FTSE 100 hits new high amid Ukraine peace hopes
The FTSE 100 hit a record yesterday as European markets rallied on hopes of peace in Ukraine. London's index of blue-chip stocks ended the session up 0.3 per cent at 9189.22 – its highest ever close. The rally came after Donald Trump held talks with Ukrainian president Volodymyr Zelensky and European allies, including Keir Starmer, at the White House.
The US President said he has begun arranging talks between Zelensky and Russian leader Vladimir Putin, sparking hopes of an imminent end to the conflict after more than three years of war. In London, the FTSE 100 – which has gained more than 12 per cent this year – was boosted by retail stocks, offsetting a defence sector drop.
And the mid-cap FTSE 250 rose 0.4 per cent, snapping a three-day losing streak. In Europe, the CAC 40 in Paris rose 1.2 per cent, while Germany's DAX 40 closed up 0.5 per cent. Meanwhile, oil prices slumped on investor expectations that a peace deal will likely lead to an easing of sanctions on Russia.
Despite the stock market rally, London-listed defence giants took a hit on signs that the conflict in Ukraine could come to an end. The companies have been boosted as European leaders raced to rearm amid conflicts in Ukraine and the Middle East.
Babcock International fell 7.4 per cent, BAE Systems dropped 3.9 per cent and Rolls-Royce lost 2.1 per cent. But the losses were offset by retailers, which made big gains despite news of a delay to official sales data.
JD Sports jumped 6.8 per cent following an upbeat statement from protein powder seller Applied Nutrition, which is backed by the sportswear chain. Shares in Marks & Spencer rose 3.5 per cent and Next shares were up 3 per cent.
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The Independent
15 minutes ago
- The Independent
Is Labour really failing on immigration and asylum hotels?
Councils across England are weighing up legal challenges after the High Court's decision to block a hotel in Epping from accommodating asylum seekers. The ruling blocks asylum seekers from being housed at the Bell Hotel in the Essex town, and current residents must be removed by September 12. On Wednesday, several local authorities, including some run by the Labour Party, said they were considering their options to take similar action. The ruling has resulted in another wave of criticism directed at Sir Keir Starmer and his Labour government over immigration, with opposition parties repeatedly accusing the government of failing to adequately tackle the issue. Yet amid backlash and local council tensions, the figures show that Labour has already made significant steps to move away from the use of hotels. The multi-billion cost of housing asylum seekers in hotels has dropped markedly from its peak in 2023. Last year (2024/5), the cost for hotel bills was at £2.1bn, down by a third from £3.1bn in the previous year. The smaller bill is a result of multiple factors, most notably the reduction in the asylum backlog. The average daily cost for housing each asylum seeker in a hotel has gone down from £176 to £170 per person. This still remains higher than previous years. The government has also made efforts to reduce the proportion of asylum seekers housed in hotels, moving them towards other types of accommodation. Figures from March show 32,345 asylum seekers out of over 100,000 were being accommodated in hotels, with the remainder housed in temporary accommodation including council-owned homes and a former airfield. Just 30 per cent are staying in hotels, which is meant as a contingency - or temporary - measure. Government accounts show that costs are likely to remain similar this year, with £2.2bn requested by the Home Office to asylum housing costs; suggesting that the number of asylum seekers is unlikely to fall significantly. In February, Home Office permanent secretary Sir Matthew Rycroft said the department was aiming to 'get to zero' asylum hotels by the end of this parliament in 2029. In 2022, the government began plans to use 'large sites' like cruise ships and ex-military bases to accommodate asylum seekers. Among these are the Bibby Stockholm barge, which was shut down last year, and former RAF airfield Wethersfield which now houses 588 people as of early 2025. But a review last year found that these sites cost more than hotels as a way to house asylum seekers. Nonetheless, hotels cost around six times more on average than other types of accommodation, according to analysis by the Migration Observatory; at £170 a day compared to £27 a day. Yet most of the time, the government is forced to place people in hotels due to a lack of capacity, with a shortage of accommodation and a substantial –albeit decreasing – asylum backlog. The asylum backlog stood at 78,745 cases at the end of March – a 13 per cent drop from December, and down 41 per cent from the mid-2023 peak. Yet the sizeable backlog, which is still higher than pre-2022 levels, represents a host of ongoing costs for the government as people wait for a decision on their asylum claims. Most asylum seekers are still waiting over six months for an initial decision on their claim, although waiting times have improved compared to the same time last year. The majority of people in the backlog are Afghan, Pakistani and Iranian nationals, according to the Migration Observatory. The UK's asylum backlog is the fifth largest in Europe. Where are asylum seekers staying in the UK? Now, over 8 in 10 local authorities host some asylum seekers, Home Office figures show. This is a significant rise over the last decade. Accommodation for asylum seekers varies by region. In the North East of England, just 5 per cent are housed in hotels, while in London hotels make up the majority of accommodation (65 per cent). Epping Forest council is within the East of England region, which has 41 per cent of migrants housed in hotels. However, being in Essex, the council is on the edge of London which has a higher concentration of asylum seekers than the rest of the UK. Around 140 migrants were being housed in The Bell