BoE delivers message Britons don’t want to hear as inflation – and rates – look set to rise

The US-Israel attack on Iran has already driven prices higher and not just at the petrol pumps, the Bank of England said on Thursday in a gloomy assessment of the UK’s economic outlook.An inflation rate that was on track to fall from 3% to the Bank’s 2% target in the coming months is now expected to rise to 3.5%. That is one probable impact of the US and Israel’s war on Iran.Higher transport and energy costs can quickly flow through to higher food prices, ratcheting up the consumer prices index when the previous trajectory was down

Bank of England holds interest rates at 3.75% and signals rise is possible within months

The Bank of England has kept interest rates on hold and signalled it could be forced to increase borrowing costs within the coming months as the US-Israel war on Iran threatens to drive inflation in the UK above 3%.As households brace for a surge in living costs, the Bank’s rate-setting monetary policy committee (MPC) voted unanimously to keep its base rate at the current level of 3.75% amid growing concern over the surge in energy prices triggered by the conflict.It warned that the “new shock” to the economy would lead to higher than previously expected inflation in the short term, putting further pressure on household finances already battered by a cost of living crisis.Andrew Bailey, the Bank’s governor, said: “War in the Middle East has pushed up global energy prices

PwC partners who fail to embrace AI have no future at firm, US CEO warns

The US boss of PricewaterhouseCoopers has warned that partners who do not get to grips with AI have no future at the consulting firm.Paul Griggs said senior staff who were not “paranoid about being AI-first” would probably be replaced by others who were ready to embrace the technology. “I don’t think anyone gets a free pass here. Anyone,” Griggs told the Financial Times.An employee who thinks they have the “opportunity to opt out” of AI is “not going to be here that long”, Griggs added

BP to sell German oil refinery as part of $20bn cost-cutting plan

BP has agreed to sell its giant German oil refinery site in Gelsenkirchen to the investment firm Klesch Group as part of the British oil company’s plan to sell off $20bn (£15bn) worth of assets and cut its costs.The value of the sale was not disclosed but BP said it would save the oil company about $1bn of underlying operating expenditure at the complex, which processes about 12m tonnes of crude oil every year, mainly as fuel for cars and aircraft.The sale has also enabled BP to raise its cost-cutting target to between $6.5bn and $7.5bn by 2027, or almost a third of its cost baseline in 2023

UK pay growth sinks to five-year low as younger workers hit by hiring slowdown

Wage growth slowed sharply in the three months to January, according to the latest snapshot of the jobs market from the Office for National Statistics.Average earnings growth fell to 3.8% in the three months to January, down from 4.2% – a larger fall than forecast by City economists. It was the slowest rate of wage growth in more than five years

UK to double steel tariffs to 50% to save plants from collapse

The UK is to double tariffs on Chinese and other foreign steel in a bid to save its remaining plants from collapse.The new measures came weeks after bosses at Tata Steel in south Wales warned the government they had just two months to be saved.A target of 50% of steel used in the UK will be made domestically, and 50% of that is to be made in Wales, the business secretary, Peter Kyle, said during a visit to Tata Steel in Port Talbot.The new £2.5bn strategy aims to increase domestic production by 30%

What is the £1.3bn MFS mortgage scandal and what is private credit?

A £1.3bn worldwide asset freezing order has been granted against the tycoon accused of fraud after his UK mortgage lending business collapsed.Paresh Raja, the founder and chief executive of Market Financial Solutions (MFS), is now barred from dissipating assets worth up to the suspected value of funds allegedly missing from his mortgage and buy-to-let lending company, after orders from courts in London and Dubai.The orders, which follow an application from insolvency practitioners at AlixPartners, also impose a travel ban on Raja, who is now thought to be in the Emirates.A spokesperson for AlixPartners said: “We welcome the granting of these applications which follow two weeks of intense analysis and investigation into the operations and affairs of MFS and Paresh Raja

