Local elections 2026: City awaits ‘significant’ event for Labour leadership May 7, 2026 City giants have warned today’s local elections will be “significant” for market pricing, with traders keeping a close eye on possible leadership moves made by the likes of Angela Rayner and Andy Burnham. Several financial behemoths have lined up to warn investors that results across the country over the coming days could be unusually important [...]
Exclusive: OBR calculations suggest Reeves set for borrowing spree May 6, 2026 The Office for Budget Responsibility’s own calculations on the impact of a war in the Middle East suggest that Rachel Reeves is set to oversee a surge in borrowing, Morning Wire has found. Sir Keir Starmer and Reeves have said that the government’s focus on “stability” has added protections to public finances and helped the [...]
‘Political choice’: Retailers urge government to act on rising costs May 6, 2026 Retailers have urged the government to cut tax and red tape to counter soaring energy costs caused by the Iran war. The British Retail Consortium (BRC), an industry trade body, has accused Labour of making a “political choice” not to cut energy taxes and delay costly regulation to avoid the worst shop inflation. The effective [...]
A bank tax hangs in the balance at the local election ballot May 6, 2026 As speculation of a leadership challenge – or sweeping reshuffle – surrounds the forthcoming local elections, in this week’s column Samuel Norman looks at what a change in Chancellor would mean for the banking sector. It is no secret that Thursday’s local elections carry a weight far heavier than the fate of a few neighbourhood [...]
‘Clear risk signal’: Gilt yields hit 28-year high as investors weigh Starmer’s future after local elections May 5, 2026 Gilt yields have risen to their highest rate since 1998 as investors weigh the odds of Keir Starmer being ousted following what is widely expected to be a major defeat for Labour at the local elections. The yield on 30-year government bonds rose 11 basis points on Tuesday to hit 5.76 per cent, topping the [...]
Rachel Reeves battled Scott Bessent over Iran war May 5, 2026 Chancellor Rachel Reeves sparred with Donald Trump’s Treasury secretary Scott Bessent over the US’s attacks on Iran, it has been reported. During her stay in Washington DC for meetings at the International Monetary Fund last month, Reeves hit out at the Trump official for “how he had spoken to her.” The two sparred over the [...]
It’s not the Bank of England’s job to support the Chancellor May 5, 2026 the Bank of England's MPC is acting as if its role is to support the Chancellor and protect the real economy, rather than control inflation.
Tax hikes call time on two pubs a day crushing 2,400 jobs May 5, 2026 The government’s bitter round of tax hikes imposed on the hospitality industry is said to have forced the closure of two pubs a day in the first three months of the year in yet another blow to the already bruised sector. Figures from the Beer Bar and Pub Association (BBPA) showed 161 pubs across Britain [...]
Gilt traders fear Labour electoral losses May 4, 2026 A widespread defeat for Labour in Thursday’s regional elections could trigger a “swing to the left politically” investors have warned, putting further pressure on government borrowing costs that are already at their highest levels since the financial crisis. Polling has suggested Labour is set to lose over 1,000 seats to other parties, including leftwing Green [...]