Closing post
Time to wrap up. Here are today’s main stories:
The head of the IMF has warned that the world economy is being tested by a “large shock” from the Middle East conflict, that will hurt all countries (with poorest suffering the most).
Kristalina Georgieva also warned governments against overly generous schemes to help citizens handle the higher cost of energy.
UK GDP expanded by a stronger than expected 0.5% in February, official figures show, suggesting the economy was gaining momentum before the onset of war in the Middle East dashed hopes of recovery.
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Fatih Birol, the executive director of the International Energy Agency, said there would be flight cancellations “soon” if oil supplies from the Middle East were not restored within the coming weeks.
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.
Rachel Reeves has announced an expansion of support for the most energy-intensive UK businesses, as they face soaring bills as a result of the Middle East conflict.
Our main Middle East blog has all the latest on the Iran war:
IMF chief Kristalina Georgieva is also calling on countries to introduce measures to reduce energy use.
She says:
We learned during Covid to work from home. Why are we not doing it now, to save energy?
We learned that there are ways to reduce energy intensity, including by turning thermostats on air conditioning.
