Prof. Dr. Juan Lafont, CFA

The lecture was delivered by Juan Lafont, who is known for his academic and professional work in project finance. The session covered project finance structures, risk assessment frameworks and international funding models, according to participants.

The company said Ceylan’s participation forms part of its broader strategy to strengthen engagement with international academic and professional networks and to support knowledge sharing across the financial sector.

Strategy Finance Global, a London-based master broker, operates across shipping, private aviation, superyacht and project finance, providing advisory and structuring services for large-scale transactions.

Alp Ceylan, Managing Director of London-based brokerage Strategy Finance Global, attended a Project Finance lecture

LONDON (Berkeley Square Office) E-posta: info@strategyfinance.global Tel: +44 (0) 203 761 4111

2nd Floor, Berkeley Square House, Berkeley Square, London, W1J 6BD

LONDON (Head office) 173 Balls Pond Road, London, N1 4BG 02037617614111 - 07812921155 - 07766461245 info@strategyfinance.com

Turkey’s Strategic Positioning: From Medical Tourism to Market Power

Turkey is rapidly evolving from a cost-driven medical tourism destination into a global command center for aesthetic medicine and longevity services.

The scale is no longer marginal:

• Over 1.5 million international patients annually

• More than $2 billion in sector revenue

• Consistently high global rankings in aesthetic procedures (ISAPS)

• Rapid inflow of patients from Europe, the Middle East, and beyond

But the real shift is not volume—it is market positioning.

Turkey is no longer competing for patients. It is competing for category ownership.

How Turkey is Quietly Cornering the Market

The country’s rise is not accidental. It is structural—and built on four compounding advantages:

1. The cost-quality arbitrage no longer exists as a “discount story”

Turkey has broken the old narrative of “cheap alternative healthcare.” Instead, it now offers high-skill, high-volume clinical performance at structurally lower cost bases—a combination few markets can replicate.

2. Industrial-scale medical expertise

High patient throughput has created something rare in Europe: procedural intensity at scale, accelerating surgical specialization and operational precision across leading institutions.

3. Geographic convergence advantage

Istanbul sits at the intersection of three major regions—Europe, the Middle East, and Asia—functioning as a natural funnel for cross-border medical demand.

4. The emergence of “health + hospitality + longevity” hybrids

Turkey is no longer selling procedures. It is selling end-to-end health experiences—where surgery, recovery, hospitality, and wellness are fused into a single commercial ecosystem.

This is where the model begins to resemble a new category entirely: luxury longevity infrastructure.

Why This Sector Doesn’t Behave Like a Normal Market

Unlike traditional luxury goods or discretionary travel, health and aesthetic spending is increasingly treated as non-deferrable self-investment.

Even under economic pressure, consumers continue to prioritize:

• physical appearance

• perceived social value

• long-term wellness outcomes

• preventive aging strategies

In other words: this is a sector where demand does not collapse with sentiment cycles—it reallocates.

Case Study: Esteworld and the Institutionalization of Experience-Based Medicine

Within Turkey’s expanding ecosystem, Esteworld Health Group represents a defining example of the sector’s evolution.

Beyond clinical performance, the group is actively building a full-spectrum patient experience model, integrating medical treatment with recovery environments and lifestyle design.

Its emerging Wellworld concept signals a further shift: from aesthetic medicine toward structured longevity ecosystems, where healthcare becomes continuous rather than episodic.

The Bigger Picture: A Silent Redistribution of a Global Market

What is unfolding is not simply Turkey’s growth in medical tourism. It is something more strategic:

A gradual redistribution of global health and longevity demand toward new geographic hubs that can combine clinical capability, cost efficiency, and lifestyle integration.

Turkey is not just participating in this shift. It is actively shaping it.

It is positioning itself to capture a disproportionate share of one of the fastest-growing segments of global healthcare.

Market Context & Data Sources

The global expansion of the health, aesthetic medicine, and longevity sector is supported by several leading institutional datasets and industry reports.

According to the Global Wellness Institute (GWI), the global wellness economy reached approximately $5.6 trillion in 2023, highlighting the scale and continued expansion of the sector.

Research from McKinsey & Company indicates a structural shift in consumer behavior, where wellness and personal care expenditures are increasingly prioritized and reframed as “self-investment” rather than discretionary spending.

On the medical tourism side, data from the Republic of Turkey Ministry of Culture and Tourism and USHAŞ (International Health Services Inc.) shows that Turkey receives over 1.5 million international patients annually, with total sector revenue exceeding $2 billion.

In addition, findings from the International Society of Aesthetic Plastic Surgery (ISAPS) consistently place Turkey among the leading global destinations for aesthetic procedures, reflecting both high procedural volume and accumulated clinical expertise.

ESTEWORLD HEALTH GROUP – FACT SHEET (Editorial Brief)

Founded: 1994
Sector: Aesthetic Medicine, Plastic Surgery, Medical Tourism, Longevity & Wellness

Overview

Esteworld Health Group is one of Turkey’s established private healthcare organizations, operating since 1994 and playing a long-standing role in the development of the country’s international medical tourism ecosystem.

The group represents a hybrid model of clinical medicine and experience-based healthcare delivery, integrating surgical care with patient journey design, recovery services, and cross-border medical tourism operations.

Scale & Operations

• 5 hospitals (including one upcoming facility)

• 1,200 employees

• 70 physicians and medical specialists

As of 2024, Esteworld serves approximately:

• 28,000 – 30,000 patients annually

Total annual service volume exceeds approximately:

• £24 – 26 million GBP (approx.)

This reflects combined demand from both domestic and international patient segments.

International Reach

Esteworld has developed a diversified international patient base across 35 countries, with a strong concentration in:

• Europe (core market)

• United Kingdom (strategic priority market)

• United States

• Canada

• Australia

• Selected Asian markets

Key European source markets include:

• Netherlands

• France

• Germany

• Italy

The UK remains one of the group’s most consistent and strategically important inbound markets.

