Closing post
Time to wrap up, after a day in which evidence mounted of the economic damage caused by conflict in the Middle East.
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Confidence in the UK economy has fallen sharply amid the mounting economic fallout from the Iran war, surveys show, as businesses prepare to raise their prices and consumers brace for a fresh cost of living shock.
The latest barometer from the data company GfK showed UK consumer confidence slid in April to its lowest level since October 2023, while three separate business surveys revealed a surge in cost pressures facing companies and an expectation they would raise their prices over the coming months.
UK service sector firms have reported the biggest rise in cost inflation since 1996 this month
British factories have also been hit by rising costs, and a drop in output.
The eurozone is suffering too, with private sector output dropping this month
There was good news for the government, though – borrowing fell last year, and was a little lower than forecast
…however, economists predict the Iran war will push it up again
Sainsbury’s, WH Smith and Foxtons all flagged that the conflict could hit their businesses.
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BP’s board has suffered a triple climate rebellion in its first shareholder meeting since appointing new leadership to steer the embattled oil company.
Two resolutions, including one to scrap its existing climate reporting, were blocked, while about 18% of shareholders voted against the re-election of BP’s chair, Albert Manifold.
Updated
FTSE 100 closes in the red
London’s stock market has closed lower tonight.
The FTSE 100 index of blue-chip shares has closed 19.5 points lower at 10,457, a 0.19% drop. That’s its lowest level in over two weeks.
Precious metals producers were among the fallers, as were Sainsbury’s (-3.6%) after it warned that the conflict in the Middle East is squeezing customers’ budgets and pushing up its costs.
