Wise profit slides as costs racks up from US listing Fintech Money transfer firm Wise saw its profit fall in its latest financial year as costs related to its new primary listing on Wall Street helped take a chunk out of the company’s bottom line. The UK fintech’s profit before tax slid eight per cent to $660m (£500m) – down from $717.5m – in its first [...]
As it happened: Stocks tumble after Apple rattles global markets; UK food exports hit by US tariffs Markets Welcome back to the City AM liveblog. Markets are digesting fresh inflationary fears driven by Apple’s price hike as well as renewed threats over the safety of the Strait of Hormuz this morning after a projectile struck a vessel off the coast of Oman. Asian equity markets took a tumble overnight as price increases announced [...]
Kemi Badenoch pledges to wield the axe on post-financial crisis banking regulation Banking Kemi Badenoch will today step up her efforts to woo the City as she promises to wield the axe on post-financial crisis banking regulation if she manages to clinch the keys to Number 10. “London is having its lunch eaten” by overregulation, the Tory leader will proclaim as she proposes a shakeup of the financial regime that she hopes [...]
Inheritance tax enquiries surge to six-year high after HMRC clampdown June 17, 2026 Tax authority probes into households’ inheritance tax returns have surged to a six-year high, after a government-led crackdown on avoidance and non-compliance. HMRC opened a total of 4,940 formal inheritance tax enquiries over the last financial year, according to new data obtained by chartered accountants Price Bailey, an 18 per cent increase on the previous [...]
As it happened: FTSE 100 see-saws after inflation undershoots; Oil at $80 as Trump threatens ‘dropping bombs’ on Iran June 17, 2026 Welcome back to the City AM liveblog. Fresh inflation data this morning showed a reading of 2.8 per cent leading the consumer price index unchanged from May. This came under the expectations of a poll of City analysts by Bloomberg that forecast inflation would come in at three per cent for May. Core inflation, which [...]
‘Nothing is straightforward’: Market analysts warn of US-Iran deal complications June 15, 2026 Top market analysts warned on Monday that “nothing is straight forward” as euphoria spread across European equities after a confirmed peace deal between the US and Iran. Stock markets opened in the green as investors returned to a risk-on mentality after Pakistan announced an agreement between the two nations and Donald Trump declared the oil [...]
Pat McFadden: I have not apologised to Rachel Reeves over ‘tax to pay benefits’ text June 8, 2026 Welfare secretary Pat McFadden has doubled down on his remarks unearthed in the Mandelson files that “every meeting [he has] is ‘who can we tax in order to pay benefits to others’”. The Cabinet minister was among numerous top officials to have his private messages released in documents relating to Lord Mandelson’s stint as the [...]
As it happened: Stocks mixed as Trump warns takes ‘two to tango’ on Iran peace June 4, 2026 Good morning and welcome back to the City AM liveblog. Donald Trump has hinted a peace deal in the Middle East could come as soon as “over the weekend” in the latest back-and-forth of negotiations between the US and Iran. The President yesterday doubled down once more on his claim that Iran is set to [...]
Streeting suggests North Sea drilling and NI cuts in latest pitch May 31, 2026 Former health secretary Wes Streeting has suggested cutting national insurance and issuing new North Sea oil drilling licenses as he continues to make his leadership pitch. In an interview with the Sunday Times, Streeting set out a series of policies ahead of a potential leadership contest expected within the coming months in Westminster, including drilling [...]
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). [...]