Hotel in Epping, according to BBC reports, all of whom must now leave by September. Though the hotel has provided accommodation for the Home Office for several years, occupancy has fluctuated, with figures in March showing just 28 asylum seekers housed across Epping Forest hotels. Reform leader Nigel Farage has called on other councils to seek 'Epping-style injunctions' against the use of hotels to house asylum seekers, adding: 'It is high time that the outrageously expensive asylum hotel scheme, which nobody in Britain ever voted for, was brought down by popular demand.' The recent pushback has come amid record levels of small boat crossings to the UK. Labour's education minister Baroness Jacqui Smith has admitted that the high numbers are 'a problem that, up until this point, we haven't managed to tackle'. People coming on small boats make up an increasing proportion of asylum applications. Last year, a third of the UK's asylum claims came from small boat migrants. In 2025 so far, over 26,000 migrants have already crossed the English Channel, higher than summer levels in any year to date. In fact, figures at mid-August have nearly exceeded the entirety of 2023 (29,437). Meanwhile arrests of people smugglers who enable the crossings were down last year, according to National Crime Agency data obtained by The Independent. The shadow home secretary called Labour's failure to 'smash the gangs' an 'abject failure'. This suggests that small boats migration could be the highest on record over 2025, bringing with it a slew of new asylum claims; since almost all irregular migrants apply for asylum.
The Independent
15 minutes ago
- The Independent
As St George's Cross protests grow, what are the rules on flying flags?
F lags. Troublesome, tribal things that can be used as an assertive statement of ideological, religious, national or ethnic supremacy. We see that in Northern Ireland with nationalists and loyalists commandeering lamp posts as flag poles and painting the kerbstones green-white-and-orange or red-white-and-blue, with matching folk murals glorifying martyrs and battles. It's something that seems to be spreading to parts of England, too. But a flag can also be an innocent, joyous emanation of a shared identity and values – as when the Lionesses did England proud. Vexillology can be a highly vexing matter, as we witnessed when the royal family insisted on protocol after the death of Diana, Prince of Wales and having the royal standard flown at full rather than half mast, later giving in to public pressure. In fact, there are official guidelines to help us navigate this newly popular method of free expression… What does the government say? The official guidance is issued by the Ministry of Housing, Communities and Local Government and dates back to when Boris Johnson was premier and started making ministers put flags in the background of every public appearance and on any and every public building. It was only a partial attempt to boost confidence in the dismal post-Brexit life of the nation. Anyway, Angela Rayner is in charge of flags now, and so the guidance should probably be read in an Angela Rayner accent: 'Flags are a very British way of expressing joy and pride – they are emotive symbols which can boost local and national identities, strengthen community cohesion and mark civic pride. The government wants to see more flags flown, particularly the union flag, the flag of the United Kingdom. It is a symbol of national unity and pride.' Great. What can we fly? Almost anything in principle, within the rules, but probably not the terrorist stuff, not even in private, given that it would be likely taken as promoting violence. The list of flags that do not require consent (proving they don't contravene other rules or laws) include: any country's national flag; the Commonwealth, UN or other international body of which the UK is a member; any British island, county, city, village, or borough; the Scottish and Irish saltires; armed forces flags; the flag of St George (England – but not additionally adorned with eg a bulldog, Nigel Farage, St George himself or the name of a football team). Curiously, the evocative and lovely Welsh Dragon flag isn't specifically covered in the guidance, but we may assume it's OK. On that basis, then, when, as planned, Palestine is officially recognised as a sovereign state by the United Kingdom, the now familiar design can be waved around with the full backing of the government. On the other hand, the European Union's starry flag now technically requires consent, as does the 'Ulster banner', the old Northern Ireland flag featuring the red hand emblem, much favoured by some unionists and loyalists but no longer formally recognised (if it ever was). What about the rainbow flag? It's one of a number that also don't require consent but need to conform to a few rules on the size of flagpoles and their position. Corporate and sports flags and the NHS logo fall into this category. The 'progress' flag, a more 'inclusive' adaptation of the rainbow flag and the trans flag aren't mentioned. What can't we fly? 'Any flag not identified above requires express consent from the local planning authority before it can be flown.' So that includes the EU and Wales, and party political ones among others – but not Palestine. Can I have a flagpole? You can have two on on the roof of your house if you want, or in the grounds, provided one is from the list that don't require permission: 'No restrictions on the size of any character or symbol displayed on the flag, except where a flag is flown within an area of outstanding natural beauty, area of special control, the Broads, conservation area or a National Park (referred to elsewhere as 'controlled areas') where the characters may be no more than 0.75m in height (0.3m in height in an area of special control).' Elsewhere, eg on the outside wall, requires permissions. You are referred to the regulations governing the flying of flags set out in the Town and Country Planning (Control of Advertisements) Regulations 2007 (as amended in 2012 and in 2021).
