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The chancellor promised more money in people's pockets, but the Iran crisis makes steeper inflation a pressing worryRachel Reeves used her spring statement to insist her economic policies are working and things are looking up for household finances after the cost of living crisis.The chancellor trumpeted that by the next general election “people will be over £1,000 a year better off”. But against the backdrop of war in the Middle East, financial experts warned that the new economic forecasts published alongside her statement might have already been overtaken by events. Continue reading......

Unemployment is now predicted to reach 5.3% this year, up from the previous forecast of 4.9%Unemployment in the UK is set to peak this year at a higher rate than previously estimated, with a “worrying” increase in young people being out of work, the government's official forecaster has said.The Office for Budget Responsibility (OBR) said unemployment will peak at 5.3% this year, up from its previous forecast in November of 4.9%. Continue reading......

The chancellor insists Labour has 'the right economic plan' for a world that has become 'yet more uncertain' Continue reading......

Beijing's foreign ministry urges 'all parties' to avoid escalation as spot rate for tankers reaches $424,000 a dayHow escalating Iran conflict is driving up oil and gas prices – a visual guideBusiness live – latest updatesThe Chinese government has called for vessels passing through the strait of Hormuz to be protected by all sides in the escalating Iran conflict, as shipping freight rates soared.Maritime traffic through the strait – a narrow channel on Iran's southern border that connects the Persian Gulf with the Gulf of Oman – has effectively been closed since the US and Israel launched missile attacks on Iran at the weekend, prompting a retaliation from Tehran. Continue reading......

With more than 350 establishments closing last year, social media accounts such as Proper Boozers and London Dead Pubs have rallied to fight their sticky-carpeted corner – and bring the 'old-man pub' a new clienteleThe Calthorpe Arms on Gray's Inn Road is a fairly atypical central London pub. With patterned red carpets, brass fittings, leather bar stools, a pool table and Christmas tinsel still hanging in early February, it feels very much a “local”, although on a Thursday evening it's busy with the post-work crowd.It's the fifth time Niall Walsh, who works nearby and runs the Proper Boozers Instagram account, has visited in recent months. “It's just off the beaten track, but easy to get to,” Walsh says over a pint of Harvey's. “You can get a real, authentic pub experience.” Continue reading......

Jack Dorsey to cut 4,000 workers at Block amid AI advances – but specters such as weak crypto market haunt companyJack Dorsey cited AI as the driving force behind cutting 40% of his company's employees, but other factors such as a weak crypto market, overstaffing and a declining stock price may also have motivated the move.Last week, the financial technology company Block announced that it would lay off 4,000 of its 10,000 workers. Dorsey, Block's CEO, said in a letter to shareholders that advances in AI “have changed what it means to build and run a company”. Continue reading......

Attempt to project calm in spring forecast may be short-lived if living costs and unemployment keep climbingReeves insists Labour has 'right economic plan'Business live – latest updates“This government has restored economic stability,” Rachel Reeves told the House of Commons on Tuesday.Yet the chancellor was speaking just moments after MPs had been hearing from the foreign secretary, Yvette Cooper, about plans to evacuate British nationals from the escalating conflagration in the Middle East. Continue reading......

FTSE 100 on track for its worst day in 11 months, while Japan's Nikkei and South Korea's Kospi also fallBusiness live – latest updatesMiddle East crisis – live updatesThe war in the Middle East has plunged financial markets into turmoil for a second day, with oil and gas prices surging, global stock markets slumping and chances of a UK interest rate cut later this month plummeting.The London stock market has fallen deep into the red, a gloomy backdrop for the chancellor's spring forecast at 12.30pm GMT. The FTSE 100 index lost about 280 points on Tuesday morning, falling to 10,501 in a 2.6% drop and leaving it on track for its worst day in 11 months – since Donald Trump's “liberation day” tariff shock of April 2025. Almost all stocks fell. Continue reading......

Olivier De Schutter says 'frivolous and destructive demands' of ultra-rich restrict fight against inequalityThe global economy must be reordered to ensure it serves ordinary people around the world rather than the “frivolous and destructive demands of the ultra-rich,” according to a leading UN figure.Olivier De Schutter, the UN special rapporteur on extreme poverty and human rights, says politicians must stop prioritising “socially and ecologically destructive growth” that only increases the profits – and serves the consumption demands – of the world's richest individuals and corporations. Continue reading......

The technology most people use only as a chatty tool for daily tasks is reportedly aiding US military aggression. And there is not much we can do about itThere are a lot of things that AI can do. It can sort out your shopping list, and it can keep your kids entertained when they're mutinous by spinning up a tailor-made bedtime story for them. It can make you more efficient at work, and can help our government operate more effectively.What is written less about, and what we need to shout louder about now, are the risks inherent in the militarisation of AI. In the last three months Donald Trump's White House has reportedly used AI twice to effect regime change, or to – in the most recent case in Iran – get as close to doing so as possible, and leaving it up to rank-and-file Iranians to finish the job.Chris Stokel-Walker is the author of TikTok Boom: The Inside Story of the World's Favourite App Continue reading......

