2026 has so far been another year of contrasts. The first half of the year has been shaped by geopolitical and macroeconomic uncertainty, including escalating tensions in the Middle East and continued concerns over potential disruption to energy supplies through the Strait of Hormuz. Combined with persistent inflationary pressures, higher cost of debt, and the prospect of interest rates remaining higher for longer, this has led to a cautious M&A environment across Europe and the U.S. In the UK, we have also, of course, had a change of Prime Minister, the impact of which will become clearer in the coming weeks.

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