Position in Medical Tourism Ecosystem

Esteworld operates within one of the fastest-growing segments of global healthcare: cross-border aesthetic medicine and medical tourism.

The group is positioned within a broader structural shift where healthcare is increasingly defined not only by clinical outcomes, but also by:

• patient experience

• end-to-end service design

• hospitality integration

• recovery and lifestyle components

Strategic Relevance

Esteworld is part of a new generation of healthcare providers contributing to Turkey’s emergence as a global hub in aesthetic medicine and longevity-focused healthcare services.

The organization’s scale, patient diversity, and long operational history position it as a relevant case study in the evolution of:

healthcare → experience-based medicine → longevity ecosystems

Note on Market Context

Turkey’s healthcare and aesthetic medicine sector continues to benefit from structural global trends, including rising demand for self-funded medical travel, increasing prioritization of wellness-related spending, and the convergence of healthcare with luxury hospitality models.Within this context, Esteworld represents a mature institutional player in a rapidly expanding global category.

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Benchmark Brent crude briefly surged nearly 7% to over $126 per barrel before retreating later in the day. The spike comes as tensions in the Iran conflict intensify and negotiations appear to have stalled.

A key factor behind the surge is the continued disruption in the Strait of Hormuz, a crucial route through which roughly 20% of the world’s oil and liquefied natural gas flows. Ongoing threats and blockades in the area have raised concerns about global energy supply.

According to reports, the US Central Command has prepared options involving targeted strikes on Iran, as well as potential efforts to regain control of parts of the waterway to resume shipping. Iran, meanwhile, has signaled it will defend the route and respond to any escalation.

Oil price volatility was also influenced by technical factors, including the expiration of June futures contracts, which contributed to a later drop in prices. More active July contracts traded lower, around $110 per barrel.

Rising crude prices are already affecting consumers. In the UK, petrol and diesel costs have increased significantly compared to pre-conflict levels, putting pressure on households and businesses.

Experts warn the impact could extend beyond fuel. Higher energy costs are expected to drive up prices for food, flights and goods, as supply chains absorb the increased expenses. Fertiliser prices have also risen, adding further pressure on global food production.

Analysts say continued escalation could keep oil prices elevated into next year, increasing uncertainty for both markets and policymakers.

But it suffered in the face of competition from cheaper, online brands such as Shein and Temu.

Changing consumer tastes also spelled the death knell for the retailer, which has struggled like many High Street firms.

Kroll said: "As of 27 April, all Claire's standalone stores in UK and Ireland have ceased trading. All store employees have been advised of redundancy."

Claire's owners Modella Capital said in January that part of the reason it had to put Claire's into administration was "alarming" low Christmas trading that left it in a "vulnerable" position.
It also blamed the climate on the High Street, which it said "remains extremely challenging", adding that government policy had caused a tough trading environment by raising staffing costs such as National Insurance Contributions.

'Juvenile'​​​​​​​

But Claire's problems are more long-term, fashion expert Priya Raj told the BBC.
"We've moved away from novelty, colourful jewellery for the most part, which is what Claire's are best known for.
"If we think about teens today, they're looking at social media for influence on what to buy, rather than their local High Street or shopping centre.
"So naturally their tastes are evolving into what's mainstream right now - minimal jewellery, sometimes chunky, sometimes with a more curated look - basically not the cutesy, juvenile look that Claire's is known for."

Claire's was not only facing competition from online - other bricks-and-mortar competitors ate into its space too.

Primark and Superdrug compete heavily with Claire's value offering, says retail analyst Catherine Shuttleworth.

Plus, she added, young people had more places to spend their money, including spending on desserts, coffee, matcha and bubble tea.

"Competition has never been tougher for Gen Alpha shoppers," she said. "They are the generation of social shoppers - changing the way they buy and expecting more from the brands that they interact with.

"This age group now have so many options to spend their cash that shops just selling 'stuff' simply doesn't cut it."

Meanwhile, Claire's US arm is also struggling. It filed for bankruptcy for the second time in 2025, having previously filed for bankruptcy in 2018.

Move toward wellness and longevity positioning

Under the “Wellworld” initiative, Esteworld is seeking to align its services with growing global demand for wellness-oriented healthcare and longevity-focused lifestyle solutions. The approach reflects a broader industry trend in which aesthetic medicine providers are expanding into adjacent segments such as preventive health, recovery optimization and long-term wellbeing.

The group continues to operate within hair transplantation, dental aesthetics and plastic surgery, but is increasingly framing these services within a wider wellness ecosystem rather than standalone procedures.

Shift in healthcare consumption

Industry observers note that demand for aesthetic and elective healthcare services is increasingly linked to lifestyle, self-perception and long-term wellness goals, rather than purely cosmetic outcomes.

In this context, providers are moving toward more integrated models that combine medical expertise with hospitality, recovery environments and wellness-oriented experiences.

Strategic positioning

Esteworld’s expansion into wellness and longevity reflects a broader repositioning within Turkey’s private healthcare sector, where providers are increasingly competing not only on clinical capability, but also on patient experience and end-to-end service design.

The company’s strategy signals an attempt to bridge aesthetic medicine with the growing global longevity and wellness economy, where health, appearance and lifestyle are becoming increasingly interconnected.

Book a free consultation with London Team Contact : T: 020 3337 6262 W: +44 7717 096567

Address: Covent Garden, London UK

Email: hello@esteworld.com
Social Media-Instagram: @esteworld_gb

ACI Europe’s director general, Olivier Jankovec, warned that a disruption in fuel supply would significantly impact airport operations and air connectivity, potentially causing severe economic consequences across Europe. He added that if the Strait of Hormuz does not reopen in a stable manner within three weeks, a widespread jet fuel shortage in the EU could become unavoidable.