ChatGPT owner's CEO says it will bar its technology being used for mass surveillance or by intelligence servicesBusiness live – latest updatesOpenAI is amending its hastily arranged deal to supply artificial intelligence to the US Department of War (DoW) after the ChatGPT owner's chief executive admitted it looked “opportunistic and sloppy”.The contract prompted fears the San Francisco startup's AI could be used for domestic mass surveillance but its boss, Sam Altman, said on Monday night the startup would explicitly bar its technology from being used for that purpose or being deployed by defence department intelligence agencies such as the National Security Agency (NSA). Continue reading......

Google, Microsoft and Amazon among companies using algorithms and AI to influence what crops are grown and how, say criticsTech companies and industrial agriculture are “playing with the food system” by using AI and algorithms to undermine farmers in choosing what the world eats, leading food security experts have warned.Companies such as Google, Microsoft, Amazon, IBM and Alibaba are working with industrial agriculture firms to influence what crops are grown and how, according to a report by the thinktank International Panel of Experts on Sustainable Food Systems (IPES-Food). Continue reading......

Retailer known for its sausage rolls and steak bakes says it has been resilient in a challenging marketBusiness live – latest updatesGreggs has reported a slump in profits as it bemoaned “challenging” market conditions hitting consumer confidence and disposable income, amid pressure to prove the UK has not hit “peak Greggs”.The high street bakery chain, known for its sausage rolls and steak bakes, said statutory pre-tax profits fell by 17.9% to £167.4m for the year to 27 December, compared with a year earlier. It also reported a slowdown in sales growth over the start of the new year. Continue reading......

Extended war in Middle East could cause 'substantial spike' in inflation and 'sharp drop in output' in eurozone and UK, ECB official saysBusiness live – latest updatesShoppers faced a surprise jump in grocery inflation last month after four successive months of falls, as experts warned there is worse to come if there is prolonged war in the Middle East.In a blow to households struggling with the cost of living, grocery price inflation rose to 4.3% in the four weeks to 22 February, after falling to 4% in January from 4.7% in December, according to the market research company Worldpanel by Numerator. Continue reading......

Select departures organised as US state department warns Americans to leave on commercial flights 'due to safety risks'US-Israel war on Iran – live updatesTravellers stranded by a widening war in the Middle East began departing the United Arab Emirates onboard a small number of evacuation flights on Monday, as governments around the world worked to extract their citizens from the region.Etihad Airways and Emirates, the airlines based in Abu Dhabi and Dubai, respectively, and the budget carrier FlyDubai said they would operate limited flights after the chaos and damaged caused by Iranian missiles and drones. Continue reading......

Rolling coverage of the latest economic and financial news, including the UK's spring forecastRachel Reeves's plans could be hit by Middle East conflict, say economistsThe European Central Bank's chief economist has warned that a prolonged war in the Middle East and a persistent fall in oil and gas supplies from the region could cause a “substantial spike” in inflation.Philip Lane has told the Financial Times said that “directionally, a jump in energy prices puts upward pressure on inflation, especially in the near term.”“The impact would be amplified if it also gave rise to a repricing of risk in financial markets”. Continue reading......

The rapid rollout of datacenters across the US is creating a divide between municipal governments and residentsWilmington, Ohio, resident Quintin Koger Kidd was so concerned last June with his local public officials' alleged misdoings – open meeting violations and other discrepancies – that he filed a complaint in court to have the mayor and city council members removed from their posts.When Koger Kidd later heard that the city supported plans by Amazon Web Services to build a $4bn datacenter on 500 acres (200 hectares) south of town, he was aghast. Amazon has sought a tax abatement that would see its datacenter exempt from paying property taxes for 30 years in exchange for the funding of local schools and infrastructure projects. Continue reading......

Claude climbs to top of app store charts in US and UK after being blacklisted by Pentagon over ethics concernsThe AI model Claude has surged in popularity after being blacklisted by the Pentagon last week over ethics concerns.Claude climbed to the No 1 spot on Apple's chart of top free apps on Saturday in the US – dethroning OpenAI's ChatGPT, just one day after the Pentagon tapped OpenAI to supply AI to classified military networks. The bot's app climbed the iPhone app charts in the UK but did not beat out ChatGPT. Claude also raced up the Android charts in the US and UK, though ChatGPT reigned supreme, according to data from Sensor Tower. Continue reading......

Warning comes as OBR projections in the spring forecast are expected to show public finances moving in the right directionSoaring global energy prices as a result of the widening Middle East conflict will jeopardise Rachel Reeves's plan to conquer inflation and rekindle growth, economists have warned as she prepares to deliver her spring forecast later today.Responding to the latest projections from the independent Office for Budget Responsibility (OBR), the chancellor will insist she has “the right economic plan for our country, in a world that has become more uncertain”. Continue reading......

Billionaire Paramount Skydance chief announces plan days after winning takeover battle for Warner Bros DiscoverySign up for the Breaking News US email to get newsletter alerts in your inboxParamount Skydance plans to combine HBO Max and Paramount+ into one streaming service, chief executive David Ellison announced during a call with investors, days after the company said it would acquire HBO parent company Warner Brothers Discovery.The deal would allow major HBO Max titles, such as The Sopranos, Sex and the City and Succession, to sit alongside Paramount offerings including Yellowstone and Survivor. Ellison said combining the two platforms would give the company over 200 million direct-to-consumer subscribers. Continue reading......