hayden’s quick and easy recipe for smoky prawn, new potato and spinach stew | Quick and easy

This Spanish-style stew is a superb midweek dinner – it’s effortless but looks specialThis Spanish-inspired stew is a great weeknight dinner, particularly if you are having a few friends over, because it feels a bit special while actually being effortless and easy. If you want to take that effortlessness to the next level, make the potato base in advance, then finish off with the spinach and prawns just before serving (I like to do as little cooking as possible in front of guests, leaving me free to chat and pour drinks). Serve with a peppery, lemon-dressed salad on the side and hunks of crusty bread to mop up the juices.Prep 5 min Cook 35 min Serves 44 tbsp olive oil, plus extra for drizzling 5 garlic cloves, peeled, 4 finely sliced, 1 left whole½ tsp sweet smoked paprika ¼ tsp mild chilli powder 1 tbsp tomato puree 250g ripe tomatoes, choppedSea salt and black pepper 300ml fish stock 600g new potatoes, halved (or quartered if very large)1 lemon 150g baby spinach 350g peeled king prawns, deveined, if you like6 tbsp mayonnaise ½ bunch flat-leaf parsley, finely choppedPut a large, deep, ovenproof frying pan on a medium-low heat and drizzle in the olive oil. Add the sliced garlic, fry for a minute, then stir in the paprika, chilli powder and tomato puree

How to make creme caramel – recipe | Felicity Cloake's Masterclass

I don’t know why this classic French dessert isn’t more popular online, given how pleasant it is to watch a softly set custard jiggling seductively on screen, or to admire the way the light bounces off its glossy, caramel top. Worse still, it’s also increasingly hard to find on menus, too. Well, you know what they say: if you want something done well, do it yourself.Prep 15 min Cook 50 minCool 4 hr+ Makes 6For the custardSoft butter, or neutral oil (eg, sunflower, vegetable or groundnut), for greasing500ml whole milk (see step 2)1 vanilla pod, or 1 tsp vanilla extract 2 whole eggs 100g caster sugar 4 egg yolksFor the caramel60g caster sugar 40g soft dark brown sugar (see step 3)1 pinch saltLightly grease six dariole moulds, small pudding bowls or smooth-sided ramekins.Arrange these on a baking tray or shallow tin, preferably one just large enough to hold them all without too much room around the edge, and put it within easy reach of the hob

Making a splash: demand for raw and ‘brewed’ milk growing in UK

Farmers and delivery firms launch new options for those seeking alternative to traditionally pasteurised productRaw milk has long been popular, as well as controversial, in the US. While health authorities warn it can carry harmful bacteria, supporters argue it is more natural, and it has also become tied to anti-government and “natural living” movements.In the UK, it is now gaining popularity, particularly among younger consumers, farmers say, as a less processed option, with new products launching to meet demand.Raw milk comes straight from the cow (or sheep or goat) and has not been pasteurised, the process of heating liquids to eliminate harmful pathogens and make them safe to drink.Because it does not undergo this heat treatment, the Food Standards Agency warns that raw milk can cause food poisoning, posing particular risks to pregnant women, young children and people with weakened immune systems

Holy Carrot, London E1: ‘As good as plant-based dining gets’ – restaurant review | Grace Dent on restaurants

This place is about so much more than just a portobello mushroom in a white bap masquerading as dinnerHoly Carrot has, cough, taken root in Spitalfields, east London. It’s the second sprouting from this plant-based restaurant with a name that’s especially hard to sell to meat-loving friends. “Please come with me to a vegan restaurant,” one might say. “It’s not one of those pious places, honest! Oh, um, the name? Holy Carrot.” In fairness, though, it’s generally tricky to cajole meaty people to venture anywhere vegan or even vegetarian, because there’s always a sense that your steak addict acquaintance is enduring their meal “as an experiment”, and despite quite charitably being “willing to be convinced”

Helen Goh’s recipe for Anzac sandwich biscuits with dark chocolate filling | The sweet spot

Anzac biscuits are closely associated with Anzac Day on 25 April, which commemorates the members of the Australian and New Zealand Army Corps who served in the first world war. Made with oats, coconut and golden syrup, the biscuits are said to have been popular because they travelled well and kept for long periods, making them suitable for sending to forces overseas. My version here, a slightly less austere take on the classic, sandwiches two small biscuits with a lightly salted, olive oil-enriched dark chocolate ganache. The result is crisp at the edges, soft within and not too sweet.Prep 5 min Cook 35 min, plus cooling Makes 12 sFor the biscuits 90g rolled oats 45g plain flour 40g light brown sugar 30g caster sugar 40g desiccated coconut 80g unsalted butter 40g golden syrup ½ tsp bicarbonate of soda ¼ tsp fine sea saltFor the ganache110g dark chocolate (60-70% cocoa solids), chopped60ml single cream 2 tsp olive oil ¼ tsp flaky sea saltPut the oats, flour, sugars and coconut in a medium bowl and whisk to combine

Move over matcha: how ube cocktails and coffees are hitting the UK’s sweet spot

Bright purple coffees and cocktails made with a root vegetable called ube have hit the high street in the UK after the yam’s striking hue caused a sensation on social media. Many are calling ube the “new matcha”, and it has a nutty, creamy, sweet taste, like a mix between coconut and vanilla.Ube coloured and flavoured drinks became popular in the US last year, after an earlier boom in Australia. Farmers in the Philippines, where the root vegetable is often sourced, have been struggling to meet demand.Now, the purple drinks have crossed the pond: Starbucks and Costa both launched ube drinks in their UK stores last month