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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

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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.

double quotation mark“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.”

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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:

double quotation mark“High hopes have been replaced by fresh frissons of fear about the duration of the war with Iran after President Trump’s bellicose speech, which gave no indication the conflict was very close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.

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Doomscrolling: is it really worth five years of your one wild and precious life? | Social media

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Name: Doomscrolling.

Age: The term first emerged in 2018, but took off in 2020 (when the doom got especially heavy).

Appearance: All-consuming.

Of course it’s all-consuming! Have you seen the horrors going on out there? War, climate collapse, AI … We need to stay informed: the robot apocalypse is coming, and I, for one, intend to be ready. Intentionally consuming news from reliable sources is one thing, but do you have any idea how much time you spend inadvertently making yourself scared and angry on your phone?

No, and I suspect this is not information I will enjoy learning. Definitely not. New survey data suggests people might spend up to five years of their waking lives doomscrolling.

What? That cannot be right – break it down for me. Well, a Virgin Media O2 survey of more than 6,000 people across the UK has found that 36% of our phone use is “unintentional”. That’s automatically flicking between apps and checking our phones out of habit, idly letting our thumbs show us all the most upsetting, frightening things out there (interspersed with adverts for protein powder and podcasts).

Mine are for Dubai and mindfulness apps, but go on. That’s an hour and 26 minutes a day, or 41,000 hours in a lifetime (for someone who gets a smartphone aged 10 and survives to the predicted average age of 88).

My doomscrolling suggests it’s unlikely any of us will be surviving to 88 soon. But that is shocking. It’s four years and eight months, somewhere between the lifespan of a feral pigeon and a ferret.

A weird way to put it, but OK. Fine. In four years and eight months, a human goes from a helpless larva to a fully fledged person with bladder control and opinions about Bluey.

Better. Just think what you could do in that time. You could do a PhD, you could go to veterinary school and find out how to extend feral pigeon lifespans, you could write 107 romance novels (if you match Barbara Cartland’s 1976 record of 23) … You could go to Jupiter (almost, theoretically)!

I could not do any of that. Maybe not, but you can certainly do better things with your one wild and precious life than “unintentionally” scrolling through infinite horrors on your phone because a bunch of irresponsible billionaires precision-engineered it that way. Study something fun, travel, volunteer …

You’re right, but how? As you say, the billionaires have stitched us up. In 2020, journalist Karen Ho created a Twitter “doomscrolling reminder bot” that issued helpful nightly reminders (“Hey, are you doomscrolling?”) to encourage people to stop. Surely now it would be easy to get AI to do something similar, but customised for each of us?

Are you saying this is something the technology my doomscrolling has made me terrified of could actually help with? Who knows, but stranger things have happened.

Do say: “Hey, are you doomscrolling?”

Don’t say: “You have 10 seconds to stop before your robot overlord administers your mandated punishment.”



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PM accuses Farage of exploiting Nowak case to sow ‘division’ and denies ‘two-tier policing’ claim

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The incident, which is being investigated by the policing watchdog, prompted a wave of political reaction on Monday, including a video clip filmed by Farage in which he said the police response was evidence of “two-tier Britain,” and called for an end to “anti-white prejudice”.



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Farage exploiting Nowak’s murder against wishes of his family, says Starmer – UK politics live | Politics

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Starmer condemns Farage at PMQs, condemning his ‘rage’ response to Nowak murder as ‘unforgivable’ snub to victim’s family

Nigel Farage, the Reform UK leader, also asked about the Nowak murder.

He said:

double quotation markFollowing the horrendous circumstances of Henry Nowak’s death, can I urge the prime minister to consider this?

It is now clear to growing millions in this country that we are living under two tier policing.

The instructions that are given to police officers from police bosses are clear and written down in ink. It says you must treat different ethnic groups in different ways.

Farage suggested that was behind “the upset and the anger at the circumstances of his death, the anger that you saw spilling out in Southampton last night”.

Some MPs jeered at Farage, saying he should condemn the violence.

Farage went on:

double quotation markIf the public lose trust in being treated fairly by the police, can he take some action to end this divisive practice of two-tier policing and make sure that all British citizens are treated the same?

Starmer said: “I don’t believe there’s two-tier policing in this country.”

And he said that he was “really shocked” by Farage’s approach. He said Farage pretended to respect Nowak’s family. But he was acting like this.

Starmer went on:

double quotation markThe grieving family have asked us not to respond in the way that the leader of Reform has responded. They’ve asked us not to. They have lost their son in the most appalling circumstance. They make a simple plea of us as human beings to please not exploit that.

That is their plea to us. We all need to reflect on those words of Henry’s father.

My response – and the response of others, to be fair – has [been focused] on the lessons to be learned so we can deliver justice.

His response has been to appeal for rage.

That’s his response to a father who’s lost his son and asked for that not to happen.

Exploiting this tragedy to create grievance and division would be wrong in any circumstances, but to do it when the family are expressly saying please don’t is unforgivable. It shows who he is.

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Ben Habib winds up his Advance UK party to create more space for Restore Britain to take on Reform UK

Ben Quinn

Ben Quinn

Ben Quinn is a Guardian political correspondent.

Advance UK, the hard-right outfit set up by former Reform UK deputy leader Ben Habib, has announced it is stepping aside to make way for Rupert Lowe’s Restore Britain to become the main force trying to emerge as a rival to Nigel Farage’s party.

Habib used a video message on X to announced that Advance UK would be de-registering as a political party and was “taking a step back” to prevent “confusion” on the party of voters looking for a right-wing alternative to Reform.

Advance UK has a few dozen councillors around England, mainly those who have defected from Reform and other places, while the far-right activist known as Tommy Robinson has identified himself as a supporter in the past.

The move now potentially opens up the potential for Robinson, whose real name is Stephen Yaxley-Lennon, to team up with Restore Britain, which was set up by the former Reform MP Rupert Lowe.

Lowe used X to praise Habib’s announcement, adding that his one-time Reform UK colleague and the Advance UK membership would be welcome in Restore Britain, but he added that it was a decision for them to make.

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