Forward Pricing Report | Q2 2026

So much can change in 12 months. Q2 last year we were digesting tariffs and what that might mean and then on top of that the prospect of significantly higher employment costs through NI changes and minimum wage increases. It looked very much like these would be the pre-eminent factors that would shape the second half of 2025 and first half of 2026. And of course they are underpinning behavioural changes in the market but now with the overlay of much increased global instability. The spike and continuing elevated oil prices most visibly impact ‘price at the pump’. But the disruption to global shipping for an island nation like the UK is significant in itself.

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