Rolls-Royce scraps goal to go all-electric by 2030

Rolls-Royce has abandoned its goal to sell only electric cars by the end of the decade.The luxury car company launched its all-electric Spectre model in 2022, saying at the time that it would end production of its vehicles with V12 internal combustion engines by the end of 2030.However, the chief executive, Chris Brownridge, who took the top job in 2023, said the company would continue to sell cars with the V12 engines as there was demand from clients.“For every client who is unsure whether our Spectre is right for them, there will be one that says ‘I love it’,” he said. “We can respond to our client demand … we build what is ordered

War in Middle East has ‘heightened the risks to the global economy’; markets in ‘panic mode’ as oil jumps and shares fall – as it happened

Canada’s central bank has warned that domestic near-term economic growth will be weaker than anticipated in January, following the war in the Middle East.The Bank of Canada has left interest rates on hold today, and warned that the conflict has increased volatility in global energy prices and financial markets, and “heightened the risks to the global economy”.The BoC’s monetary policy committee says:double quotation markSince the outbreak of the conflict in the Middle East, global oil and natural gas prices have risen sharply, and this will boost global inflation in the near-term. In addition to energy supply disruptions, transportation bottlenecks stemming from the effective closure of the Strait of Hormuz could impact the supply of other commodities, such as fertilizer.Financial conditions have tightened from accommodative levels

Never waste a fuel crisis: the Albanese government must seize the moment and start taxing gas companies | Greg Jericho

The first rule of politics is to never waste a crisis. The current fuel crisis due to the Iran war is one the Australian government needs to seize. The old political concerns about taxing gas companies are now dead. Should the Albanese government fail to act it should not be surprised if voters angry at rising petrol, gas and electricity prices begin to look elsewhere.Earlier this month, the independent senator David Pocock asked the Senate if it was true that Australians paid more in beer excise than gas companies did in the petroleum resources rent tax (PRRT)

Sky considers ending controversial UAE news joint venture

Sky is considering terminating its joint venture with the United Arab Emirates (UAE) after accusations it is involved in broadcasting propaganda and genocide denial.Sky is in talks with its partner in the UAE on Sky News Arabia over the potential termination next year of the licence to use its brand.In 2010, Sky News struck a deal with IMI – the investment vehicle controlled by Sheikh Mansour bin Zayed al-Nahyan, the vice-president of the UAE and owner of Manchester City – to launch the 24-hour Arabic language news and current affairs service licensing the Sky brand.Sky executives have become increasingly concerned over the position Sky News Arabia has taken on news in the region.Coverage of the atrocities carried out in Sudan by the UAE-backed paramilitary group, Rapid Support Forces (RSF), has been accused of whitewashing genocide

HelloFresh hit by sales slump as people lose appetite for meal kits

HelloFresh has reported a sharp decline in sales as the struggling food delivery company battles falling demand after the pandemic-era meal kit boom.The German company was forced to make 900 UK job cuts last year with the closure of a delivery site in Nuneaton, and the demand for meal kits tumbled as revenue fell by more than 11% during 2025.Sales slumped “against various uncertainties in the macroeconomic environment and a deliberate effort to target a smaller yet more profitable number of customers”, it said.HelloFresh and competitors such as Gousto and Mindful Chef experienced rapid growth during the Covid lockdowns when people were told to stay at home, and at one point it was projecting revenues of €10bn (£8.6bn) by 2025

Rachel Roddy’s recipe for spaghetti with mushrooms, soft cheese and herbs | A kitchen in Rome

Before cooking something, it is never a bad idea to turn to the expert on the science of food and cooking, Harold McGee. This week, I had mushrooms, which, as he notes, are fruiting bodies, specialised structures that, encouraged by the parent body underground, force themselves up through the soil and open their umbrella-like cap so the gills or pores can release spores into passing air currents. The aim is the same as for all pushy parents: get the next generation into the world and hope they don’t get eaten in the process.I am hoping that a few million spores got out before the white and chestnut mushrooms I bought at our local supermarket were picked and packed. Mushrooms are often described as smelling and tasting earthy, but, as with most things, McGee is right

How to turn puff pastry offcuts into a brilliant cheesy snack – recipe | Waste not

