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The Guardian Politics5 May 2026

Reinstate windfall tax on banks after surge in profits, TUC urges

Unions group wants rate returned from 3% to 8% after big four UK lenders reveal £14bn total profit in first quarter An increased windfall tax should be imposed on the UK’s largest banks according to trade union leaders, after the big four lenders reported almost £14bn in first-quarter profits, partly fuelled by market turbulence caused by the Iran war. The Trades Union Congress (TUC) renewed its call for an increase in the current bank surcharge, which was reduced from 8% to 3% of profits above

EconomyDefenceHousing
Express Politics5 May 2026

Big update on £18,000 tax threshold change as Rachel Reeves forced to respond

Today, the Treasury issued a formal response as pressure grows as more of the poorest workers get dragged into paying tax

Economy
Guido Fawkes5 May 2026

‘Is Britain Broken?’ An EXCLUSIVE Guido Fawkes-IEA Event

For the first time ever, Guido Fawkes is partnering with the Institute of Economic Affairs for an exclusive panel debate in the heart of Westminster on 1st June. Is Britain Broken? Britain’s economic record over the past decade and a half makes for uncomfortable reading. Productivity growth has flatlined. Real wages have barely recovered from…

PoliticsEconomy
Express Politics5 May 2026

Big update on £18,000 personal tax threshold change as Rachel Reeves forced to respond

Chancellor's Treasury makes official response as calls for freeze to be changed as millions more forced to pay tax

Economy
Guido Fawkes5 May 2026

Real Estate Firms Hammer Treasury’s Optimistic Mansion Tax Revenue Projections

Reeves’ Mansion Tax is set to lose the Treasury at least £400 million before it comes into effect in April 2028. Experts are casting doubt on those optimistic figures… The tax means that homeowners will be forced to pay a flat surcharge in addition to council tax if their property is valued at £2 million…

EconomyHousing
The Guardian Politics5 May 2026

Rachel Reeves and Scott Bessent argued in person about Iran war, sources say

UK chancellor said to have told US treasury secretary she did not like his tone during meeting in Washington in April UK politics live – latest updates Middle East crisis – live updates Rachel Reeves had an angry exchange with her US counterpart, Scott Bessent, in Washington last month over the war in Iran, sources have said, in the latest sign of the deepening tensions between the two countries. The chancellor and the US treasury secretary argued in person during the spring meetings of the I

PoliticsEconomyDefence
Guido Fawkes5 May 2026

What Would Prime Minister Rayner Do?

The third in Guido’s horror series. Read the previous entries by clicking here… Today it’s Rayner’s turn. This one is particularly easy to pull together, given Rayner herself sent a wish list of tax hikes to Rachel Reeves last year. Which very quickly appeared in the media… Reinstate the pensions lifetime allowance. Raise corporation tax…

Economy
The Guardian Politics5 May 2026

UK’s long-term borrowing costs hit highest level since 1998

Rise in bond yields due to fuel prices and political stability concerns will eat away at Rachel Reeves’s fiscal headroom Business live – latest updates The UK government’s long-term borrowing costs have hit their highest level since 1998, amid rising fuel prices and concerns about political stability. The yield – effectively the interest rate – on 30-year UK government bonds (gilts) hit 5.76% at lunchtime on Tuesday, up 0.11 percentage points – exceeding the 27-year high reached last autumn.

PoliticsEconomy
Express Politics5 May 2026

Ed Miliband organisation sparks fury as it's set to pay bosses £1k a day

A taxpayer-funded boardroom payday is being lined up in the name of clean energy.

Economy
The Guardian Politics5 May 2026

Reform UK’s immigration policies are a significant risk to the UK economy | Sushil Wadhwani

An exodus of workers will be damaging – and electoral change might help Britain escape instability and low growth While all eyes are on the Middle East and the risk of a global recession, a possible scenario with significant downside risk for the UK economy after the next general election is building: the impact of anti-immigration policies. We do not know enough about the actual policy changes a Reform UK-led government would impose, but if we get forced repatriation (including of some who were

PoliticsEconomyImmigrationReformRemigration
Guido Fawkes5 May 2026

POLL: Three in Five Muslim Voters Would Vote for Gaza Independent to Stop Labour

Gaza ranks above the economy in determining how Muslim voters in Britain will vote, according to polling conducted by JL Partners for think tank Policy Exchange. Polling shows differences in political attitudes which have grown very stark indeed: 60% of British Muslim respondents would consider voting for a pro-Gaza independent candidate specifically to prevent Labour…

PoliticsEconomy
The Guardian Politics5 May 2026

‘There is a good deal of fear’: what would a Labour leadership challenge mean for bond markets?

Rayner and Burnham are trying to gain markets’ confidence amid concerns they could loosen fiscal rules if they replace Starmer Who calls the shots on the bin collections in Sunderland, potholes in Hackney, or schools in Cardiff is not normally of interest to City traders in the multitrillion-pound sovereign bond market. But for those dealing in UK government debt, Thursday’s local and devolved government elections are significantly more important than usual, amid speculation that a dire showing

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