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UK hit by record rise in fuel prices as Iran war bites; Trump sends European stock markets sliding – business live | Business
European stock markets fall as investors price in ‘economic catastrophe’
Stock markets are falling across Europe, as investors react to Donald Trump’s special address last night, in which he vowed to send Iran “back to the stone ages”.
Frankfurt’s stock market has started the day with a bump; Germany’s DAX share index is down 1.5%.
France’s CAC 40 has dropped by 1.35%, and Italy’s FTSE Mib is down 1.2%.
London’s FTSE 100 index is showing a smaller fall – now down 0.6%, as oil company shares rally.
Chris Beauchamp, chief analyst at IG, says markets are now anticipating longer delays to oil supplies from the Gulf, as Trump didn’t provide guidance for how the conflict may end.
“In what might be the most dramatic April Fools’ of recent years, Donald Trump did nothing of what was expected in his speech. Instead of ‘no more war’, we got ‘no, more war!’, with heavier strikes expected and a fresh warning of attacks on power plants.
This leaves markets back where they were last week, and now we have to price in hundreds of millions of barrels of oil that aren’t coming out any time soon. The gloomy predictions of last week would have been perhaps misplaced if Trump had signalled a quick end, but now markets are back to pricing in economic catastrophe.”
Key events
UK gas prices rise too
UK gas prices have risen this morning, as traders anticipate further disruption to supplies from the Middle East.
The month-ahead UK wholesale gas contract is up 3.5% at 124.6p a therm.
Before the Iran war began, this contract was trading around 77p a therm. However, it’s still below its recent peak of above 150p set last month.
Susannah Streeter, chief investment strategist at Wealth Club, says:
“High hopes have been replaced by fresh frissons of fear about the duration of the war with Iran after President Trump’s bellicose speech, which gave no indication the conflict was very close to ending. Instead, the military looks set to intensify attacks, which is likely to provoke retaliatory strikes by Iran and risks destabilising the region further.
The big concern will be about further damage to energy facilities across the Gulf. The repair work is already likely to take years, and further destruction is likely to keep oil and gas prices elevated for even longer. A barrel of Brent crude has jumped sharply, reflecting these worries, and is trading back up at $107 a barrel. European and UK gas futures have also jumped by more than 5% and are set to stay highly volatile. Around a fifth of global LNG supplies are usually transported through the Strait of Hormuz, but it remains largely impassable, and it’s becoming clear that there is going to be no easy exit from this war, with a lack of planning increasingly evident.
IEA, IMF and World Bank team up to tackle crisis
Overnight, three major institutions have warned that the Middle East crisis is hitting global supply chains, causing market volatility and threatening growth.
In a joint statement, the heads of the International Energy Agency, the International Monetary Fund, and World Bank Group said the impact of the war would be ‘substantial, global and highly asymmetric, disproportionately affecting energy importers’.
The IEA, IMF and World Bank are now going to create a coordination group to “navigate this crisis”.
This group will assess the severity of impacts across countries and regions, coordinate a response mechanism, and mobilize relevant stakeholders.
They warn:
The Middle East war has caused major disruptions to lives and livelihoods in the region and triggered one of the largest supply shortages in global energy market history.
The impact is substantial, global, and highly asymmetric, disproportionately affecting energy importers, in particular low-income countries. It is already transmitted through higher oil, gas and fertilizers prices, and is triggering concerns about food prices as well. Global supply chains—including of helium, phosphate, aluminum, and other commodities—are affected, as is tourism due to flight disruptions at key Gulf hubs.
The resulting market volatility, weakening of currencies in emerging economies, and concerns about inflation expectations raise the prospect of tighter monetary stances and weaker growth.
This chart from estate agency Knight Frank shows how the markets are broadly pricing in two rate rises from the Bank of England this year.
They add:
For now, the outlook in the Middle East remains confused. Financial markets this week were tentatively factoring in a US withdrawal from the region, irrespective of whether it has re-opened the Strait of Hormuz.
Donald Trump’s television address on Wednesday didn’t confirm the withdrawal to the extent some had expected, but neither did he say anything particularly new.
City investors are now fully pricing in two increases in UK interest rates by December, due to the Middle East crisis.
The money markets are now indicating UK Bank rate will have risen to over 4.25% by the end of the year, implying two quarter-point increases in rates, up from 3.75% at present.
