Oil hits five-month high as global stocks wobble on AI fears; retail sales in Great Britain fall as shoppers cut back - business live
Posted on Friday October 23, 2026

Rolling coverage of the latest economic and financial news

And pressure continues to build this morning, with oil prices rising again. Brent crude, the international benchmark for oil, is up 1% this morning to $114 a barrel.

Richard Hunter, of the broker Interactive Investor, points out that oil is now up by about 60% since the start of the US-Israeli war against Iran, and up around 90% in the year so far.

Widespread reports that the US is considering renewed military strikes on Iran after the midterm elections rather than pursuing a diplomatic route was enough for the price to pop, after what many had considered would be a brief conflict is now in its eighth month.

At the same time, the attacks on Saudi Arabia’s facilities by Houthi rebels have intensified this week, and for ships attempting to cross the strait of Hormuz, it’s still a dangerous journey, with projectiles still be fired.

Ukraine’s bombardment of Russian diesel refineries is adding to supply concerns. The deteriorating situation is once again fanning inflation fears, with companies unlikely to keep absorbing higher energy and freight costs. The longer the conflicts rage, the greater the chance of higher prices becoming more embedded in the economy, and that’s why bets have increased on central banks hiking rates more rapidly.

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Some of Europe’s highest energy costs expected in Britain this winter
Posted on Friday October 23, 2026

Official forecasts show country will meet energy demand by paying high prices to secure imports

Great Britain is expected to pay some of the highest energy costs in Europe this winter as its reliance on imports to ensure a steady supply is forecast to deepen.

Energy system operators have said the country will have enough gas and electricity to meet demand over the coldest months – in part because of paying higher market prices than neighbouring markets to secure imports.

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UK consumer confidence falls at fastest rate since Brexit vote as cost of living bites
Posted on Friday October 23, 2026

Economic fallout from war in Middle East adds to pressures on consumers and on chancellor before budget

Consumer confidence in the UK has fallen at the fastest rate outside the Covid pandemic since the 2016 Brexit vote as the escalating economic damage from the war in the Middle East hits Britain.

With less than a week before John Healey’s first budget, the latest barometer from the data company GfK indicated confidence plunged by 11 percentage points in October to -24 amid pressure on consumers from the rising cost of living.

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UK to relax post-2008 rules that hold City bosses accountable for wrongdoing
Posted on Thursday October 22, 2026

Regulators say removing ‘unnecessary burdens’ will save businesses about £2bn over 10 years

The UK is watering down rules introduced in the aftermath of the financial crisis that were designed to hold City bosses accountable for wrongdoing.

The plans, put forward by the financial industry’s two top regulators, the Bank of England and the Financial Conduct Authority (FCA), include a reduction in reporting for “lower-level misconduct” and would also free 140,000 managers from extra checks.

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AI firms say UK has a year to head off datacentre protests before construction is threatened
Posted on Thursday October 22, 2026

Exclusive: Nvidia, Microsoft and Cisco taskforce urges ministers to offer areas greater benefits from tech infrastructure amid fears of US-style opposition

AI companies have told ministers they have 12 months to head off public opposition to datacentres in the UK or risk US-style protests that could threaten their construction.

Successive dry summers and rising energy bills are increasing public scrutiny of plans for the huge computer warehouses that are used to train and run AI models, says a submission to the Labour government from a group including the AI infrastructure companies Nvidia, Microsoft and Cisco.

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Burnham to reveal plans for AI unit to tackle wildfires after scorching summer
Posted on Thursday October 22, 2026

PM will also announce funding for specialised protective gear and the deployment of military aircraft

The UK government is to create an AI Cobra unit to spot wildfires after this year’s record-breaking summer saw devastating blazes across the country.

The country experienced its hottest-ever summer this year, with prolonged dry periods and extreme heat fuelling wildfires that triggered an emergency alert to mobile phones in England and Wales. Figures released on 8 October showed a clear upward trend in the number of fires recorded each year.

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Emery and Nagelsmann are top targets if Manchester United sack Carrick
Posted on Thursday October 22, 2026

• Carrick expected to be in charge for Bournemouth game

• Compensation could be obstacle for Aston Villa’s Emery

Unai Emery and Julian Nagelsmann have emerged as leading targets to replace Michael Carrick as Manchester United’s head coach should the board decide on a change after the club’s poorest start to the season since 1986.

Carrick is expected to remain in place for Sunday’s visit of Bournemouth – he is due to hold his pre-game media conference on Friday – but the 45-year-old’s job is in the balance after two wins from 11 games this season.

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Premier League: 10 things to look out for this weekend
Posted on Thursday October 22, 2026

Max Dowman may get a chance, Spurs need to find balance at Stamford Bridge and Axel Disasi must make amends

• Premier League top scorers

After seven games, Nottingham Forest’s record is eerily similar to last season: five points, five goals scored. A year ago Forest’s eighth game was a 3-0 home loss to Chelsea that marked the end for Ange Postecoglou, the second of four managers to occupy the dugout last term. There is no suggestion that Oliver Glasner is under similar scrutiny yet, but the Austrian needs to find solutions for the league’s lowest scorers. Morgan Gibbs-White is available after missing the narrow defeat by Arsenal, while Liam Delap may benefit from a return to familiar surroundings – 12 of his 14 career Premier League goals were scored for Ipswich, six of them at Portman Road. “What we need to improve is getting [Delap] into more positions where he can score,” Glasner said before Friday evening’s game. “He’s one of our best finishers.” Gary O’Neil also lacks a standout scorer, but he is squeezing goals out of his side. Eight different Ipswich players have scored in seven games; only Brighton and Brentford can better that total this season. Niall McVeigh

Ipswich v Nottingham Forest, Friday 8pm BST

Aston Villa v Manchester City, Saturday 12.30pm BST

Arsenal v Everton, Saturday 3pm BST

Coventry v Fulham, Saturday 3pm BST

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