Airlines have already begun reducing flight schedules and increasing ticket prices due to fuel supply worries. European jet fuel prices recently reached a record high of $1,838 per tonne, nearly double the level seen before the war began.

Jankovec called on the European Union to take immediate action, arguing that market forces alone would not be sufficient to manage the crisis. He also criticized the lack of coordinated EU monitoring of jet fuel supply and production.

ACI Europe has proposed joint EU fuel purchasing and temporary easing of certain import restrictions. The group also highlighted the need to support the production and affordability of sustainable aviation fuel (SAF), noting that conventional jet fuel prices are expected to stay high in the long term.

According to the letter dated April 9 and reported by the Financial Times, airports handling fewer than one million passengers annually are already under financial strain, even before considering fuel shortages. Jankovec warned that the situation could further weaken regional airports and negatively affect local communities across Europe.

Attended by Daniel Zeichner MP, the United Kingdom’s Trade Envoy to Türkiye, the forum—held at the Residence of the Embassy of the Republic of Türkiye in the United Kingdom under the auspices of Ambassador Koray Ertaş—brought together business leaders, economists, and policymakers on a single platform. In addition to bilateral trade and investment relations, the transformative impact of AI-driven competition on the global economy was comprehensively addressed.

The forum began with opening remarks by Ambassador Koray Ertaş. In his speech, he emphasized the strategic importance of economic relations between Türkiye and the United Kingdom, stating: “The strong economic partnership between Türkiye and the United Kingdom will continue to deepen further in areas such as digitalization, green transformation, and innovation, creating new opportunities.”

The program continued with remarks by BCCT Chair Chris Gaunt, OBE, and Saif Malik, CEO of Standard Chartered UK.

In his speech, BCCT Chair Chris Gaunt, OBE, underlined the growing strength of the strategic partnership between Türkiye and the United Kingdom, stating:
“Türkiye and the United Kingdom are not only strong partners in terms of trade volume, but also complementary economies in innovation, technology, and sustainable growth. In the coming period, we believe that investments particularly focused on digital transformation, green finance, and artificial intelligence will further advance this cooperation. As BCCT, we will continue to contribute to strategic partnerships that create lasting value between the two countries.”

During the panels held as part of the event, trade, investment, and technology cooperation between the two countries were evaluated from multiple dimensions.

In the first panel titled “Strengthening the Türkiye–United Kingdom Trade, Investment and Technology Corridor,” financing instruments, infrastructure investments, and innovation ecosystems came to the forefront. The panel also discussed in detail the adaptation of the Free Trade Agreement to the digital age, its impact on trade flows, and the role of green finance and public–private partnerships. Smart manufacturing, digitalization in logistics, and energy transition were also among the prominent topics.

The Future of Competition: Talent, Technology, and Artificial Intelligence

The second panel, titled “Preparing the Türkiye–United Kingdom Economic Corridor for the Future,” focused on talent management, education, and technology.

The panel addressed the impact of artificial intelligence and digital transformation on education and research, highlighting in particular the international and hybrid learning model of Tarabya British Schools, as well as Oxford’s research excellence and its approach grounded in technology ethics.

Participants emphasized the role of these two models in cultivating globally competitive, future-ready individuals, while also evaluating opportunities for collaboration between Türkiye and the United Kingdom in talent, STEM, and innovation ecosystems. The critical importance of building strong bridges between academia and industry in creating sustainable talent pipelines was also underlined.

A Strong Message for Strategic Cooperation

The forum demonstrated a strong commitment to deepening trade and investment relations between Türkiye and the United Kingdom, accelerating technology-driven growth, and fostering sustainable economic cooperation.

Following the forum, a reception was held, offering participants the opportunity to establish new business connections and further strengthen commercial ties between the two countries.

The event was held with the contributions of Standard Chartered, HSBC, TBS, and Guden Solicitors.

Program:

Welcome Remarks:

H.E. O. Koray Ertaş, Turkish Ambassador to the UK
Christopher Gaunt O.B.E., Chairman, British Chamber of Commerce in Türkiye Saif Malik, CEO UK, Standard Chartered Bank

Panel I: Strengthening the Türkiye–UK Trade, Investment & Technology Corridor

Key Themes:

* Financing tools for bilateral trade, infrastructure, and innovation
* Upgrading the UK–Türkiye Free Trade Agreement (FTA) for the digital era. It's impact on

bilateral Trade and Investment Flows
* Public–private partnerships in technology and green finance
* Smart manufacturing, logistics digitalisation, and energy transition

Moderator: Faruq Muhammed, CFA, Standard Chartered Bank

Panelists:

Melis Metiner, Senior Economist, CEEMEA, HSBC
Vomic Nur Shah, Global Head of Origination & Client Coverage at UK
Export Finance (UKEF) - TBC
Ersoy Erkazancı, UK Country Advisor, Investment and Finance Office of the Presidency of the Republic of Türkiye
Ali Güden, Partner, Guden Solicitors

Panel II: Future-Proofing the Türkiye–UK Economic Corridor: Talent, Technology & AI-Driven Competitiveness

Key Themes:

* AI and digital transformation in education and research
* UK–Türkiye collaboration on skills, STEM and innovation ecosystems
* Global best practices in international schooling and hybrid learning –

Tarabya British Schools model
* The Oxford model – nurturing global leaders through research excellence

and technology ethics
* Bridging academia and industry to build future-ready talent pipelines

Moderator: Fatih Aydın, Chair, Oxford Türkiye Alumni Society & Advisory Board Member, BCCT

Panelists:

Pınar Özcan, Professor of Entrepreneurship and Innovation at Oxford and Academic Director of the Oxford Entrepreneurship Centre and the Oxford Future of Finance and Technology Initiative
Başak Akdemir, Chair, Glenalmond College

Steve Phillips, Vice-Chair of the Board and Head of External Relations at Tarabya
British Schools
Salvador Vazquez, Head of Android Partnerships, Northern Europe (UK, Nordics), Google

Titled “Budget Updates: New Changes & Opportunities,” the event will be held on 16 April 2026 at 16:00 at Bright Space Co Work in Cheshunt, Waltham Cross.

