Anna Wise

Oil prices climbed above 90 dollars a barrel as renewed US airstrikes on Iran and retaliatory attacks heightened instability across the Middle East. Hostilities disrupted key shipping routes, including the Strait of Hormuz, intensifying volatility in global energy markets. Analysts warned that escalating military actions, including planned US strikes on Iranian infrastructure, could further inflame regional tensions and undermine prospects for a lasting peace.

Sky will acquire ITV’s media and entertainment division for up to £1.6 billion, giving it control of ITV’s main channels and streaming service ITVX, while ITV retains its production arm, ITV Studios. The deal aims to strengthen Sky’s position against global streaming competitors and significantly expand its reach in the UK advertising market. Public service broadcasting obligations for ITV channels will remain in place through 2034, and programming continuity is expected in the short term. Regulators including Ofcom and the CMA are likely to scrutinise the deal, particularly regarding potential dominance in TV advertising. Analysts suggest future overlaps in content and sports rights across Sky and ITV platforms are possible.

A High Court ruling fined Unite £265,000 for breaching an injunction intended to prevent refuse workers in Birmingham from blocking waste collection vehicles during an extended strike. The court determined that Unite's actions, including blockading vehicles and picketing beyond authorised areas, were deliberate rather than the result of misunderstanding. Unite apologised but criticised the council for its handling of the dispute, accusing it of wasting public money and failing to honour negotiations. Birmingham City Council argued the fine was necessary to ensure waste services could operate. The judgment rejected Unite’s defence that the injunction allowed protests away from depots, concluding the union knowingly obstructed vehicle movements.

The Financial Conduct Authority fined former Carillion chief executive Richard Howson £237,000 for acting recklessly and helping to present an inaccurately positive picture of the company’s financial health prior to its 2018 collapse. Regulators found that warning signs in the UK construction division were not properly addressed or reported to the board, leading investors to be misled. The FCA highlighted significant fallout from Carillion’s failure, including job losses and risks to public sector projects. Former finance directors Richard Adam and Zafar Khan were also recently fined for their roles in issuing misleading statements.

Royal Mail warns of delays across more than 100 UK postcodes, including Brierley Hill and parts of Staffordshire, due to recent storms and heightened staff sickness. The company says most deliveries remain on schedule but is bringing in extra support where needed. Residents in multiple West Midlands areas have reported long waits for post since January, with some letters held for weeks. Parcels are being prioritised in some depots as volumes grow. Ongoing regulatory changes include Ofcom’s approval for reducing second‑class Saturday deliveries, which remains limited pending agreement with the Communication Workers Union amid a current dispute resolution process.

Forecasts from the National Institute of Economic and Social Research indicate that achieving net zero migration would reduce employment growth, shrink the working‑age population and lower tax revenues, creating long‑term pressure on UK public finances. The think tank estimates that reduced revenues could widen the budget deficit by about 0.8 percent of GDP by 2040 unless taxes rise or borrowing increases. Maintaining positive net migration is projected to help stabilise the debt‑to‑GDP ratio. The report also revises down UK economic growth expectations for 2025 and anticipates slower growth in subsequent years, alongside a temporary rise in unemployment and two expected interest rate cuts as inflation declines.

Uber data shows Birmingham leads the UK in early‑morning ride‑hailing trips and ranks among the top cities for late‑night Uber Eats orders. Chinese cuisine remains the most searched for, while matcha saw a major surge in popularity. Train stations dominated destination requests, with Cadbury World also drawing strong demand. Uber highlighted the appeal of cultural and tourist sites across the country and confirmed plans to launch self‑driving taxis in London in spring 2026.

Postmasters affected by Horizon-related accounting shortfalls have until January 31 to apply for compensation through the Horizon Shortfall Scheme. The scheme offers a fixed £75,000 payout or a full case assessment and has distributed more than £769 million to eligible applicants. Post Office leadership and government officials urged all potential claimants to submit applications before the deadline, stressing the importance of timely redress after years of hardship and renewed public attention following a widely viewed television drama.

Poundland is continuing a major restructuring that will reduce its UK store count from about 800 to between 650 and 700, confirming 14 more closures by early February in addition to 19 already scheduled. The retailer has shut over 100 locations as part of efforts to simplify operations, implement consistent low pricing, and recover financially after being sold to Gordon Brothers and avoiding administration through a High Court‑approved plan. Clearance sales with discounts up to 40 percent are under way at affected branches, and detailed closure dates have been provided for dozens of sites across the UK.

About £240 million in energy credit remains unclaimed in 1.9 million closed accounts, prompting Ofgem and Energy UK to urge former customers to contact previous suppliers. People who moved in the past five years may be owed refunds that could not be returned due to outdated contact details. Suppliers typically refund credit automatically, but missing information causes delays. Consumers are advised to review final bills, update details, and keep direct debits active until accounts are settled.