trade bazooka

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Business·4/29/2026AI summary

AstraZeneca Announces £300m UK Investment as Starmer Credits US Pharma Deal

AstraZeneca is investing £300m in UK operations, Prime Minister Keir Starmer announced at PMQs, protecting jobs in Cambridge and Macclesfield. The investment comes seven months after the company paused a £200m Cambridge expansion and is tied to a new US pharmaceutical deal requiring UK to pay 25% more for medicines by 2035. Meanwhile, NIESR warns the Iran war could cost the UK £35bn in GDP over 2026-2027.

Guardian Business

UK Exports to Middle East Drop 20% Since Iran War Began

Urgent

Business·4/29/2026AI summary

UK Exports to Middle East Drop 20% Since Iran War Began

UK exports to the Middle East have fallen 20% year-on-year since the Iran war began eight weeks ago, with certificates of origin dropping from 15,437 to 12,360. NIESR predicts the conflict will cost the UK economy £35bn in 2026-2027 even in a best-case scenario. Oil prices have risen 3.3% to $115/barrel amid reports of a planned US blockade of Iranian ports, while EU economic sentiment has tumbled 2.9 points.

Guardian Business

Developing

Business·4/29/2026AI summary

UK Exports to Middle East Drop 20% Since Iran War Began

UK exports to the Middle East have fallen 20% year-on-year since the Iran war began eight weeks ago, with certificates of origin dropping from 15,437 in March 2025 to 12,360 in March 2026. The British Chambers of Commerce reports firms are facing disrupted trade routes through the Strait of Hormuz, rising insurance premiums and extended lead times, with SMEs particularly affected. The CBI's Growth Indicator shows UK businesses are pessimistic about the economic outlook.

Guardian Business

BREAKING

Business·4/29/2026AI summary

UK Exports to Middle East Drop 20% Since Iran War Began

UK exports to the Middle East have fallen by 20% year-on-year since the Iran war began eight weeks ago, with certificates of origin dropping from 15,437 in March 2025 to 12,360 in March 2026. The National Institute of Economic and Social Research warns the conflict could knock £35bn off UK GDP over 2026-2027 in a best-case scenario. Oil prices have surged to $115 a barrel, the highest in a month, amid reports of a planned extended US blockade of Iranian ports.

Guardian Business

UK exports to Middle East drop 20% since Iran war began as oil hits one-month high

Urgent

Business·4/29/2026AI summary

UK exports to Middle East drop 20% since Iran war began as oil hits one-month high

UK exports to the Middle East have fallen 20% year-on-year since the Iran war began eight weeks ago, with certificates of origin dropping from 15,437 to 12,360 in March. The decline indicates goods being delayed, rerouted or not shipped at all. Oil prices have risen to $113/barrel, the highest in a month, after reports Trump plans an extended blockade of Iranian ports. The FTSE 100 fell to its lowest level since April 1, while Lloyds reported strong profits despite a £151m Middle East impairment charge.

Guardian Business

UK business leaders demand 'trade bazooka' to counter Trump tariff threats

Developing

Business·4/26/2026AI summary

UK business leaders demand 'trade bazooka' to counter Trump tariff threats

The British Chambers of Commerce has urged the UK government to create an EU-style 'trade bazooka' to protect British economic interests from Trump's latest tariff threats. The lobby group, representing thousands of firms, said the UK's 'inadequate economic security' was putting growth and jobs at risk, calling for urgent action including new legislation with powers to impose duties, limit market access, and enhance investment scrutiny. The US is Britain's largest trading partner, accounting for about a fifth of global trade.

Guardian Business