The Independent
15 minutes ago
- The Independent
Hopes that ICRIR can deliver truth and accountability around the Shankill bomb
Hope has been expressed that the Independent Commission for Reconciliation and Information Recovery (ICRIR) can deliver truth and accountability around the Shankill bomb. Two men bereaved in the Provisional IRA bomb attack in 1993, and the son of a ambulance worker also murdered by the PIRA, have requested the new body take on their cases. The ICRIR was created by the previous government's controversial Legacy Act and is headed by former Northern Ireland Lord Chief Justice Sir Declan Morgan. Bereaved families, victims and certain public authorities can request the commission carry out an investigation into Troubles incidents. However, some have questioned the body's independence and its ability to uncover answers about Troubles crimes. In a statement issued through JWB Consultancy, Charlie Butler, who lost three members of his family in the Shankill Road bomb, and Gary Murray, whose 13-year-old sister Leanne was killed in it, said they want to know the full truth. One of the bombers, Thomas Begley, was killed by the blast, while Sean Kelly was convicted of murder following the bomb attack on a fish shop in the Shankill Road in 1993. JWB Consultancy said they have formally requested an ICRIR investigation into the atrocity, and hope to bring others involved to justice, including those who made the bomb, transported it and those who planned the attack. Mr Butler said others involved have escaped accountability. 'We have taken this step to continue the fight for justice for our loved ones,' he said. 'There has never been full criminal or public accountability brought to bear on many of those responsible for and who played a role in the Shankill bombing. 'We have inquiries and investigations galore into killings by loyalists or the security forces, but no such resources poured into holding PIRA accountable for their terrorist campaign. 'I hope the ICRIR will correct that imbalance and injustice. Time for truth.' Mr Murray said their fight for justice continues. 'The criminal liability for the Shankill bomb does not begin and end with the terrorist bombers, but rather every IRA member who played any role, whether active or supporting, in the plot to indiscriminately bomb the Shankill Road,' he said. 'We trust the ICRIR will conduct a robust and detailed investigation to finally hold all those involved accountable, and to provide us with the 'truth' we so often see nationalist/republican legacy groups, supported by Sinn Fein and former IRA terrorists, hold placards demanding. 'We want the truth about this PIRA atrocity.' Meanwhile, Paul Shields, the son of murdered ambulance worker and former RUC reservist Robin Shields, said his father was serving the community when two IRA gunman entered Broadway ambulance station and killed him. He said the family funeral was then disrupted by multiple IRA bomb alerts, which he said were 'designed to heap further grief upon the family and to frustrate the funeral service'. 'The murder of my father, in the prime of his life, robbed us of our family and him of the opportunity to see his children and grandchildren live their lives,' he said. 'The community also lost a courageous and dedicated servant, given that our father gave much of his life to public service both as an RUC reservist and ambulance worker. 'In death, PIRA still would not let our father rest, embarking on a series of bomb alerts designed to disrupt his funeral. 'We see and hear the catchphrase often from PIRA and their surrogates: 'Time for truth'. Yes, it is, and we as a family want the truth about the PIRA murder of our father, and all those involved to be held criminally liable.' A spokesperson for the ICRIR said: 'The commission is committed to serving victims, families and survivors. 'We respect people's choices about whether they come to the commission and our door will always remain open to all. 'We will continue to work to give answers to the over 200 individuals from across the community who have to come to us in their quest for truth and justice.'
