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EasyJet warns of impact on profits as Iran war hits bookings and fuel prices

about 9 hours ago
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The budget airline easyJet has warned the impact of the Iran war on bookings and oil prices will hit its profits, having driven up fuel costs by £25m in the last month alone.It said it expected to report an increased pre-tax loss of £540-£560m for the six months to March, up from £394m in the first half of 2024-25.The carrier typically makes its money in the second half of the year which includes the peak summer period.The airline said it remained confident in its fuel supply.While it has hedged 70% of its needs for the rest of the financial year to September, it said that each $100 (£74) movement in the spot price jet of fuel per metric tonne was adding £40m in costs for its unhedged supply – and currently the price is about $800 higher than before the conflict started.

Its chief executive, Kenton Jarvis, said demand remained strong in the short term but customers were leaving it later to book, owing to the economic uncertainty,However, he said fuel supplies remained as normal and said any talk of having to cancel flights – a possibility raised by Ryanair’s Michael O’Leary for later in the summer, should the strait of Hormuz remain closed – was pure speculation,Jarvis said: “We have visibility to the middle of May and we have no concerns,”He said there was “continued positive demand” but easyJet’s financial performance “worsened year on year, impacted by the conflict in the Middle East and the competitive environment in some markets,Following our busiest Easter holiday period ever, the operational ramp up into peak summer continues as planned.

”Jarvis admitted customers were hesitant to plan ahead, with a “general shortening of the booking window as people wait till close to the point of departure to book”.But he added: “We’re also seeing a relatively strong late market initially in March.”And he said “after an initial drop in places like Egypt, Turkey and Cyprus, after the drone in Akrotiri, we’ve actually seen that coming back a bit.If there is any shift, it’s a little bit away from the eastern Med and a little bit towards the western Med.”Shares fell 3% in early trading.

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Five key questions: who overruled decision to deny Mandelson security clearance?

The revelation that Peter Mandelson failed his security vetting clearance, only for the decision to be overruled by the Foreign Office so he could take up his post as ambassador to the US, raises a number of questions.According to multiple sources, Mandelson was initially denied clearance in late January 2025 after a developed vetting process, a type of a highly confidential background check carried out by UK Security Vetting (UKSV), a division of the Cabinet Office.By that stage he had already been announced as Keir Starmer’s pick for ambassador in Washington. Within two days, the Foreign Office had overruled the UKSV decision, granting him clearance despite the recommendation from security officials. It is not known who made the decision to overrule security officials, or why

about 4 hours ago
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Officials debate withholding Mandelson vetting documents from parliament

Exclusive: Opinions split on ‘unprecedented’ release of files, despite demand for ‘all papers’ related to ex-US ambassador’s appointmentRevealed: Mandelson failed vetting but Foreign Office overruled decisionFive key questions: who overruled decision to deny Mandelson security clearance?Senior government officials have been considering whether to withhold from parliament sensitive documents that show Peter Mandelson failed security vetting before he assumed the role of US ambassador, the Guardian can reveal.Any such decision could amount to an extraordinary breach of a parliamentary vote that ordered the release of “all papers” relevant to Mandelson’s appointment.The Guardian has revealed that Mandelson did not receive vetting clearance from security officials, but that their decision was overruled by the Foreign Office to ensure he could take up his post.According to multiple sources, officials across government have been in dispute over whether to release documents that would reveal those facts, and other information about Mandelson’s security vetting, to the parliamentary intelligence and security committee (ISC).The committee has been entrusted by parliament with the role of assessing the most sensitive papers relating to Mandelson’s appointment

about 4 hours ago
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Revealed: Mandelson failed vetting but Foreign Office overruled decision

Guardian investigation uncovers decision by UK security officials to deny clearance before Mandelson took up role as US ambassadorOfficials debate withholding Mandelson vetting documents from parliamentFive key questions: Who overruled the decision to deny Mandelson security clearance?Peter Mandelson failed his security vetting clearance but the decision was overruled by the Foreign Office to ensure he could take up his post as ambassador to the US, an investigation by the Guardian can reveal.According to multiple sources, Mandelson was initially denied clearance in late January 2025 after a developed vetting process, a highly confidential background check by security officials.Keir Starmer had by then announced he would be making Mandelson the UK’s chief diplomat in Washington, posing a dilemma for officials at the Foreign Office, who decided to use a rarely used authority to override the recommendation from security officials.Mandelson’s failure to secure vetting approval has not previously been publicly revealed, despite intense scrutiny over his appointment and the release by the government of 147 pages of documents supposed to shed light on the case.Further documents are due to be released

about 4 hours ago
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Blue Labour gets bluer with MP’s noble quest for a summer of sex | John Crace

We could almost be back in the San Francisco of the 1960s. Tune in, turn on, drop out. Make love not war. A hippy counterculture that turned its back on the American involvement in Vietnam. One determined to shape a new world order

about 5 hours ago
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CEO of bitcoin firm championed by Nigel Farage leaves company

The chief executive of a bitcoin company promoted by Nigel Farage has left his role as the venture attempts to convince investors that it is going to deliver “long-term value” for shareholders.Stack BTC was launched to much fanfare in March this year, with Farage and former chancellor Kwasi Kwarteng becoming some of its first shareholders. The company says its founder is Paul Withers, a friend of the Reform UK leader who owns a gold bullion company that Farage has also promoted, Direct Bullion.However, Stack BTC is a renamed company which was founded in 2021 by Jai Patel, whose departure as chief executive was announced on Wednesday. The company, formerly called Kasei Investment Holdings, invested in cryptocurrency and a range of other digital assets

about 12 hours ago
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David Lammy still plays an important role in UK foreign policy – but he is not the only one

The first foreign official JD Vance met with after he returned from peace talks with Iran in Islamabad this week was not a diplomat or foreign policy official – it was David Lammy, the UK’s justice secretary and deputy prime minister.Lammy will follow his trip to Washington, where he saw the vice-president and the secretary of state, Marco Rubio, with another to Barcelona, where he will represent the UK at a conference of global progressives, and then one to the Gulf.The whistle-stop diplomacy from the former foreign secretary has prompted questions in Whitehall over who is really driving the government’s foreign policy at a time when it is more important than ever.“Obviously the prime minister is in charge of the government’s foreign policy, especially when it is so important domestically as well,” said one government official.“Beneath him though there are quite a lot of people all of whom are doing slightly different jobs and who think of themselves as the real foreign secretary

about 23 hours ago
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UK could face gaps on supermarket shelves by summer if Iran war continues

about 9 hours ago
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EasyJet warns of impact on profits as Iran war hits bookings and fuel prices

about 9 hours ago
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UK economy showed surprise 0.5% growth before Iran war

about 11 hours ago
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Drax claimed record £999m in subsidies for burning trees in 2025, thinktank says

about 19 hours ago
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Reeves gives more energy bill support to businesses as Iran war pushes up costs

about 21 hours ago
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Shares in Allbirds surge after maker of wool sneakers announces pivot to AI

about 21 hours ago