Yesterday the markets had only priced in around 44 basis points of increases, meaning two rises weren’t fully priced in.
UK gilt yields rise
UK government borrowing costs are on the rise again, amid the disappointment over Trump’s speech last night.
With bond prices falling, the yield (or interest rate) on UK gilts is going up again.
Ten-year gilt yields are up 4 basis points (0.04 percentage points) back to 4.886%.
Thirty-year gilt yields are up 3bps.
And two-year bond yields have risen by more – gaining 6bps to 4.36%, reflecting increased fears of an inflation spike from higher energy costs.
Trump speech had “opposite effect” to what investors hoped for
Global markets have taken a step backwards overnight after Donald Trump’s live address, with the mood shifting sharply from the cautious optimism that had been building in recent days.
So explains Matt Britzman, senior equity analyst at Hargreaves Lansdown, who adds:
From a market perspective at least, the speech appeared to have the opposite effect investors were hoping for, with oil pushing higher, bond yields climbing, and equity markets falling back. Rather than offering any fresh clues on a path toward de-escalation, Trump largely repeated a familiar set of talking points that traders have already digested across social media in recent weeks.
The result is a classic risk-off move across asset classes as hopes for further progress toward de-escalation gave way to renewed uncertainty. The FTSE 100 has opened lower, US futures suggest an unwind of yesterday’s optimism, and rate hike expectations are back on the rise. For investors, this is another reminder of how sentiment can shift quickly, and of how hard it is to time entry and exit points. Being diversified and sticking to a longer-term plan is a much more sensible strategy.
Oil markets are higher once more, with Brent and [US] crude now back above $100, as traders began pricing in the growing risk of disruption to energy infrastructure across the Gulf, amid lingering uncertainty around key shipping routes like the Strait of Hormuz. Comments suggesting military operations in the region could extend for several more weeks have dampened hopes of a near-term resolution, adding a fresh geopolitical risk premium to oil prices. That’s come despite a sizeable 5.5 million barrel build in US crude inventories last week, which would typically have weighed on prices but has instead been brushed aside in the current environment.
European stock markets fall as investors price in ‘economic catastrophe’
Stock markets are falling across Europe, as investors react to Donald Trump’s special address last night, in which he vowed to send Iran “back to the stone ages”.
Frankfurt’s stock market has started the day with a bump; Germany’s DAX share index is down 1.5%.
France’s CAC 40 has dropped by 1.35%, and Italy’s FTSE Mib is down 1.2%.
London’s FTSE 100 index is showing a smaller fall – now down 0.6%, as oil company shares rally.
Chris Beauchamp, chief analyst at IG, says markets are now anticipating longer delays to oil supplies from the Gulf, as Trump didn’t provide guidance for how the conflict may end.
“In what might be the most dramatic April Fools’ of recent years, Donald Trump did nothing of what was expected in his speech. Instead of ‘no more war’, we got ‘no, more war!’, with heavier strikes expected and a fresh warning of attacks on power plants.
This leaves markets back where they were last week, and now we have to price in hundreds of millions of barrels of oil that aren’t coming out any time soon. The gloomy predictions of last week would have been perhaps misplaced if Trump had signalled a quick end, but now markets are back to pricing in economic catastrophe.”
Oil company shares rise
The UK stock market is being propped up by oil producers.
BP (+2.9%) and Shell (+2%) are leading the risers on the FTSE 100 share index, following the 6% jump in Brent crude prices this morning.
FTSE 100 falls as global sell-off reaches London
The London stock market has joined the global sell-off, as hopes of a quick end to the Middle East conflict fade.
The FTSE 100 index of blue-chip shares has dropped by 0.68%, or 70 points, at the open to trade around 10,297 points.
Yesterday, the ‘Footsie’ had jumped by 188 points, its best day in almost a year, but the optimism that pushed stocks higher has retreated after Donald Trump vowed to hit Iran ‘extremely hard’.
Precious metal miners Fresnillo (-5.7%) and Endeavour (-5.3%) are the top fallers on the FTSE 100, as traders react to a 3% drop in the gold price today.
They’re followed by housebuilder Barratt Redrow (-3.8%) and copper producer Antofagasta (-3.6%), who would both suffer weaker demand if the Iran conflict keeps interest rates high, hurting borrowers and global economic growth.
