Sunak calls for minimum wage quango to be abolished May 24, 2026 Former Chancellor and Prime Minister Rishi Sunak has said that his decisions to hike the national minimum wage backfired as he called for a quango overseeing low pay to be abolished. Sunak appeared to admit that his decision to increase the national living wage has contributed to job struggles faced by young people. In an [...]
‘Economic catastrophe’: Social media and welfare state ‘to blame’ for youth unemployment May 23, 2026 Social media and the welfare state are pushing Britain towards an “economic catastrophe” over youth unemployment, a landmark government review has found. Smartphones have “rewired” the brains of young adults and left them trapped in unemployment, former health secretary Alan Milburn has found in an official report commissioned by Sir Keir Starmer. Labour ordered the [...]
Rachel Reeves oversees borrowing spike as benefits spending offsets tax haul May 22, 2026 Rachel Reeves oversaw a surge in borrowing in the first month of the financial year as April’s figures hit the highest since 2020 on higher benefit spend. Government borrowing – which marks the difference between total public sector spending and income – topped £24.3bn in April 2026, according to the Office for National Statistics (ONS). [...]
As it happened: Stocks jump on peace hopes; Reeves hit by falling retail sales and surge in borrowing May 22, 2026 Good morning and welcome back to the City AM liveblog. Oil prices remain volatile and heightened as peace talks in the Middle East continue to run into stumbling blocks. Brent crude futures were up to $104 this morning following reports that Iran’s Supreme Leader was ordering for the nation’s enriched uranium reserves to remain in [...]
Reeves unveils ‘Great British Summer Savings’ at cost to energy giants May 21, 2026 Chancellor Rachel Reeves has unveil edthe government’s “Great British Summer Savings” campaign, committing hundreds of millions of pounds to lower costs for families by taxing energy companies more. Under a new price adjustment set by the government, children aged five to 15 will be able to travel free on participating local bus services across England from [...]
More Brits ditch UK than thought as net migration halved May 21, 2026 More British nationals have ditched the UK than previously thought as the Office for National Statistics said net migration halved between 2024 and 2025. The ONS said that 246,000 British nationals left the UK in 2025, with two thirds of people being aged 16 to 34. This was a decline from 2024 when 257,000 British [...]
Firms accelerate job cuts as 12-month growth run ends May 21, 2026 Firms have accelerated job cut plans across the private sector as a 12-month run of business growth has come to an end, new data has revealed. Employers have now slashed headcount levels in each of the last 20 months, with the pace of job shedding in May coming at a faster pace, S&P Global researchers [...]
As it happened: Stocks jittery as Iran war drags on; Reeves unveil cost-of-living package May 21, 2026 Welcome back to the City AM liveblog. Donald Trump has warned Iran there are two options that could see the US finishing the war in Iran, with one that will “see a few people killed as opposed to a lot”. He added: “We could do it either way.” It’s the latest threat from the White [...]
Starmer scrambles to limit fuel shortage hit May 20, 2026 Sir Keir Starmer has spelt out a number of policies to address fuel shortages, signalling the government’s fears that the Iran war could hit motorists and households. During Prime Minister’s Questions, Starmer defended an announcement last year to “phase” new sanctions on Russia, while also trailing a policy to freeze a 5p fuel duty cut [...]
Curve swings to £9m loss as Lloyds takeover remains incomplete May 20, 2026 Curve has swung to a loss as the Apple Pay rival’s future faces uncertainty ahead of its takeover by Lloyds Banking Group. The digital wallet provider suffered a £9.5m loss in the 2024 financial year, a major drawback from its £3m profit the 12 months prior. The tide turned on Curve’s balance sheet as revenue [...]