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, City AM 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 [...]
FTSE 100 Live: Stocks jump; oil dips below $100 as Trump says Iran deal close May 6, 2026 Good morning and welcome back to the City AM liveblog. Brent crude dipped below $100 at Wednesday lunchtime after Donald Trump has hailed “great progress” towards a “final agreement” with Iran, prompting a rally in the FTSE, Asian markets and Wall Street. In a sudden reversal late last night, President Trump said he will pause [...]
Supermarket inflation: Falling oil prices help keep costs down at the till May 6, 2026 Thank goodness for the price of oil. No, not Brent crude – the stuff that has sent costs at the pump up sharply since the outbreak of war in Iran – but cooking oil. A 500ml bottle of rapeseed oil fell by an average of 14 per cent between April and May across three supermarkets [...]
Sir Jim Ratcliffe is right – our energy policy is ‘all over the place’ May 6, 2026 Punchy interventions from chemicals tycoon Sir Jim Ratcliffe are not rare; most announcements from his company, Ineos, are enriched with a missive from the billionaire on where exactly the UK is going wrong. But these are no mere PR ploys. The stakes are high and he knows what he’s talking about. Yesterday’s confirmation of his [...]
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 [...]
Trump officials claim Iran is ‘weaponising global trade’ May 5, 2026 The United States’ most senior military officer has warned that Iran’s sustained assault on commercial shipping threatens to destabilise the world economy, accusing the country’s leadership of deliberately weaponising the global supply chain. General Dan Caine, the former venture capitalist currently serving as chairman of the US joint chiefs of staff, made a stark intervention [...]
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 [...]
HSBC profit drops after Iran war and private credit charges bite May 5, 2026 HSBC missed its profit target in the first quarter of the year after the blue-chip lender booked a mammoth credit charge. The FTSE 100 giant – which boasts a huge £230bn market cap – recorded a pre-tax profit of $9.4bn (£6.5bn), missing the $9.6bn pencilled in by analysts. This figure is also down $100m on [...]
FTSE 100 Live: Gilt yields surge over Starmer fears; Intel, Pinterest shares rocket May 5, 2026 Good morning and welcome back to the City AM liveblog. Gilt yields have risen to their highest rate in nearly thirty years, as markets weigh up the prospect of an ousted Keir Starmer and lurch to a more left-wing government that might follow. The yield on 30-year government bonds rose 11 basis points on Tuesday [...]
Kemi Badenoch: Thoughtful, patient…radical? May 5, 2026 With local elections just days away much of the focus has been on what the results will mean for Keir Starmer’s chances of survival. Related to this is the question of how well Reform and the Greens will do, with fewer column inches devoted to what lies ahead for the Conservatives. To some extent this [...]