Barclays profits jump as UK banks boost outlook amid rising inflation and market turbulence. Founded in 1690, now a global banking giant.
Lord Mandelson resigned from the House of Lords amid allegations of leaking sensitive UK government information to Jeffrey Epstein. Multiple sources report police are reviewing emails suggesting he shared confidential data during Gordon Brown's government, with investigations into misconduct in public office now underway.
As of March 12, 2026, Iran has claimed responsibility for attacks disrupting oil shipments through the Strait of Hormuz, a critical route for 20% of global oil. This has driven oil prices near $100 per barrel, pushing US gas prices above $3 per gallon nationwide for the first time since 2023. The US and allies face supply constraints amid ongoing conflict and strategic reserve releases.
UK housing prices are forecasted to rise modestly over the next two years amid geopolitical tensions and rising energy costs. Mortgage rates are increasing, and consumer confidence is waning due to the Iran conflict, which also influences build costs and market demand.
The UK mortgage market has seen a significant decline in available deals and rising rates due to geopolitical tensions and increased swap rates. Over 200 deals have disappeared since March 6, with rates now exceeding 5.5%, impacting first-time buyers and homeowners. Experts warn rates will likely stay high as global instability persists.
Recent reports highlight rising costs for UK households due to escalating gas prices amid geopolitical conflicts, while student loan reforms face scrutiny. Energy bills are forecast to increase sharply from July, and debates over loan fairness intensify as the government considers reforms amid economic pressures.
Oil prices rose sharply following increased tensions in the Middle East, with WTI and Brent climbing over 8-14%. Markets reacted with volatility, as investors weigh the potential for supply disruptions and economic impacts amid ongoing Iran conflict and US political signals. The situation remains fluid as the war's duration and consequences unfold.
Mortgage rates in the UK have declined following recent market reactions to global conflicts and economic uncertainty. Lenders are passing on savings from falling swap rates, but geopolitical tensions continue to cause market volatility, impacting borrowing costs and demand for home loans. The Bank of England's upcoming rate decision remains a key factor.
The UK government has launched a campaign to encourage retail investors to shift savings from cash into investments. This follows new targeted support initiatives and policy changes aimed at increasing financial resilience, despite ongoing market turbulence and consumer caution about risks.