Maisie Grice

Gatwick Airport’s passenger numbers fell 4.7% to 19.1 million in the six months to June as the Iran war reduced demand for destinations perceived to be associated with the Middle East conflict. Pre-tax profit declined 18% to £137 million, while operating costs rose 5% to £318 million because of wage inflation, higher utility costs and fuel pressures. Gatwick said there was no immediate jet fuel shortage linked to disruption around the Strait of Hormuz, and highlighted new carrier launches and broadly stable on-time performance as signs of a cautiously positive outlook.

The FTSE 100 recovered from early losses to finish around Tuesday’s close, with Antofagasta and other miners benefiting from higher copper prices while falling Brent crude weighed on BP and Shell. Hopes of progress toward a US-Iran peace deal and a possible reopening of the Strait of Hormuz eased oil-market pressure, supporting retail, aviation and housebuilding shares. Ofgem’s four per cent increase in the household energy price cap, alongside the continuing effects of the Iran conflict, added to UK cost-of-living and inflation concerns. Tensions also intensified between the United States and Canada after Canada announced $20 billion in retaliatory tariffs.

Celtic Manor near Newport is presented as a vast, nostalgic Welsh resort combining three championship golf courses, extensive leisure facilities, six restaurants, comfortable rooms and numerous event spaces. Its 2010 Ryder Cup legacy remains prominent, while attractions such as Forest Nets, spas, bars and varied dining make it suitable for families, golfers and conference visitors. The review is broadly positive, highlighting the resort's scale, distinctive atmosphere and value, with rooms available from £115.

Manchester City’s €100m signing of Lille midfielder Ayyoub Bouaddi highlights the widening talent and financial drain from Ligue 1 to the Premier League. French clubs have increasingly relied on overseas player sales amid collapsed media-rights deals and sharply reduced television income, while proceeds have not been sufficiently reinvested domestically. The exodus is weakening Ligue 1’s competitiveness in Europe, reducing its UEFA revenue and potentially costing it Champions League places, creating a cycle of further financial dependence on selling young talent.

The FTSE 100 rose for a fifth consecutive day, approaching its record intraday high as investors sought sectors less exposed to volatility in artificial-intelligence and technology stocks. Mining companies including Glencore, Fresnillo and Rio Tinto gained amid renewed interest in precious metals, a weaker US dollar and concerns about debt and inflation. Banks and pharmaceutical companies also supported the index. However, falling Brent crude prices, uncertainty over US threats against Iran and the forthcoming Nvidia results could determine whether the rally continues, with investors watching the results for signs that AI demand is weakening.

Prime Minister Andy Burnham has paused plans to place Thames Water into a special administration regime because of concerns that it could cost taxpayers billions and trigger legal challenges. Estimates range from more than £2bn, according to Thames Water, to £4.1bn for an 18-month administration, according to Teneo. The government is exploring alternatives, a process expected to take several months, while Thames Water faces nearly £20bn in debt and warned it could run out of cash by year-end. Meanwhile, the London & Valley Water consortium, backed by Apollo and Elliott, has proposed a new board including former Yorkshire Water and Openreach executives, though its turnaround plan has faced opposition from Emma Reynolds.

Andy Burnham refused to rule out tax rises in the forthcoming Autumn Budget, saying spending plans would be fully funded and that he would not take risks with jobs or household finances. The warning comes as the government faces higher borrowing costs, an energy price shock and a surprise £1.8bn deficit in July. Capital Economics estimates there is little scope for additional borrowing, while economist Ashley Webb forecasts a UK deficit above 4% of GDP for the seventh consecutive year.

Economists expect Chancellor John Healey to raise taxes in the 2026 Budget because higher borrowing costs, defence and welfare commitments, and fiscal rules leave limited room for spending cuts. Potential measures include a land value tax replacing or supplementing stamp duty and council tax, aligning capital gains tax with income tax, extending national insurance to investment and pension income, increasing taxes on banks and high-value property, closing stamp duty and inheritance-related loopholes, and removing the pension tax-free lump sum. The article says some proposals could raise billions but risk reducing investment, weakening savings incentives or provoking political and industry opposition. A broad wealth tax is presented as less likely because of disputes over its revenue potential and concerns about business confidence.

European private-credit lending reached a record €63.2 billion in the first half of the year as private-equity firms refinanced portfolio-company debt amid weak exit and M&A activity. Lending surged to €34.8 billion in the first quarter before falling 25% year on year to €28.4 billion in the second quarter, as large borrowers turned to cheaper public debt markets. Direct lenders are consequently competing more intensely for smaller mid-market deals, with further refinancing activity expected if M&A remains subdued. The UK and Ireland recorded the highest deal volume, while Nordic markets and France experienced notable declines.

The FTSE 100 rallied on Monday afternoon, led by Airtel Africa and InterContinental Hotels Group, while Autotrader and Melrose Industries declined. Investors focused on US Treasury Secretary Scott Bessent’s planned bond-buyback measures and threatened sanctions against Iran, which Iran’s security chief Mohsen Rezaei answered with warnings of retaliation against Gulf oil routes. Brent crude fell about 1% to just above $93 a barrel, weighing on Shell and BP. The UK government also announced a review of business-rates revaluations affecting pubs and hotels.

Firms including Gretel, JPMorgan and Standard Life returned £2.5 billion in lost or unclaimed pensions, investments, savings and protection policies to UK consumers in the first six months of the Billions 4 Millions initiative. The average reconnection was worth £31,647, while the largest recovery exceeded £3.2 million. Gretel estimates that £89 billion remains in forgotten accounts, including around £31.1 billion in unclaimed pensions. The initiative has raised its target from £1 billion to £5 billion by the end of 2026, with supporters arguing that wider industry participation could ease financial pressures and improve retirement security without additional taxpayer funding.