Jim Reid, market strategist at Deutsche Bank, says Trump’s primetime address has dented market optimism:
After rallying sharply over the previous two sessions, market sentiment has deteriorated overnight after Trump’s much anticipated address last night delivered little to nothing new on potential timelines or conditions for ending hostilities against Iran. The US President claimed that the operation against Iran was “very close” to completion but also said the US “will hit Iran extremely hard over the next 2-3 weeks”. Trump again raised the threat to hit Iran’s power plants if there is no negotiated deal and reiterated the view that shipping via the Strait of Hormuz was other countries’ problem. So while Trump sounded flexible on remaining war aims, for instance claiming that Iran is “no longer a threat”, there was no signal of the US seeking an imminent offramp out of the war.
In response, markets have reversed the continued positive momentum they’d seen yesterday amid rising hopes that an end to the conflict might be coming into view.
Oven Pride household goods group McBride raising prices to recover Iran war costs
UK cleaning products maker McBride is putting up its prices, to pass on increased costs from the Iran war.
McBride, which makes the Oven Pride, Clean n Fresh and Actiff cleaning ranges, told the City this morning it is implementing “temporary” price hikes to cover increased costs from the conflict.
McBride explained that its chemical and packaging suppliers have begin raising their prices to recover the cost of more expensive raw materials, and higher energy costs.
The first signs of possible shortages in supply chains around the world are beginning to emerge, it warns, adding:
As a result, the Group will see elevated input costs in April and expects further increases in the near future. Consequently, the Group has already informed all customers about temporary price adjustments, or surcharges to current pricing, to recover these higher, beyond our control, cost impacts from the Middle East conflict.
Clampdown on ‘subscription traps’ could help in cost of living squeeze
With mortgage rates and fuel costs climbing, Britons don’t also need to be wasting cash on unwanted subscriptions.
And new government plans, which aim to better protect consumers from “subscription traps”, could help.
The rules, which could come into force early next year, will ensure consumers receive reminders before their free or discounted trials end, or when contracts of 12 months or more automatically renew.
The changes will also make it easier to cancel subscriptions, and create a a new 14-day cooling-off period for when a free or discounted trial concludes, or when a contract renews for a year or longer.
Business minister Kate Dearden has said that the Government’s new rules for subscriptions will give consumers “more control of their hard-earned cash”.
Speaking to Times Radio, she said:
“I’ve heard from so many people the impacts that unwanted subscriptions or subscriptions that you weren’t aware of, the impact that can have on their finances.
“So we’re making sure that people have more control of their hard-earned cash, that you are more aware of the subscriptions that you signed up to.
“These new rules that we’re announcing today make sure that businesses have to inform you about when a free trial might come to an end.
“That’s right at any point, but especially during a cost of living crisis, when people might want to re-look at their subscriptions.”
Nervous investors are, again, taking shelter in the US dollar.
The dollar, a classic safe-haven asset, has gained almost 0.5% against a basket of major currencies today.
This move has pushed the pound down by almost a cent to $1.321, reversing yesterday’s gains.
Brent crude jumps 6% after Trump speech
Oil is pushing higher too.
Brent crude, the international benchmark, has leapt by over 6% this morning to $107.63 a barrel – yesterday, hopes of de-escalation in the Middle East had pushed it below the $100/barrel mark.
Our Middle East crisis blog is covering all the key events that may move the oil price further today:
Asia-Pacific markets fall after Trump speech
Asia-Pacific stock markets are a sea of red after Donald Trump dented hopes of an early end to the Iran war.
All the major stock markets in the region have fallen, after the US president used his primetime address overnight to vow to hit Iran “extremely hard” over the coming weeks.
Hopes of an imminent end to the conflict are fading today, as Trump declared:
“We’re going to hit them extremely hard over the next two to three weeks. We’re going to bring them back to the Stone Ages where they belong.”
Japan’s Nikkei index has fallen by 2.4%, while China’s CSI 300 index is 1.36% lower. South Korea’s KOSPI (which has been particularly sensitive to the crisis) has tumbled by 4.8%.
After a couple of days where markets have struck a decidedly more positive tone, a degree of caution has once again crept into proceedings overnight, says Michael Brown, senior research strategist at brokerage Pepperstone, adding:
President Trump’s ‘address to the nation’ hasn’t helped on this front, with market participants having wanted to hear a bit more than the President provided.