After testing puff pastry for the Filter a few weeks ago, I had loads of trimmings left over, which reminded me of one of my favourite zero-waste recipes. Malfatti are biscuits made from pastry offcuts, which are seasoned, rolled in seeds and spices, baked and served with cheese. Determined to create something new with all my excess puff, I realised that it would be perfect for making misshapen cheese straws. Even if you have only a few offcuts, I implore you to top them with cheese and some sauerkraut or kimchi, then twist and bake alongside a tart or pie. They’re a brilliant little cheeky snack

Tips for downsizing recipes | Kitchen aide

Any tips for downsizing recipes to serve one? Dividing by the number of servings doesn’t always work.Melanie, by email“It’s often just common sense,” says Kitty Coles, author of Make More With Less, plus a little maths – though, as Melanie so wisely points out, you can’t always simply divide the ingredients and be done with it.First, you need to consider your cookware: “It’s really worth investing in smaller pans and a smaller skillet,” says Alexina Anatole, who is behind the Small Wins Substack. A tiny amount of liquid in a large pan, say, will get too much exposure to heat, so it’s very likely you’ll under- or overcook its contents. As Shelina Permalloo, author of What to Cook When Everyone’s Hungry, says, “The absorption method for rice is a nightmare if you’re using a wrong-sized pan

Loaded crisps: four recipes for the ‘perfect finger food’ – ranked from best to worst

Ready salted, prawn cocktail, pickled onion and smoky bacon – crisps are undoubtedly the nation’s favourite snack food, subject to a variety of staple and sometimes suspicious flavour varieties. According to one recent report, they were the UK’s snack of choice on 94% of “all consumption occasions”, often enjoyed with a complementary dip, or served in a packet ripped open on a pub table. But now, the humble bag of crisps is having a revamp.Enter: the loaded crisp bag. It’s a lot like loaded fries or nachos, in that it can be a vehicle for a whole gamut of flavours – as served, for example, at Pablos, a fast food outlet in Nottingham where anything from ground beef to molten cheese is dolloped into an opened bag of crisps

José Pizarro’s recipe for chicken and white bean stew

Chicken and beans are two of the foods I grew up with, and were often cooked in one pot and designed to be shared. It’s the kind of cooking we do at my restaurant Lolo: generous, relaxed and made to be eaten together. March sits between the seasons, when we still need comfort, but also start to look for freshness, too, and this stew feels just right for the moment. As the days get longer and spring starts to show itself, it is warming without being heavy, while the mojo verde lifts everything and gives the dish energy.Prep 10 minCook 1 hr 20 minServes 4-61 tbsp olive oil 3 banana shallots, peeled and finely sliced3 garlic cloves, peeled and sliced 3-4 sprigs fresh oregano 1 tsp smoked sweet paprika 1 pinch saffron strands Sea salt and black pepper 1 large chicken (1

Peter Smith obituary

My father, Peter Smith, who has died aged 97, set up a pioneering health food store in the unlikely setting of Scunthorpe, Lincolnshire, in the late 1950s, at a time when the pursuit of vegetarianism and healthy eating was a fringe interest.He ran the shop until the mid-1960s before spending a number of years living and teaching in Japan and then opening up another health food outlet in Surrey in the early 70s, guiding it successfully into the late 90s, by which time his advocacy of healthy diets had become much more mainstream.Born in Cottam, on the Nottinghamshire-Lincolnshire border, to Jack and Doris (nee Womble), Peter was raised in the lively setting of their pub, the Railway Inn in Leverton, where he flourished. As a child he showed a talent for snooker, touring local halls to play in charity matches and displaying the confidence that would mark his later life.After leaving Scunthorpe technical high school he did three years of national service from 1946 to 1949 with the Royal Air Force as an engineer and was posted to Iraq, an experience that sparked a fascination with foreign cultures, food and travel

Rukmini Iyer’s quick and easy reccipe for crispy baked gnocchi puttanesca | Quick and easy

Puttanesca purists, look away now. This dish takes the classic elements of a puttanesca – that is, anchovies, capers, olives, tomatoes – and combines them into a rich sauce for gnocchi, which are then covered in mozzarella, breadcrumbs and parmesan, and flashed under the grill. It’s exactly what you want on a rainy night. In fact, my sauce-averse toddler thought it smelled so good that she stole half of my plate – a win all round. (Although her pretty decent suggestion was that next time I use it as a pizza sauce, rather than on pasta or gnocchi