The seminar will provide a practical and insightful overview of the latest developments affecting businesses, particularly in the areas of taxation, compliance, and growth planning. Industry experts will share key updates and guidance to help companies better understand upcoming regulatory changes and identify new opportunities.

A strong panel of speakers is set to participate, including Mehmet Unal from Barclays PLC, Nicky Hudson from Wastepack, and Mehmet Gazioglu, Ali Sener, and Tugrul Yigitoglu from ADPL LLP. In addition, Freddie Wells, Director at Payroll As You Go, will address recent developments in HR regulations and National Minimum Wage (NMW) compliance.

The seminar will cover a range of critical topics such as Making Tax Digital, capital allowances, R&D incentives, international income and tax investigations, and evolving compliance requirements. These insights aim to support businesses in adapting to regulatory changes while strengthening their strategic planning.

The event is particularly relevant for business owners, finance professionals, and decision-makers seeking to stay informed in a rapidly changing economic environment.

Participants can register for the seminar by scanning the QR code provided in the event leaflet.

Event Details

• Date: 16 April 2026
• Time: 16:00
• Location: Bright Space Co Work, 81 Turners Hill, Cheshunt, Waltham Cross EN8 9BD

If you want, I can also adapt this into:

• a sharper headline-driven breaking news version
• a press release format
• or a short social media/news alert version

The Local Government Association (LGA), which represents councils, said authorities "strive to recover unpaid tax as sympathetically as possible" but it was their duty to collect it.

In the coming days, all councils in England and Wales will have confirmed the level of bills for the year from April. Council tax in Scotland and rates in Northern Ireland operate separately.

The new report by StepChange, which gathered freedom of information responses from councils, found that messaging and policy over non-payment varied considerably.

The charity said it was vital for local authorities to collect council tax to help pay for local services. However, threats following non-payment risked people ignoring letters and offers of help.

"Walking the tightrope of providing guidance to residents and recovering council tax arrears to fund essential local authority services is no doubt difficult," it said in its report called Clear, Fair, Understandable.

"Whilst necessary to recoup funds, it's fair to ask whether councils allow genuine room to repay in a way that does not cause hardship or deepen problem debt."

One man, who missed payments and wished to remain anonymous, told the charity he was already going without food to pay bills when he received a liability order from his council.

"As a disabled person, it left me feeling incredibly vulnerable when all I wanted was to be treated fairly and with compassion," he said.

Prison risk extremely rare

The final sanction of imprisonment, external for non-payment of council tax is only for cases of "wilful refusal" or "culpable neglect". It only operates in England, not Wales or Scotland.

Four people had gone to prison since 2020 and there had been 143 suspended sentences, StepChange said.

In responses to the charity, one in 20 local authorities mentioned the possibility of prison in the first letter to those who had missed one payment.

StepChange said this was counterproductive, scaring people who can't, rather than won't, pay.

Peter Tutton, director of policy, research, and public affairs at StepChange, said this "outdated" sanction should be removed.

Some 36% of council respondents in England and Wales made direct reference to debt recovery or enforcement action in the first letter after a missed payment, rising to 50% by the final letter.

StepChange also hit out at the use of red font in letters, but the charity's report highlighted what it regarded as more sensitive messaging from councils, such as one letter suggesting "don't worry, we can get you back on track".

The LGA, which represents councils across England and Wales, urged anyone struggling to pay their council tax to get in touch with their local authority for help and advice as soon as possible.

"Councils have a duty to their residents to collect taxes so important services, like caring for older and disabled people, protecting children, collecting bins and fixing roads are not affected," a spokesman said.

"They strive to recover unpaid tax as sympathetically as possible and to provide support to households at risk of financial exclusion or hardship."

This has sparked a sharp slowdown in holiday bookings there - as well as countries close to Iran, such as Turkey, Cyprus and Egypt, travel firms said.

Meanwhile, bookings are up in Portugal, Italy and Spain as well as the Caribbean, Mauritius and the US as some airports report flights filling up faster than last year.

On Tuesday, BA suspended some Middle East routes until June, "due to the continuing uncertainty of the situation in the Middle East and airspace instability".

The airline said it had temporarily cancelled flights to Dubai, Bahrain, Tel Aviv and Amman in Jordan up to and including 31 May.

Cape Verde and the Caribbean

Travel industry experts are warning over the availability of flights and holidays as those whose trips were cancelled due to the war scramble to rebook and those yet to book head for the same destinations.

British travellers are looking for "reassuring alternatives to avoid travel through the Middle East", said Neil Swanson, managing director of TUI UK and Ireland.

They are switching to "familiar, easy-to-reach" destinations, with Spain, Portugal, Greece and Cape Verde seeing higher demand, he added.

Swanson said there was also particularly strong demand for flights to the Caribbean, especially the Dominican Republic and Jamaica, and also Phuket, in Thailand, and India's Goa.

Bookings to Portugal had risen by 42% over the two weeks to 13 March, according to Thomas Cook. This was the biggest upward shift out of the destinations it covers, followed by the Balearic Islands (40%) and the Canary Islands (16%).

Kuoni - which provides premium holidays - said over the last week, compared to last year, bookings were up a fifth for the Caribbean and 18% for Africa. They were up 16% for Europe, with a 55% rise in bookings for Italy.

