Thursday briefing: What it will take for Britain to break up with natural gas

In today’s newsletter: The economic fortunes of the UK are intertwined with the price of the costly fuel – so why are we so slow to ditch it?

The economic fortunes of the UK are intertwined with the price of natural gas. It is an uncomfortable fact that we have all had to wrestle with in recent years. First, Russia’s invasion of Ukraine caused the biggest inflation shock in a generation as the price of natural gas exploded in 2022, sparking a cost of living crisis that shows little sign of abating. Now, the US and Israel’s attack on Iran threatens to heap further economic misery on the country.

As Rachel Reeves arrives in Washington DC for the International Monetary Fund spring meeting, the bad news for the chancellor keeps coming: the IMF downgraded Britain’s growth prospects, with the UK suffering more than any other wealthy nation as a result of the conflict in Iran – driven in part by soaring energy costs once again.

Middle East crisis | The US and Iran have been in indirect talks aimed at extending the two-week ceasefire beyond its expiry on 22 April, as Pakistan’s army chief arrived in Tehran to continue mediation efforts.

Environment | The world’s top 100 oil and gas companies banked more than $30m every hour in unearned profit in the first month of the US-Israeli war in Iran, according to exclusive analysis for the Guardian.

Politics | Rachel Reeves has stepped up her criticism of Donald Trump’s war on Iran, describing it as a “mistake” that has destabilised the global economy and damaged living standards around the world.

Media | The BBC is to cut as many as 2,000 jobs in the biggest downsizing of the public service broadcaster in 15 years. Staff were informed of the cuts, which will affect about 10% of employees, at a meeting on Wednesday.

UK news | Police are seeking two suspects believed to be behind an attempted arson attack on a synagogue in north London. The Met said two people “wearing dark clothing and balaclavas” approached Finchley Reform Synagogue just after midnight on Wednesday.