While Trump did note that the US is ‘nearing completion’ of its strategic objectives, and reiterated that those countries reliant on crude flows through Hormuz should be the ones to re-open it, Trump failed to give a definitive timeframe for ending the conflict, while also nothing that Iran will be hit ‘very hard’ over the next couple of weeks.
Record monthly petrol and diesel price increases in March
It’s not just mortgages that are going up, either.
UK petrol and diesel prices jumped by a record amount in March, as the oil supply shock caused by the Iran war quickly rippled to forecourts.
New data from the RAC shows that the average price of a litre of unleaded petrol rose by 20p from 132.83p on 1 March to 152.83p by the end of the month. That surpasses the previous all-time biggest monthly jump of 16.6p recorded in June 2022, following Russia’s invasion of Ukraine.
Diesel prices have risen even more sharply – up 40p in March to an average of 182.77p from 142.38p. That’s almost twice as large as the previous record rise of 22p recorded in March 2022.
RAC head of policy Simon Williams says March’s price rises were ‘unprecedented’, adding:
“The increases drivers have had to endure in March 2026 far exceed those seen in the early days of the war in Ukraine.
“While the monthly rise in a litre of petrol is bad enough, the jump in the cost of diesel is even harder to swallow at 40p a litre.
“With long-term RAC research showing eight-in-10 people are dependent on their vehicles, these costs must really be taking their toll on households as well as businesses.”
However, these record increases are in nominal terms; in real terms, prices rose by more during the oil shock of 1973, the RAC point out.
And despite these price rises, average fuel prices are still below the all-time highs of summer 2022 when petrol peaked at 191.5p per litre and diesel at 199.0p per litre.
Introduction: Iran war brings ‘biggest shock to the UK mortgage market since the mini-Budget’
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
The UK is reeling from the biggest shock to its mortgage market since Liz Truss’s mini-budget in 2022, after the Iran war drove up borrowing costs.
New research from data provider Moneyfacts shows how the cost of fixed-rate mortgages has surged over the last month, making it harder for new borrowers to get onto the housing ladder – and meaning those remortgaging face a surge in repayments.
Here’s the details of how the lending environment has changed since the start of March:
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Mortgage deals rapidly repriced. Average two-year fixed rates jumped +100 bps in a month (4.84% to 5.84%), with five-year fixes up +79bps (4.96% to 5.75%), marking the sharpest rise since autumn 2022.
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Product choice contracted. Mortgage availability has fallen by a net 1,283 products (17% of the market) in one month, the steepest contraction by market share since the mini-Budget disruption.
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Shock for remortgage borrowers. Those rolling off older five-year deals are hardest hit, with rates up 300+ bps and repayments rising by £417–£444 per month (£5k+ annually).
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Affordability deteriorated quickly. Typical borrowers now face £150 extra per month (+£1,777 annually) on a £250k loan compared to costs at the start of the conflict, with higher LTV borrowers seeing increases of up to £167 per month.
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Lowest rates moved sharply higher. The cheapest 60% LTV two-year fixed rate has risen +109bps (3.51% to 4.60%), as the most competitive deals have been quickly repriced in response to rising funding costs.
Adam French, head of consumer finance at Moneyfacts, says it adds up too the biggest shock since the aftermath of the mini-Budget three and a half years ago.
French explains:
“Average mortgage rates have risen at pace, with two-year fixes increasing by 100 basis points from 4.84% to 5.84% in just one month and five-year fixes up by nearly 80 basis points, from 4.96% to 5.75%. The cheapest deals available to borrowers have moved dramatically too, the lowest two-year fixed rate at 60% LTV has increased by over 100 basis points from 3.51% to 4.60%. While this falls short of the extreme jumps seen in the aftermath of the mini-Budget, it is still a sharp and sudden shift that has materially worsened affordability in a very short space of time.
“For many borrowers, the cost could be significant. Someone taking out a typical two-year fix will find it costs £150 more per month on average compared to just a few weeks ago. However, the real payment shock will be felt by those coming off older five-year deals, where rates have more than doubled, pushing up repayments by many hundreds of pounds per month.