Most of the UK package holiday providers and travel agents the BBC spoke to did not quantify the changes in demand they reported for different holiday locations.

However, TravelSupermarket shared data on online search interest, which it said shows a "clear surge" for European and Atlantic destinations and away from the Middle East.

Searches for the Dominican Republic, Antigua, Cape Verde and Italy's Tuscany region have all more than doubled between March 1-11, compared with the 11 previous days, according to the figures.

Turkey, Greece, Cyprus and Egypt

Online package holiday provider On The Beach said it has experienced a significant slowdown in demand following the onset of conflict in the Middle East, particularly to destinations such as Turkey, Greece, Cyprus and Egypt.

Jet2 boss Steve Heapy told Travel Weekly people weren't booking trips to Cyprus and Turkey, and "cancellations are up".

There are no warnings against travel , externalto Greece but UK government advice is that terrorist attacks in Cyprus cannot be ruled out. It warned that "regional escalation poses significant security risks and has led to travel disruption".

While the UK government advises against travel to some parts of Egypt and Turkey, this does not include the tourist hotspots. In Turkey the advice is not to travel within 10km of the border with Syria.

Gloria Guevara, president of the World Travel & Tourism Council, told the BBC "demand for Turkey remains high, although some tourists are understandably delaying travel there while waiting to see what happens in the Middle East".

Dame Irene Hays, the owner and chair of Hays Travel, told the BBC's Today programme she was not surprised bookings have fallen.

She said the biggest losers have been destinations that require transfers in the Middle East such as the Maldives, India and Mauritius.

However, she added the industry had survived many challenges in recent decades, including from ash clouds and the Covid pandemic, and "people will always want to do" such locations. "I believe it will come back," she said.

2026 still expected to be busy

Last year was the busiest ever for flights, according to the UK Civil Aviation Authority's latest aviation trends report, and many industry bodies expect 2026 to break those totals.

One transatlantic carrier said many of its flights to the US during the Easter period were close to full, with little capacity for late bookings or travellers looking to switch.

The Manchester Airport Group, which operates East Midlands, Stansted and Manchester Airports, said flights were running much fuller than they were a year ago.

A spokesperson said the capacity of flights has risen from about 80% to almost 90%, meaning there was limited scope to pivot away from the Middle East.

Passenger numbers are expected to be up by 10–20% compared with last year with Dublin, Barcelona, Paris, Alicante and Copenhagen all seeing big rises, they added.

However, there has been a dramatic surge in oil and jet fuel prices in the wake of the US and Israeli air strikes on Iran, and Qantas, Air New Zealand and Thai Airways are among the airlines who have confirmed they will increase fares in response to rising prices.

British Airways owner IAG says it had bought fuel in advance to protect it from any short-term fare increases in the next few months.

But while the conflict is a "concern for many", affordability is holidaymakers' priority, says Seamus McCauley, head of public affairs at Holiday Extras.

"As a result, we expect holidaymakers will head to places where they can get more for their money and experience warm weather in locations far from these tensions," he says.

1. Petrol and diesel prices are rising

Fuel prices began climbing soon after the conflict erupted, largely because oil and gas production and transportation in the region have slowed or been disrupted. In the UK, petrol cost an average of 132.14p per litre and diesel 142.15p last Monday, according to government figures. Since the conflict began, RAC data shows petrol prices have increased by 4.68p to 137.51p, while diesel has jumped 8.59p to 150.97p per litre.

In the United States, petrol prices rose from $2.94 to $3.02 per gallon, while diesel increased from $3.81 to $3.90. However, these rises remain smaller than the dramatic increases seen in 2022 following Russia’s invasion of Ukraine, when UK petrol prices surged by more than 43p per litre within four months.

2. UK gas prices have surged

Gas prices in the UK have more than doubled since the conflict began.vBefore the crisis, benchmark gas prices were below 80p per therm. They briefly reached 171p before easing back to around 156p per therm.

Although this is far below the 600p peak reached during the 2022 energy crisis, prolonged high prices could still push household energy bills higher.vFor now, consumers are protected by the UK’s energy price cap, which remains fixed until July. But if gas prices remain elevated, the cap could increase later in the year.

3. Shipping disruptions could raise prices later

The conflict has also disrupted shipping through the Strait of Hormuz, one of the world’s most critical trade routes. After Iran threatened to target vessels, traffic through the strait has almost halted, leaving roughly 200 oil tankers stranded.

At the same time, insurance costs for ships linked to the US, UK or Israel have soared. The cost of chartering a supertanker to transport oil from the Middle East to China recently exceeded $400,000 per day, nearly double the price from the previous week.

Because most global goods are transported by sea, rising shipping costs can eventually push up consumer prices. According to the IMF, these increases may take months to reach store shelves, often peaking around a year later.

4. Fertiliser prices are climbing

Fertilisers are essential for modern agriculture, and the Middle East plays a key role in producing ingredients used to make them.

With shipping through the Strait of Hormuz disrupted and natural gas supplies threatened, fertiliser markets have already reacted.

The price of urea fertiliser in the US climbed to $578 per tonne, an increase of almost 25%.

Production cuts have also contributed to the rise. QatarEnergy, one of the world’s largest gas exporters and a major fertiliser producer, recently halted production after reported military attacks on its facilities.

Higher fertiliser prices could eventually translate into higher food costs, although experts say it is still too early to know how significant the impact will be.

5. Flight tickets may become more expensive

The Gulf region supplies roughly half of Europe’s jet fuel, meaning airlines are highly exposed to disruptions in the area.

Since the conflict began, the European benchmark price for jet fuel has nearly doubled from $830 per tonne to over $1,500.

Fuel accounts for around 20–40% of airline operating costs, so rising prices may lead to higher ticket prices or even flight cancellations if shortages occur.

