The UK is set to experience the steepest slowdown in growth among G20 economies as a result of the war involving Iran, the OECD warns.The organisation now expects UK GDP to expand by just 0.7% this year, a marked downgrade from its earlier 1.2% forecast.At the same time, UK inflation is projected to rise to about 4%, up sharply from previous estimates. Global forecasts were also adjusted.While...

Four Syrian nationals have been detained in Germany after coordinated raids aimed at a criminal network that supplies boats and equipment for crossings of the English Channel.Police in North Rhine‑Westphalia seized inflatable boats, an engine, petrol cans, life jackets and boxes of tyre inner tubes during Wednesday’s early‑morning searches.The action follows a joint probe led by the UK’s...

A major industry group is warning the UK it must boost domestic oil and gas production to avoid growing dependence on imported fuel as global tensions push prices higher.Offshore Energies UK (OEUK) says the government should rethink its ban on new North Sea exploration licences, arguing that Britain risks exposure to supply shocks if more home-grown output is not allowed.Energy markets have...

Chancellor Rachel Reeves says the government is drawing up contingency plans to shield the most vulnerable households if the war in the Middle East drives UK energy costs higher.Reeves warned the full economic fallout is still unclear but promised measures would focus on those most in need, while sticking to borrowing limits and a goal of keeping inflation and interest rates down.Households in...

Slovenia has moved to limit how much fuel each motorist can buy, becoming the first EU member state to introduce nationwide rationing as regional tensions push up prices.The government says the measure responds to market disruptions driven by recent strikes in the Middle East that have shaken global energy supplies and sent pump prices higher.Under the new rules, private drivers may purchase up...

Slovenia has announced daily limits on fuel purchases, becoming the first European Union member to introduce rationing amid regional supply worries and rising prices.The government says the move is aimed at preventing shortages and stopping motorists from filling up in Slovenia and returning home with cheaper fuel.Private drivers are now limited to 50 litres per day, while businesses and farmers...

A bitter disagreement over the damaged Druzhba oil pipeline has stalled a vital €90bn EU loan to Ukraine and laid bare how a single member state can disrupt bloc decisions.No crude has passed from Russia through Ukraine to Hungary and Slovakia since a Russian strike hit the Brody pumping station in western Ukraine on 27 January.Satellite imagery and on-the-ground reports show a massive storage...

Another surge in energy prices has jolted Europe, reviving memories of the 2022 shock that followed Russia’s invasion of Ukraine.This time the trigger is instability in the Middle East, which has disrupted key shipping routes and sent markets into a fresh tailspin.The EU had vowed to end its heavy dependence on Russian fuels after 2022 and moved quickly: Russia now supplies almost none of the...

Danish authorities reportedly prepared to disable key Greenland airstrips to stop a potential US seizure of the Arctic territory, the Danish broadcaster DR has reported.DR says its account is based on a dozen sources inside Denmark's government and military, plus officials in France and Germany, and the Financial Times later said two European diplomats corroborated parts of the story.According to...

A fresh shock from the Middle East has sent energy markets reeling and reopened a debate Europe hoped it had settled.Months after stepping away from Russian fuels, EU capitals now face sharp price jumps and renewed political pressure as supplies tighten.After Russia’s 2022 invasion of Ukraine, the EU moved quickly to cut dependence on Moscow. Oil flows from Russia have almost disappeared for...