“The combination of rising rates, reduced choice and heightened volatility means borrowers and brokers are operating in a market where timing is critical and the window to secure competitive deals can be very short-lived. Unfortunately, anyone looking to buy or remortgage this year needs to prepare for substantially higher borrowing costs than expected before this conflict began.”
The City money markets had been reducing their forecasts for how many times the Bank of England might raise interest rates this year to cool inflation, from three hikes to less than two, as of last night.
But, Donald Trump has now disappointed markets by declaring the month-long war in Iran a success which is “nearing completion”, but gave little clarity on how he planned to wind down the conflict over the next “two to three weeks”.
That has knocked Asia-Pacific markets, and pushed up the dollar and the oil price, as hopes of an early end to the conflict fade.
The agenda
UK News
Hungary election campaigns enter final stretch as Orbán fights to remain in power – Europe live | Hungary
Morning opening: Helló Budapestről!
Jakub Krupa
in Budapest
Helló Budapestről!
Or, to those of you inexplicably less fluent in Hungarian: hello from Budapest!
It’s a beautiful if slightly chilly morning here in the Hungarian capital as we enter the final hours of the campaign before this Sunday’s parliamentary vote that could see the end of Viktor Orbán’s 16 years in power.
When you look at the polls, they are a bit all over the place – particularly depending on their, erm, affiliation and proximity to the ruling party – but all independent pollsters appear to suggest that Péter Magyar’s Tisza party is on course for victory on Sunday.
But there is plenty time before then, with a number of voters still undecided or not sure if they are even going to vote, despite the expected record turnout.
In his last rallies, Magyar warned his supporters against complacency, stressing the need to fight for every single vote and to get everyone to come out on Sunday.
Meanwhile, Orbán argued that “no election is decided until the people decide it,” and insisted he still expected a victory on Sunday.
Let’s see how it goes.
We will be bringing you updates from Budapest and beyond to get you a sense of what is the feeling on the ground in Hungary.
It’s Friday, 10 April 2026, it’s Jakub Krupa here, and this is Europe Live.
Good morning.
Key events
Orbán seeks to mobilise voters as he warns against change
Meanwhile, Viktor Orbán also issued a rallying cry to his supporters, lauding the achievements of his government over the last 16 years and warning them that a change of government would “threaten all we built together.”
In a Facebook video – which he trailed last night as particularly important – he repeated his usual allegations of interference and collusion with some foreign security services, claiming there was “an organised attempt to question the decision of the Hungarian people.”
“This is not the time for division, anger or hatred. Hungary needs cooperation, unity and security,” he argued.
But in perhaps a hint of vulnerability, he also directly asked voters to speak with “families, friends, and acquaintances” to tell them that “the stakes are high and change is dangerous.”
Fidesz’s attack posters with Zelenskyy are everywhere
Jakub Krupa
moving on Intercity 564 Tokaj train
One of the striking features of this campaign is how much Ukraine’s Volodymyr Zelenskyy features on Fidesz’s attack posters, alleging his association with the opposition’s Magyar and urging voters to “stop them”.
Okay, that picture isn’t great, so here’s a better shot:
They are plastered all over Budapest, and even en route to Hatvan now, I have seen just as many of them as those showing Viktor Orbán.
Ukraine has been a massive talking point throughout the campaign, with Orbán repeatedly using it to position himself as “the peace candidate,” ready to stop some alleged EU-Ukraine conspiracy to draw Hungary into conflict with Russia.
My colleague Ashifa Kassam, who is also in Budapest for the election, explained it well here – and this rhetoric has only got stronger since then.
Magyar’s campaign moves east of Budapest
Jakub Krupa
moving on Intercity 564 Tokaj train
Meanwhile, I have jumped on the Intercity Tokaj train to Hatvan, where the opposition leader Péter Magyar is expected around 1pm local time.
In 2022, Zsolt Szabó, the candidate from Viktor Orbán’s Fidesz party won here decisively with over 50% of the vote, so it’s not exactly a naturally friendly ground for the opposition forces.
But in recent days, his rallies gathered some impressive numbers, so it will be interesting what sort of reception he gets today.
As we get closer to the vote, his campaign moves eastwards towards Debrecen, Hungary’s second largest city, where he is due to finish campaign tomorrow evening.
MEPs raise alarm about possible Russian meddling in Hungary elections
Jennifer Rankin
in Brussels
The European Commission is being urged to investigate whether Hungary’s elections are being undermined by Russian manipulation, intimidation of journalists and voter coercion by the ruling party.