However, the impact will vary. Airlines such as British Airways and EasyJet often lock in fuel prices through long-term contracts, while some major US carriers buy fuel on the open market and may face more immediate cost increases.

6. Inflation could remain higher for longer

Inflation had been gradually falling in many economies before the conflict began.

In the UK, inflation dropped to 3% in February, and the Bank of England had expected it to reach its 2% target as early as April. In the US, inflation stood at 2.4%, while the Eurozone was forecast to reach 1.9%.

But if energy and transport costs continue rising because of the war, inflation could increase again.

That may make central banks less willing to cut interest rates, meaning borrowing costs — including mortgage rates — could remain higher for longer. On the other hand, higher rates could also lead to better returns for savers.

Chef of the Year – Kemal Coşkuncay of Casa Rima (Halewood, Liverpool) with his team

National and Regional Winners

Among the standout winners this year:

• Best Delivery – Charcoal Grill, Andover (South East)
• Best Kebab House in Northern Ireland – Kebab Company, Belfast
• Best Kebab House in Scotland – Shawarma King, Glasgow
• Best Kebab House in Wales – Chip-o-Dee, Wrexham and Golden BBQ, Cardiff
• Best Kebab Restaurant in North & West London – Istanbul Shish Grill, Brent
• Best Kebab Restaurant in South & East London – Lara Grill, Dagenham and Turkuaz, Lewisham
• Best Kebab Restaurant Regional – Cappadocia Restaurant (Bristol), Elif Castle Street (Liverpool), Lara Restaurant (Leicestershire) and Tarla Restaurant (Stevenage)

This year’s awards highlighted the strength of the industry beyond London, with regional excellence strongly represented from Glasgow to Torquay, Chester to Portsmouth.

Founded by Ibrahim Dogus, the British Kebab Awards recognise excellence across a wide range of categories. Dogus with Deputy Prime Minster David Lammy (Tottenham MP)

Culinary Excellence and Innovation

The awards also celebrated innovation and culinary leadership:

• Chef of the Year – Kemal Coşkuncay of Casa Rima (Halewood, Liverpool) and Mazlum Demir of Skewd Kitchen (Barnet, London)
• Fine Dining Restaurant of the Year – Pircio (Hertfordshire) and The Mantl (Knightsbridge, London)
• Best Vegan Kebab – Great British Doner, Manchester
• Best Kosher Shawarma – MAZAL – Original Shawarma, Camden
• Best Lebanese Restaurant – Damasqino Restaurant, Glasgow
• Best Greek Restaurant – Just Greek Penrith, Cumbria

The diversity of winners reflects the multicultural roots of the UK kebab industry — from Turkish and Kurdish establishments to Lebanese, Greek and Caribbean influences, including May 10 Eatery in Haringey, winner of Best Takeaway in London.

Deputy Prime Minster David Lammy (Tottenham MP) attended

Street Food and Suppliers Recognised

• Kebab Van of the Year – Bourton Kebab Van, Gloucestershire
• Highly Commended (Kebab Van) – Hungry Kebab, Cambridge
• Supplier & Manufacturer Award – Kismet Kebab, Essex

These categories underline the importance of the supply chain and mobile operators, who continue to play a vital role in feeding communities across the UK.

Liverpool based Chef of the Year – Kemal Coşkuncay

A Thriving Industry

Speaking at the ceremony, Ibrahim Dogus, Founder of the British Kebab Awards, said:

“The British Kebab Awards were created to celebrate an industry that contributes billions to the UK economy and supports tens of thousands of jobs.

This year’s winners demonstrate not only culinary excellence but resilience, innovation and community leadership. From family-run takeaways to high-end dining destinations, these businesses are the backbone of our high streets.

I am incredibly proud of what this industry continues to achieve, particularly in challenging economic times.”

The UK kebab industry is estimated to contribute over £2.8 billion annually to the British economy and remains one of the most dynamic sectors within hospitality.

Ibrahim Dogus, Founder of the British Kebab Awards with his sponsors Ephesus Beer, Njoy Catering and Star Catering owner Deniz Suyur and Eser Altınay

Celebrating Community Impact

Many of this year’s winners have deep roots in their local communities — employing local staff, sourcing locally where possible and supporting charitable initiatives.

From Shawarma King in Glasgow’s city centre to Golden BBQ in Cardiff, and from Agora Restaurant in Southsea to Anar Turkish BBQ in Liverpool, the awards reflect the strength of Britain’s regional hospitality landscape.

British Kebab Awards main sponsor Njoy Catering and Star Catering, Ephesus Beer owner Deniz Suyur and Eser Altınay

The award ceremony was held on the evening of 24 February 2026 at Park Plaza in London. Coşkunçay received his award together with his team at the event, which honours successful businesses and managers operating in the UK kebab sector.

Speaking at the ceremony, UK Deputy Prime Minister and former Foreign Secretary David Lammy congratulated Coşkunçay, highlighting that his achievements in gastronomy contribute significantly to the United Kingdom’s cultural diversity and entrepreneurial spirit.

In his remarks following the award, Coşkunçay said: “It is an incredibly proud moment. This is the third time I have received this award. I would like to thank my team, Casa Lima Restaurant Liverpool, my family, friends, our valued guests and my team in India. The British Kebab Awards has gained tremendous momentum. It is an organisation widely recognised and respected across Britain and Europe. We are proud to be here.”

According to assessments shared at the event, the UK kebab sector has reached an annual economic value of £2.8 billion and continues to grow steadily.

Coşkunçay’s third “Chef of the Year” title once again underlines the strong position of Turkish gastronomy in the United Kingdom.

For those in work, wages are still rising faster than prices, but the rate at which they're growing continued to slow. Many businesses have slowed hiring, pointing to measures in Chancellor Rachel Reeves's last two Budgets, including a hike in employer National Insurance contributions and a rise in the minimum wage, as increasing their costs.

