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The UK is grappling with a cost-of-living crisis, with rising inflation and increased pressure on households, while companies struggle to hire young people due to cost pressures. Chancellor Rachel Reeves is facing scrutiny over fuel tax policies.
Bleak economic data reveals the UK economy was struggling before the Middle East crisis, and rising energy prices due to the conflict are expected to worsen inflation. Germany's economy is also being damaged by energy bottlenecks in the Middle East.
The UK is set to raise tariffs on steel imports to 50% as part of a new strategy to support its domestic steel industry. The move aims to protect UK steel producers from foreign competition.