Three days before decisive parliamentary elections that threaten the 16-year grip on power of the prime minister, Viktor Orbán, a group of MEPs have written to the European Commission president, Ursula von der Leyen, and the commissioner responsible for the rule of law, Michael McGrath, calling for action.
The cross-party group want an urgent assessment “before and immediately after” polling day on whether the conditions for free and fair competition are being undermined by disinformation, foreign manipulation, state-resource misuse, intimidation of journalists and unlawful interference with opposition actors.
The appeal came as the European Commission demanded an urgent explanation from Budapest over a leaked recording that appeared to show a further instance of the Hungarian foreign minister covertly helping his Russian counterpart.
Jakub Krupa
in Budapest
As you’re reading this Trump post, it’s probably worth keeping in mind that his VP, JD Vance, spent most of his time in Budapest fuming about the unacceptable foreign interference in the election and declaring it absolutely outrageous.
So, yeah. Make of that what you will.
‘Get out and vote for Viktor Orbán,’ Trump tells Hungarians
Overnight, the US president, Donald Trump, repeated his endorsement of Viktor Orbán ahead of the vote on Sunday, urging Hungarians to “get out and vote” for him and stressing he will be “with him all the way.”
Obviously, it’s not the first time Trump intervenes in this campaign, with the pair going back over a decade.
Earlier this week, the US vice-president JD Vance called him on his mobile while on stage speaking at a “day of Hungarian-American friendship” pre-election rally in Budapest, and Trump earlier also recorded a video endorsing the embattled Hungarian prime minister.
In today’s post on Truth Social, he said:
“Highly Respected Prime Minister of Hungary, Viktor Orbán, is a truly strong and powerful Leader, with a proven track record of delivering phenomenal results. He fights tirelessly for, and loves, his Great Country and People, just like I do for the United States of America. Viktor works hard to Protect Hungary, Grow the Economy, Create Jobs, Promote Trade, Stop Illegal Immigration, and Ensure LAW AND ORDER! Relations between Hungary and the United States have reached new heights of cooperation and spectacular achievement under my Administration, thanks largely to Prime Minister Orbán. I look forward to continuing working closely with him so that both of our Countries can further advance this tremendous path to SUCCESS and cooperation. I was proud to ENDORSE Viktor for Re-Election in 2022, and am honored to do so again.
Election Day is Sunday, April 12, 2026. Hungary: GET OUT AND VOTE FOR VIKTOR ORBÁN. He is a true friend, fighter, and WINNER, and has my Complete and Total Endorsement for Re-Election as Prime Minister of Hungary — VIKTOR ORBÁN WILL NEVER LET THE GREAT PEOPLE OF HUNGARY DOWN. I AM WITH HIM ALL THE WAY! President DONALD J. TRUMP”
Magyar voters are hopeful for change, but despite optimism he is seen as far from perfect candidate
Flora Garamvolgyi
in Budapest
We talked to a few Budapest residents this morning in the city centre at Jászai Mari Square.
Most of them were rushing to work, but still stopped to chat with us about the upcoming vote on Sunday, which seems to creep into every single conversation here lately – as they say, even at family dinners.
Some of them were not that keen on sharing the exact party they are going to vote for but every single one of them had strong opinions about the two main candidates: Hungary’s far-right prime minister Viktor Orbán, who has been in power for 16 years and Péter Magyar, a young(ish) centre-right figure who emerged from Fidesz circles and turned against the party a year ago.
Talking to people, we got the sense that despite Magyar leading the polls, he is not necessarily seen as the “perfect candidate,” but rather a protest vote against Orbán.
People who are planning to vote for him are hopeful about the vote on Sunday and predict a clear win for Magyar, who has the highest chance so far to put an end to Orbán’s reign.
But we also met a surprisingly high number of Fidesz supporters in the capital who resonated with the ruling party’s message: Sunday is about choosing “between war and peace”. One Fidesz voter called the opposition candidate a “narcissist”; others said they are satisfied with how Orbán supports ethnic Hungarians in the neighbouring countries.
Morning opening: Helló Budapestről!
Jakub Krupa
in Budapest
Helló Budapestről!
Or, to those of you inexplicably less fluent in Hungarian: hello from Budapest!