Work and Pensions Secretary Pat McFadden said there was "more to do to get people into jobs", with tackling youth unemployment a key government priority.

He added Labour was making it easier for young people to find and secure an apprenticeship.

But the Conservatives said Labour had overseen "an unprecedented series of monthly unemployment increases" which were the "predictable result of bad decisions and economic incompetence". Shadow work and pensions secretary Helen Whately said: "Young people are taking the hardest hit. Entry-level roles are the first to disappear from Labour's tax hikes.

By making hiring more expensive and more risky, Labour are ensuring school leavers and graduates never even get a foot in the door." Liberal Democrat Treasury Spokesperson Daisy Cooper called for an emergency VAT cut for the hospitality industry, one of the hardest-hit areas seeing job losses. Meanwhile, former health secretary Alan Milburn told BBC Radio 4's Today programme young people were on a "downward escalator" of poor health, poor education and graduating "into the benefit system" as adults.

Lucy Gabb graduated from Cambridge University in July 2025 with a degree in French and has been looking for a job in publishing since, while working a café job in London. "Entry level jobs are just so competitive and they're asking for experience that is just impossible to get whilst you're also studying," she told the BBC. She says she has applied for more than 50 roles but only one has resulted in a face-to-face interview.

Mostly, she says, she gets no reply at all or a fairly quick rejection. "All my friends are talking about is the job search, it can be really soul destroying when you study for so long and you don't get anywhere," she said. The retail and wholesale sector saw the biggest fall in the number of workers on company payrolls, with 65,000 jobs lost in the sector since January last year, the ONS said. Health and social work saw the biggest rise in payrolled workers of any sector, adding 39,000 jobs in the year to January.

Danni Hewson, financial analyst at AJ Bell, suggested that those leaving the retail sector were entering healthcare, with both sectors employing large numbers of women. "The crossover is apparent," she told the BBC. However, she also warned that a recent surge in investment in artificial intelligence could hit young people the hardest as it could result "in a scarcity of entry level posts". Meanwhile, average annual wage growth slowed to 4.2% in the three months to December, from a revised 4.4% in three months to November.

Some economists believe that easing pay growth could make the Bank of England more likely to cut interest rates at its next meeting in March. The Bank uses interest rates as a tool to cool inflation, the rate at which prices rise, which is currently at 3.4% - above the 2% target set for it by the government. Paul Dales, chief UK economist at Capital Economics, said the fall in wage growth "supports the idea that the Bank of England has at least a couple more interest rate cuts in its locker". The reliability of the ONS's job market data has been repeatedly criticised, including by the Bank of England.

According to specialists, staying informed before the tax year-end supports compliance and helps avoid errors that can arise from last-minute decisions. Early planning also enables more confident and forward-looking financial decision-making.

Within this context, accountancy and advisory firms continue to stress the value of reviewing tax positions in advance and seeking timely professional guidance where necessary.

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Sky News has learnt that Morrisons, which is based in Bradford, West Yorkshire, has engaged the real estate advisory firm CBRE to evaluate options for raising finance secured against part of its large freehold store portfolio. Sources said the process was at an early stage, but that it was unlikely to involve a conventional sale-and-leaseback transaction of the kind favoured by major grocers in recent decades.

One option expected to be considered is a medium- or long-term borrowing deal secured against a number of Morrisons' supermarkets. Any agreement could raise as much as £1bn, although neither the structure nor size have yet been determined.

Morrisons, which trades from approximately 500 supermarkets in the UK and employs about 95,000 people, was taken private from the stock market by Clayton Dubilier & Rice, the US-based buyout firm, in 2021 in a deal worth close to £10bn including debt.

Its performance since then has been patchy, with Aldi overtaking it last year to become the UK's fourth-biggest grocer by sales. In 2023, the company named Rami Baitieh, a former Carrefour executive, as its new chief executive in an attempt to arrest its decline. Morrisons owns the freeholds to roughly 80% of its store estate, among the highest levels in the sector.

One source said that releasing £1bn of value through a sale-and-leaseback or leverage-based transaction would still leave the proportion at wholly owned stores at about 60%. The company has been steadily paying down the debt it took on as part of CD&R's takeover, with only about £1bn of acquisition finance left to be repaid.

Morrisons has no short-term debt maturities, the source said, meaning it was under no pressure to strike a property deal. During a hotly contested battle to buy the supermarket chain, CD&R pledged not to engage in significant disposals of store freeholds for a limited period. Since then, its main real estate activities have involved the sale of non-store assets. In 2024, it struck a partnership with Song Capital, an investment firm, which paid £370m for the right to receive an income stream from 75 of the chain's supermarkets for 45 years.

Even if another interest rate cut is in the offing, the floor for rates may be looming - to the relief of savers, but meaning there's a sting in the tail for millions of borrowers. The Bank's job is to get inflation to its 2% target - and keep it there.

It expects it to fall to that level soon and remain at or a bit below it over the next couple of years. It expects subdued growth and a weak jobs market this year, expecting unemployment to hit 5.3%, after finding that policy measures such as minimum wage and tax rises have hit job creation harder than it previously expected.

So the Bank admits rates are "likely to be reduced further". It's a case of when - not if. But rate-setters also have to be aware of lingering price pressures in the service sector, such as hotel stays, and so the Bank acknowledges the judgement about rate cuts "will become a closer call"

The suggestion is that rates are very close to what is known as their neutral level - neither high enough to tame inflation pressures or low enough to incite them.

And if inflation is heading to that so-called Goldilocks state, the Bank will not want to jeopardise that by cutting rates too far or too fast .

Economists' expectations range from one to three more rate cuts this year. (Some suggest the Bank may even start contemplating raising rates again in 2027.)

