British Gas to cough up £20m for ‘unfair treatment’ of vulnerable customers May 15, 2026 British Gas is set to cough up £20m after the watchdog closed an investigation into the energy giant and found it “fell short in its treatment of an unacceptable number of vulnerable customers”. The investigation looked into British Gas’ treatment of customers who had prepayment meters (PPMs) installed without permission, with consumers set to benefit [...]
As it happened: UK borrowing costs rattled by Burnham’s Parliament bid May 15, 2026 Welcome back to the City AM liveblog. Andy Burnham has made his move – and it has left markets on edge. On Thursday evening, after markets had closed, a Labour MP sensationally announced their intention to stand aside to allow Burnham to make his way back into Parliament. And this morning it’s left gilt yields [...]
As it happened: Markets on high alert as Streeting calls on Starmer to resign May 14, 2026 Welcome back to the City AM liveblog. The past few days of political drama have to come to a head today and UK assets are bracing for a showdown. All eyes were on the bond market after Wes Streeting resigned as health secretary and called for a leadership contest. Gilt yields see-sawed yesterday as Sir [...]
Andy Burnham confirms Westminster run as Wes Streeting resigns from government May 14, 2026 Andy Burnham has declared his intention to stand in a by-election after a sitting Labour MP quit to make way for him. The current Mayor of Manchester will seek permission from Labour’s ruling body to stand in the Makerfield constituency after Josh Simons announced he would vacate the seat. In a statement, Burnham said: “Millions [...]
Starmer drama: Traders bet against UK as short-selling on pound and banks surges May 14, 2026 Traders are betting against the UK as the political storm in Westminster continues to send jitters through asset markets. The pound has tumbled to a two-week low against the dollar, clinging onto the $1.35 mark on Thursday morning. Meanwhile, figures from IG revealed that short-positioning on the pound-dollar, a bet that the price will further [...]
Reeves sends Labour MPs warning over bond market wrath May 14, 2026 Chancellor Rachel Reeves has sent anxious Labour backbenchers a stark warning on the wrath of bond markets in a bold intervention. After walking into Downing Street on Thursday morning, the Chancellor told the BBC that leadership battles risked “plunging the country into chaos”. She demanded that backbenchers maintained support for the Prime Minister as she [...]
Charging up: National Grid to invest a further £70bn into energy networks May 14, 2026 National Grid has confirmed its commitment to invest an additional £70bn across the next five years into energy networks across the UK and US, as it continues its pivot towards becoming a net-zero energy system. The FTSE 100 company doubled down on its ambition to invest in energy infrastructure in its latest financial results, which [...]
Revolut bags watchdog approval to beef up UK wealth offering May 14, 2026 Revolut has received the regulatory green light to bulk up its wealth management offering, marking one of its first major expansions in the UK after bagging its banking licence. The $75bn juggernaut’s trading arm has secured a Variation of Permissions from the City watchdog, which allows the firm to broadened the scope of regulated activities [...]
Rayner says she has been cleared by HMRC in fresh Labour leader twist May 14, 2026 Angela Rayner has said she was cleared by HMRC of deliberate wrongdoing or carelessness over her tax affairs, which is set to shake up a divided Labour Party just as Sir Keir Starmer‘s leadership seemed poised to fall apart. Rayner said that she settled a case of unpaid stamp duty and added that she had been [...]
UK enjoyed surprise growth in March but economy ‘in for a rough ride’ May 14, 2026 The UK economy’s momentum continued as growth was higher than expected in March, official figures have shown, in what may precede months of expected gloom. The Office for National Statistics (ONS) has revealed that GDP growth was 0.3 per cent in March. This contributed to overall growth of 0.6 per cent in the first quarter. The [...]