It’s a beautiful if slightly chilly morning here in the Hungarian capital as we enter the final hours of the campaign before this Sunday’s parliamentary vote that could see the end of Viktor Orbán’s 16 years in power.
When you look at the polls, they are a bit all over the place – particularly depending on their, erm, affiliation and proximity to the ruling party – but all independent pollsters appear to suggest that Péter Magyar’s Tisza party is on course for victory on Sunday.
But there is plenty time before then, with a number of voters still undecided or not sure if they are even going to vote, despite the expected record turnout.
In his last rallies, Magyar warned his supporters against complacency, stressing the need to fight for every single vote and to get everyone to come out on Sunday.
Meanwhile, Orbán argued that “no election is decided until the people decide it,” and insisted he still expected a victory on Sunday.
Let’s see how it goes.
We will be bringing you updates from Budapest and beyond to get you a sense of what is the feeling on the ground in Hungary.
It’s Friday, 10 April 2026, it’s Jakub Krupa here, and this is Europe Live.
Good morning.
Police are at the scene in Dormanstown, where a child died and a dog was destroyed.
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Keir Starmer has said he is “fed up” with the effect that Donald Trump’s actions in the Middle East are having on the British public, while appearing to draw a comparison between the US president to Vladimir Putin.
Speaking to ITV’s Robert Peston on Thursday, the prime minister said: “I’m fed up with the fact that families across the country see their bills go up and down on energy, businesses’ bills go up and down on energy because of the actions of Putin or Trump across the world.”
Starmer, who has been heavily criticised, and at times even mocked, by Trump for not committing British forces to the war on Iran, also appeared to condemn Benjamin Netanyahu for Israel’s continued strikes on Lebanon, despite Iran calling for Lebanon to be included in the ceasefire that was agreed on 7 April.
“That should stop – that’s my strong view – and therefore, the question isn’t a technical one of whether it’s a breach of the agreement or not,” Starmer said.
It came as Starmer and Trump spoke on Thursday about the need for a “practical plan” to get shipping going through the strait of Hormuz after the Middle East ceasefire.
A Downing Street spokesperson said: “The prime minister spoke to President Trump from Qatar this evening. “The prime minister set out his discussions with Gulf leaders and military planners in the region on the need to restore freedom of navigation in the strait of Hormuz, as well as the UK’s efforts to convene partners to agree a viable plan.
“They agreed that now there is a ceasefire in place and agreement to open the strait, we are at the next stage of finding a resolution. The leaders discussed the need for a practical plan to get shipping moving again as quickly as possible.”
Starmer also said that, while Britain did not have “access to all the details of the ceasefire”, he disagreed with the attacks on Lebanon, stating “let me be really clear about it – they’re wrong.”
Writing in the Guardian on Thursday, Starmer said he did not want Britain to be “a country where people are not at the mercy of events abroad”. He added that while the responses of previous governments to world events were to simply “manage the crisis, find a sticking plaster and then desperately try to reassert the status quo”, he promised that his government would do better, stating: “This time, it will be different. The war in Iran must now become a line in the sand, because how we emerge from this crisis will define all of us for a generation.”
The prime minister’s relationship with Britain’s allies has been noticeably strained since the US and Israel’s war with Iran began in late February, with Starmer and other European leaders being repeatedly chastised and belittled by Trump and other prominent members of his administration.
These have included sharing a video from the sketch show SNL UK in which Starmer is portrayed as being scared of Trump and trying to avoid his call, and stating that he is “no Winston Churchill” due to his perceived inaction in aiding the US.
Others on the receiving end of Trump’s ire include the French president, Emmanual Macron. Trump claimed Macron’s “wife treats him extremely badly” and even suggested that she hits him, claiming that Macron was “still recovering from the right to the jaw” when he spoke to him earlier in the month.
The Spanish prime minister, Pedro Sánchez, who has been outspoken in his disapproval of the war in Iran and the conflict in Gaza, has been one of Trump’s most vocal detractors. In response, the president has threatened to cut off all trade and suggested that if the US wanted to use Spain’s bases in the region, they would take them by force, stating: “If we want, we can just fly in and use it. Nobody is going to tell us not to use it.”
Hungary election campaigns enter final stretch as Orbán fights to remain in power – Europe live | Hungary
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