That would mean the Bank's base rate hitting a trough of 3-3.5%, considerably above the levels seen just a few years ago.

And that's for two reasons.

First, rates in the early 2020s were exceptionally low due to the need to support the economy through the near-unprecedented shock of the pandemic lockdown. But we are now a long way from that crisis state.

As the Bank of England governor Andrew Bailey told me, Interest rates should see "some further reduction", but will not fall back to the historically low levels seen back then.

He said the low rates were a "product of exceptional things going on, starting with the financial crisis".

Secondly, because of the nature of the intervening inflation shock.

The war in Ukraine triggered a spike in food and energy costs – and so a persistent cost of living shock. It's the staples, their prices jumping out on shelf-edge labels or on bills that disproportionately shape our expectations of inflation.

Front of eyes really does equal front of mind. That kind of psychological scarring can shape our behaviour, for example in the scale of wage rises requested and so future inflation. And that risk to the outlook continues to haunt some rate-setters.

If we are close to the bottom for interest rates, where does it leave savers and borrowers?

Savers may be spared the indignity of seeing the returns on their cash dwindle to near nothing - although institutions sometimes don't need an excuse to reduce savings rates.

For many borrowers, it may mean a bitter taste.

Just consider, for example a borrower coming to the end of a five-year fixed rate deal this year, arranged when rates were at pandemic-era lows. Remortgage today or in the near future and they are likely to be moving on to a higher rate.

In total, the Bank reckons two out of five residential borrowers, close to four million, will face a similar situation in the next few years, with an average 8% rise in repayment costs. (Although it also points out one in three are likely to see lower repayments during this time).

There may be more rate cuts to come from the Bank, but a return to the very cheap mortgages deals of the past is unlikely.

After HMRC helplines stayed open and webchat services were extended at the weekend, the busiest hour of people filing through online self-assessment was from 17:00 GMT on Saturday.
Some 475,722 people filed on the final day out of a total of about 11.5 million submissions. Those who missed the deadline face an automatic £100 penalty.

"Thank you to the millions of people and agents who filed their self assessment tax return and paid any tax owed by 31 January. Anyone who missed the deadline should file their return as soon as possible, as penalties and late payment interest may be charged," said Myrtle Lloyd, HMRC's chief customer officer.

Millions of people have tax automatically deducted from their wages through PAYE (pay-as-you-earn), but those with more than one source of income may need to file each year through self-assessment.
They included those earning more than £1,000 in the 2024-25 financial year from self-employment or by letting out a property or land.

Some who were not required to file this time include those earning more than £150,000, whose high income was the only reason they needed to file previously, or those who had switched to paying the high income child benefit charge through PAYE.

A similar number of people missed the filing deadline a year earlier. Anyone doing so faces the following penalties:

• An initial £100 fixed penalty, even if there is no tax to pay, or if the tax due is paid on time
• After three months, there could also be additional daily penalties of £10 per day, up to a maximum of £900
• After six months, there could be a further penalty of 5% of the tax due or £300, whichever is greater. After 12 months, there could be another 5% or £300 charge, whichever is greater
• There are also additional penalties for late payments of 5% of the tax unpaid at 30 days, six months and 12 months
• If tax remains unpaid after the deadline, interest may also be charged on the amount owed

HMRC, which raises tens of millions of pounds each year from penalties, will consider customers' reasons for missing the deadline. Those with a reasonable excuse, external may avoid being fined.
Tax analysts advise anyone appealing to still pay the initial penalty.

"Although it involves shelling out cash, it avoids you paying interest on the penalty itself from the date it became due if you lose your appeal," said Charlene Young, senior pensions and savings expert at investment platform AJ Bell.

"If you don't have an excuse to appeal a fine but still owe money, you might still be able to set up a payment plan to get back on track. It's essential you don't put your head in the sand."

Project Dawn​​​​​​​​​​​​​​​​​​​​​

​​​​​​​The mistaken email was reportedly attached to a calendar invitation titled “Send Project Dawn email”, believed to be the internal code name for the layoffs. The draft was written by Colleen Aubrey, a senior vice president at Amazon Web Services (AWS), and circulated by an executive assistant to a group of employees before any official communication had been issued.
The email said the changes were a continuation of work begun more than a year ago to reduce management layers, increase accountability and help the company move faster for customers. It acknowledged the impact on staff, describing the decisions as difficult but necessary to position Amazon and AWS for long-term success.
According to a former employee, the scale of the cuts had been widely anticipated internally. Employees understood management planned to eliminate around 30,000 roles in total, with further layoffs expected through to the end of May.
Affected workers were invited to apply for other open positions within Amazon, though opportunities were limited. Those unable to secure new roles received severance packages based on length of service.

Wider tech layoffs

Amazon’s cuts come amid ongoing job losses across the technology sector. Since 2022, major firms including Meta, Google and Microsoft have laid off tens of thousands of employees. Layoffs.fyi estimates around 700,000 tech workers have lost their jobs globally over the past four years.
So far this year, Meta has cut several hundred roles, while Pinterest announced around 700 layoffs this week.

‘Time to rethink’​​​​​​​​​​​​​​

Since Jeff Bezos stepped down as chief executive four years ago, Amazon CEO Andy Jassy has overseen multiple rounds of redundancies between 2023 and 2025. He has also introduced a stricter workplace culture, including a mandatory five-day return to the office.
The company has intensified cost-cutting efforts, reportedly monitoring AWS employees’ corporate mobile phone usage to limit a long-standing monthly reimbursement.
In a message to staff ahead of Thanksgiving, Jassy described the current period as “a time to rethink everything we’ve ever done”, citing the pace of global change.
Earlier this week, Amazon also announced it would close its remaining Amazon Fresh and Amazon Go grocery stores, shifting its focus to expanding its Whole Foods Market business.