IMF tells Reeves to drop triple lock pension and make ‘fundamental’ tax reform May 18, 2026 The UN’s global financial fund has called on Chancellor Rachel Reeves to drop the triple lock pension and draw up “contingency” tax measures to ensure that public debt is reduced as a share of GDP. The International Monetary Fund has said that there are “risks” around spending forecasts and tax receipts, criticising the Chancellor for [...]
Manchesterism? This is what an Andy Burnham government would look like May 18, 2026 As the Manchester mayor starts out on his high-risk path towards becoming Prime Minister, Maurício Alencar sketches out what an Andy Burnham government would look like – and how the markets would react. Andy Burnham will have to jump over many hurdles in his almighty quest to get to Downing Street. If he makes it, [...]
From pensions to healthcare: UK state spending on old age surges May 18, 2026 Government spending on the elderly has dramatically increased the size of the state, analysis by the official statistics body has shown. Fresh research by the Office for National Statistics has suggested a steady rise in spending on health and old age has contributed to a rise in government consumption as a share of GDP. In [...]
Emergency lifeline for collapsed banks doubled to £3bn May 18, 2026 The emergency credit fund that serves as a lifeline for collapsed lenders has been doubled as a result of “recent regulatory and operational developments”. The Financial Services Compensation Scheme (FSCS) – working in tandem with the Treasury and Bank of England – has hiked its revolving credit facility capacity to £3bn from £1.45bn previously. The [...]
UK businesses stall investments and cut headcount due to Iran war May 18, 2026 Over half of UK firms said they have halted investment and hiring plans due to the economic fallout of the Iran war, contributing to supply chain pressures and higher energy and fuel costs. According to new research from accountancy and advisory firm BDO, 57 per cent of 500 businesses with revenues between £10m and £500mn, [...]
UK property taxes are highest in world – and they’re rising May 18, 2026 The UK has the highest level of property taxes of any major economy in the world as a share of the economy, according to new analysis, with new business reforms only set to add to the load. The global tax firm Ryan said the UK suffered a heavier property tax burden than the likes of [...]
Andrew Bailey steers push for Anthropic to meet global watchdog over Mythos May 18, 2026 The global financial watchdog is set to discuss the capabilities of the Mythos tool with Anthropic following a push from Bank of England governor Andrew Bailey. The Financial Stability Board, which brings together finance bigwigs from across the G20 nations, will be briefed on the vulnerabilities in the global financial system identified by Mythos. It [...]
Rachel Reeves to scrap fuel duty hike May 18, 2026 Rachel Reeves is set to scrap plans to hike fuel duty, following pressure over the impact of the Iran war on fuel prices and the cost of living. Fuel duty was first frozen by the Tories in March 2022 and the Chancellor had extended this hold on the rate until the end of August this [...]
As it happened: IMF lifts UK GDP and stocks reverse losses as bonds warned of ‘correction’ May 18, 2026 Welcome back to the City AM liveblog. The bond market is taking a breathe after mountains of pressure on Friday. The UK’s borrowing costs hit their highest since 2008, charging to 5.17 per cent during one part of the day’s trading session. This was topped once more on Monday morning, but since then yields have [...]
What does new City minister Rachel Blake have in store for the Square Mile? May 15, 2026 The Westminster drama has hit the City in more ways than one. After Wes Streeting’s resignation triggered a mini-reshuffle, Felix Armstrong and Samuel Norman take a look at what the new City minister might have in store. In just under two years, the City has its fourth minister. Tulip Siddiq resigned in January 2025 after [...]