As it happened: Market jitters as Streeting set to make bid against Starmer May 13, 2026 Good morning and welcome back to the Morning Wire liveblog. UK borrowing costs are taking a modest breathe this morning after settling much higher yesterday after a session jam-packed with political turmoil. The 10-year yield on UK gilts spiked ten basis points to over 5.1 per cent on Tuesday. Meanwhile, the 30-year yield soared to [...]
Why the battle for Labour’s future could prove to be very expensive May 13, 2026 Amid the farce and drama, spare a thought for His Majesty, who will today sit on the throne in the House of Lords and read out details of Keir Starmer’s legislative agenda for the coming parliamentary term. The monarch may be above politics, but not so far above that he won’t see the absurdity of [...]
As it happened: Ministers resign as gilt yields at 28-year high May 12, 2026 The Westminster political drama rocked the bond markets with gilt yields surging to a 28-year high. The yield on 30-year gilts surged 13 basis points on Tuesday to hit 5.8 per cent. It comes as nearly 80 Labour MPs have now called for the resignation of the Prime Minister and reports suggest numerous members of [...]
Going for growth? Labour groups set out competing visions for economic strategy May 12, 2026 Competing groups of Labour MPs have published contrasting growth plans on Tuesday, just as Sir Keir Starmer’s leadership stood on the brink. Both the left-wing Tribune group of MPs and the more centrist Labour Growth Group published pamphlets setting out a number of ideas for growth and tax reform. Tribune’s report, led by former transport [...]
Changing the leader won’t save Labour – or the country May 12, 2026 The well-intentioned but hapless Labour backbencher, Catherine West, spent the weekend warning that if she didn’t like Keir Starmer’s speech she’d launch a leadership challenge in a bid to flush out more serious candidates. In the end, she backed down, but has called for a transition of power to a leader in September. She has [...]
Barclays consumer spending drops for first time since 2024 May 12, 2026 Consumers using Barclays credit and debit cards cut their spending for the first time in 17 months in the latest sign of turmoil facing the global economy. Total spending was down 0.1 per cent year-on-year marking the first drop since November 2024, where Brits were feeling the pinch of Labour’s first Budget. Consumers mainly drew [...]
‘Twenty years of caution’: Banking industry ramps up efforts to fix ‘anaemic’ UK growth May 11, 2026 The UK’s industry body for banking has stepped up its lobbying efforts for the government to improve “anaemic” growth figures and bolster the financial services sector. A new report published by UK Finance – the body representing around 300 firms that provide UK banking services – has issued a nine-point plan, which calls for “clear [...]
UK borrowing costs storm past five per cent after Starmer warns of ‘chaos’ if ousted May 11, 2026 UK government borrowing costs have stormed higher following an attempt from Prime Minister Sir Keir Starmer to shore up support after a disastrous local election result. The yield on 10-year gilts rose nearly 10 basis points to over five per cent for the second time in mere weeks. It comes after Starmer sought to defy [...]
Heathrow passenger volumes drop as jet fuel crisis rocks market May 11, 2026 Fewer passengers were heading to Heathrow Airport in April as the war in the Middle East keeps travellers grounded. Passenger numbers at Europe’s biggest airport fell by five per cent in April to 6.7m with the blame being attributed to the “ongoing impact of the Middle East conflict”. For those heading to that particular region, [...]
As it happened – Starmer fights for premiership in make-or-break speech May 11, 2026 Welcome back to the Morning Wire liveblog. Sir Keir Starmer will deliver a speech to the nation this morning as rivals circle whilst his premiership hangs in the balance. The Prime Minister is expected to set out his response to the disastrous local elections, where Labour lost 1,496 seats. The losses came as Nigel Farage’s [...]