Quarter of a million people could lose job by middle of 2027 as UK ‘flirts with recession’, analysis says

A quarter of a million people could lose their jobs by the middle of next year as Britain “flirts with recession”, analysis suggests, after business confidence was shattered by the US-Israel war on Iran.As the chancellor, Rachel Reeves, summoned bank chiefs for talks aimed at containing the fallout, twin reports from top accounting firms underlined the scale of the economic threat facing the UK.Iran’s retaliatory closure of the strait of Hormuz trade route and its strikes on its regional neighbours, which have sent oil and gas prices soaring, will cause the biggest economic hit since the Covid pandemic, according to the EY Item Club, an economic forecast group.A separate report by Deloitte found finance bosses at big UK businesses were already reining in their spending plans, taking action that was likely to weigh on economic activity and hiring.The EY Item Club said it expected the UK economy to flatline in the second and third quarters of this year, leaving the country at risk of recession, defined as two successive quarters of contraction

William Hill owner Evoke in talks on £225m takeover by casino group Bally’s

Evoke, the London-listed gambling company that owns William Hill and the 888 online casino brand, is in takeover talks with the US casino operator Bally’s Intralot.The heavily indebted company said in a statement to the stock market that it was in discussions with Bally’s “regarding a possible offer” for the business at 50p a share, almost a third higher than its closing price on Friday and valuing the group at £225m.It comes four years after the company, previously known as 888 Holdings, paid £2.2bn to buy William Hill’s network of 1,400 bookmakers. Since then, its shares have fallen by 90%

Ed Miliband to double down on net zero with measures to combat Iran energy shock

Ed Miliband will double down on Labour’s commitment to net zero in the face of the Middle East conflict this week, insisting that as fossil fuel prices soar “the era of clean energy security must come of age”.The energy secretary is set to announce a package of new policies in a speech on Tuesday in response to an expected energy crisis prompted by Donald Trump’s war with Iran.These will include speeding up the warm homes plan to encourage the rapid take-up of solar panels and electric vehicles; expanding the use of solar on public land; and delinking gas and electricity prices, to cut consumers’ bills.“As we face the second global energy shock in less than five years, the lesson for our country is clear; the era of fossil fuel security is over, and the era of clean energy security must come of age,” he is expected to say.Oil prices plunged on Friday amid claims that the key maritime choke point of the strait of Hormuz was reopening – but those hopes were dashed over the weekend, with Iran insisting it would remain under “strict control”

ABF poised to reveal result of Primark and food business demerger plan

Primark may break free from Kingsmill, Twinings and the sugar business this week when Associated British Foods announces plans on a mooted demerger.The potential split comes at a tricky time for the group controlled by the billionaire Weston family, with its fashion and food arms facing tough competition and rising costs.ABF, which owns bakeries, a sugar production business and provides ingredients to the restaurant trade alongside selling brands including Patak’s spice flavourings, Blue Dragon sauces and Jordans cereals, said in November last year that it was considering a demerger of Primark, its fashion arm. It said a strategic review carried out with the help of the advisory company Rothschild & Co had “a view to maximising long-term value”.That was followed by a subdued statement on Christmas trading in January when the company admitted that annual sales were likely to be flat year on year and profits down

We all share blame for the decline of our high streets | Brief letters

I sympathise with people mourning the demise of once‑loved stores and the pitiful state of their high streets (Wildings in Newport, Wales: the grand department store that became an illicit cannabis farm, 16 April). This is not the fault of the government, but rather a result of changing consumer habits. Perhaps we are all guilty. These shops are not charities, there to adorn the public realm. They are businesses and if people don’t shop there they will close

Independent bookstores make quiet comeback as big chains dominate retail

For years now, we have heard that Amazon and the big chains are crushing small businesses, but independent bookstores are suddenly making a comeback.About 422 new indie bookshops opened in 2025, according to the American Booksellers Association, a 31% rise from 2024. Countless independent restaurants, coffee shops, fitness centers, movie theaters, clothing stores and other small businesses also continue to thrive even in this era of ever-bigger retailers, fast-casual restaurants and massive e-commerce platforms.The reasons are obvious.For starters, we live in a big country