UK motor fuel prices rise since Middle East conflict began, and energy bills could jump 10% in July – business live

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.The dust is settling after Rachel Reeves’s spring forecast statement yesterday, which showed that growth will be weaker than hoped this year while unemployment will be higher.While the chancellor claimed the UK could ‘beat the forecasts again’, economists are concerned that the ongoing Middle East crisis will hurt the economy, and household finances, badly.The Resolution Foundation have just released their overnight analysis of the Office for Budget Responsibility’s forecast.The good news? The UK is set for a “decent”, one-off increase in living standards this year, and a bumper rise for lower-income families

War in Middle East ‘could wipe out growth in UK living standards’

The Middle East crisis could trigger an energy price shock that more than wipes out the £300 rise in living standards a typical working-age household could otherwise expect this year, a leading thinktank has warned.The Resolution Foundation said a “decent” one-off increase in average living standards in 2026 and a bumper rise for lower-income households could be reversed by rising oil and gas prices as the Iran conflict disrupts supplies.However, if the recent jump in energy prices persists, the foundation said all the gains could be wiped out.While the effect may not be as large as the increase caused by the Russian invasion of Ukraine, which sent the cost of food, oil and gas soaring, a rise this year in oil and gas prices could add a percentage point to UK inflation and £500 on typical annual energy bills, it said.The UK’s reliance on gas from the Middle East makes it especially vulnerable to an effective blockade of the strait of Hormuz, through which about 20% of the world’s liquid natural gas is transported

Europe’s next-generation fighter jet project may collapse if row continues, says warplane maker

France and Germany’s next-generation fighter jet project could soon be “dead”, one of the two companies tasked with delivering it has warned, amid a worsening corporate rift over who gets to build the aircraft.Dassault Aviation, France’s leading warplane maker, said Airbus’s defence arm – which represents Germany and Spain – needed to cooperate on the €100bn programme otherwise it would collapse.“Airbus doesn’t want to work with Dassault, full stop. I take note. I never said I didn’t want to work with Airbus or with the Germans,” said Éric Trappier, Dassault’s chief executive, via an interpreter while presenting the company’s financial results on Wednesday

Google faces lawsuit after Gemini chatbot allegedly instructed man to kill himself

Last August, Jonathan Gavalas became entirely consumed with his Google Gemini chatbot. The 36-year-old Florida resident had started casually using the artificial intelligence tool earlier that month to help with writing and shopping. Then Google introduced its Gemini Live AI assistant, which included voice-based chats that had the capability to detect people’s emotions and respond in a more human-like way.“Holy shit, this is kind of creepy,” Gavalas told the chatbot the night the feature debuted, according to court documents. “You’re way too real

South Africa v New Zealand: T20 World Cup cricket semi-final – live

7th over: New Zealand 91-0 (Seifert 47, Allen 44) The Powerplay is over; the power play is not. Seifert makes room to belabour Keshav Maharaj’s third ball through extra cover for four.A relatively quiet over, yet New Zealand still scored seven from it. They need 79 from 78 balls and should cruise to victory.6th over: New Zealand 84-0 (Seifert 41, Allen 43) Finn Allen completes an awesome Powerplay by manhandling Corbin Bosch’s first over for 22

Dennis Cometti was erudite, funny and engaging. His witticisms could fill a library

The late Tony Charlton, who called a dozen VFL grand finals and three Olympic Games, said sporting commentators should “produce words like bubbles in champagne”. There have been some sublime sporting commentators in this country. But no one in Australian broadcasting turned words into bubbles like Dennis Cometti. Few could match his repertoire of wit, timing and verve. And few were so professional, so versatile, so fully dedicated to their craft, so capable of meeting the moment