How to make Irish stew – recipe | Felicity Cloake's Masterclass

The first time I dared to write a recipe for Irish stew, I was invited on to the national broadcaster, RTÉ, to discuss my choices live on air. And, to my considerable relief, it was eventually decided that I had not dishonoured the memory of my ancestors. It’s tempting for modern cooks to meddle with such resolutely plain classics. Do not! It’s delicious just as it is.Prep 20 min Cook 2 hr Serves 63 large onions 2 tbsp oil, or lamb fat10-12 very floury potatoes, depending on size and hunger1 neck of lamb, or hogget or mutton, cut into thick slices (see steps 1 and 2)2 sprigs fresh thyme Salt and pepper 6 carrots, or, if you like, substitute some for chopped turnip, swede or leekChopped parsley, or chives, to serve (optional)Traditionally, an older, less productive animal would have been used here – and the slow cooking time reflects this – but modern recipes tend to favour lamb

DakaDaka, London W1: ‘Like a 2am lock-in on a Tbilisi back street’ – restaurant review | Grace Dent on restaurants

DakaDaka, a rowdy paean to Georgian cuisine, has arrived on Heddon Street in the West End of London. Heddon Street has always been synonymous with rowdiness, regardless of the fact that the mature, semi-elegant likes of Sabor, Piccolino and Heddon Street Kitchen are quite the opposite. But anyone who ever found themselves staggering out of Strawberry Moons in the 1990s having lost a shoe and with a love bite or from the basement club at Momo will know that this little nook tucked away behind Regent Street is where a good time is meant to be had.And now there’s DakaDaka, which certainly does not market itself as a nightclub, because, well, virtually nowhere does any more. What DakaDaka does do, though, is play Georgian dance music very loudly and with endless enthusiasm right through your badrijani (grilled aubergines), imeruli (cheese-filled flatbread) and kababi (lamb skewers)

Fallouts and financial woes: inside Heston Blumenthal’s sinking empire

Dinner by Heston was once one of the world’s most revered restaurants, known for its decadent and unusual dishes such as the “meat fruit”.But Heston Blumenthal announced this week that he is winding down operations at the two Michelin-star restaurant at the Mandarin Oriental hotel in Knightsbridge, London, saying it was because the tenancy had “finished”.However, current and former workers at Dinner claim the restaurant has been going downhill for years after Blumenthal fell out with his right-hand man, Ashley Palmer-Watts, who created the menu and ran the restaurant day to day before he left the business.“Closing the restaurant was not Heston’s choice whatsoever,” a senior source from the Mandarin Oriental told the Guardian. “The hotel chose not to renew the lease

Mother’s Day UK recipes: three delicious ideas to make for your mum from Ravinder Bhogal

Few things say “I love you” more than an unbidden cup of tea, but if you want to show true appreciation to the maternal figure in your life this Mother’s Day, there’s nothing better than a few indulgent snacks to go with it. I love the British tradition of afternoon tea, but I find finger sandwiches in hotel lobbies a little too fussy. I would much rather a fortifying savoury sandwich, a slab of good, old-fashioned cake and buttery biscuits that crumble into a million sweet crumbs.This very simple cake can be baked in a regular cake tin, but cooking it in a bundt tin makes it much more of a showstopper. If you want to forgo the icing, serve with a dollop of creme fraiche and berries instead

Benjamina Ebuehi’s recipe for caramelised white chocolate and rhubarb cheesecake | The sweet spot

It’s often my own impatience that forces me to make no-bake cheesecakes over baked ones. They’re not at all as faffy, though it’s pretty hard to beat the lighter, silkier texture you get with a baked version plus the extra effort is worth it on a special occasion such as Mother’s Day. I’ve sweetened the filling for this one with caramelised white chocolate – it brings a beautiful, creamy, dulce de leche-type caramel flavour that even the biggest white chocolate haters should enjoy. If making your own caramelised white chocolate feels a step too far, however, just buy bars of blond chocolate instead. Top with gently poached rhubarb for a pop of colour and to cut through the richness