As it happened: Stocks reach all-time high; US fires back at ‘surprise’ Iran attacks July 29, 2026 Welcome back to the City AM FTSE 100 liveblog. It’s Wednesday and the UK’s blue-chip index surged in early trading to reach an all-time high, brushing off the latest outbreak of attacks in the Middle East. The FTSE 100 hit 10,945 on the market open, eclipsing the previous intraday record of 10,934, achieved in February on the [...]
Healey faces £24bn spending squeeze as inflation puts tax rises in play July 29, 2026 Chancellor John Healey is facing a £24bn real terms squeeze on the public purse due to higher inflation and will be forced to hike takes to fund the government’s spending plans, a top think tank has warned. Price growth will peak at 3.8 per cent early next year before a slow return to the Bank [...]
Hold interest rates but ‘sound hawkish’, City AM Shadow MPC tells Bank of England July 28, 2026 The Bank of England should hold interest rates on Thursday, City AM’s Shadow Monetary Policy Committee has said, after a string of economic data prints showed the threat of spiralling inflation had eased. The Shadow MPC – a group of economists compiled by City AM – said a series of economic data releases had suggested [...]
Students urged to rethink idea of a ‘safe job’ as Labour pledges major education reform July 28, 2026 A Cabinet minister has warned young people against depending on “safe and secure jobs” as Andy Burnham announced that children as young as 14 will get access to technical education. Pat McFadden, the work and pensions secretary, has said that changes to the education system were “more urgent” given disruption to the jobs market from [...]
As it happened: Stocks jump as oil drops; Unilever shares soar on decade-best sales July 28, 2026 Welcome back to the City AM FTSE 100 liveblog. It’s Tuesday and the UK’s blue-chip index has made strong gains following a peaky start to the day. The markets took a boost yesterday after oil dropped back after reaching two-month highs of more than $100 per barrel last week when the Iran backed-Houthis took responsibility for tanker [...]
Burnham won’t be bold enough to make devolution shift the dial on growth July 28, 2026 Within a year of Cornwall abolishing the 45p additional rate of income tax and reducing corporation tax to 15 per cent, hundreds of entrepreneurs and businesses, including dozens of major financial and professional services firms, had relocated to the county. The influx of private sector dynamism delivered an astonishing economic boost to a region that [...]
‘Moron premium’ – Westminster turmoil has ‘cost taxpayers £35bn’ since 2022 July 28, 2026 Secretive plotters and vengeful strategists in Westminster have cost taxpayers around £35bn since 2020, new research by one of the world’s top insurance companies has found. In a study into the costs of political fragility facing European governments, researchers at Allianz Trade found that the UK government continued to pay a “distinct political premium” due [...]
Burnham and Healey face investor fury over summer of tax speculation July 27, 2026 Andy Burnham and John Healey are contending with a growing backlash from investors after another summer of tax speculation looks set to leave financial managers on edge. The chief executive of one of the UK’s biggest investment platforms, AJ Bell, urged Chancellor Healey to take a more emphatic approach on ruling out tax hikes across [...]
Exclusive: Jobs lost across Labour’s ‘growth potential’ sectors in blow to Burnham July 27, 2026 In a blow to the government’s plans to boost employment, eight sectors previously identified as having high growth potential in Labour’s industrial strategy have suffered job losses, according to a report seen by City AM. The so-called ‘IS-8’ sectors, which include life sciences, financial services and defence, were singled out by the UK government last [...]
Scotland’s tax hike may have backfired as receipt falls July 26, 2026 The Scottish government’s decision to raise the top rate of income tax may have backfired, according to analysis by the lawyer Dan Neidle. Neidle’s research on tax data suggested that a decision to increase the top income tax rate to 48 per cent led to lower receipts. HMRC data from 2024-25 suggested that the Scottish [...]