DWP Boosts Universal Credit by £295 for 4 Million Households
The DWP is providing 4 million Universal Credit households with an extra £295 this year, rising to £725 by 2030, while cutting the Health Element for new claimants.
Category : Budget Finance
Gilt Yields Hit 28-Year High on Starmer Ousting Fears
UK 30-year gilt yields rose to 5.76%, the highest since 1998, as investors weigh the risk of a Labour leadership change after expected local election losses.
UK Reviews £2bn Packaging Tax Amid Food Inflation
The UK government is reviewing the £2bn Extended Producer Responsibility tax on packaging to ease pressure on retailers and prevent food price hikes amid soaring inflation.
HSBC Profit Drops After Iran War and Credit Charges
HSBC missed Q1 profit targets as credit charges surged to $1.3bn due to Middle East conflict and UK fraud, despite revenue growth of 6%.
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BoE Acting to Support Chancellor, Not Control Inflation
The Bank of England's MPC is prioritizing support for the Chancellor and the real economy over controlling inflation, despite inflation consistently above target for years.
RBA Hikes Interest Rates, Impacting Mortgage Holders
The Reserve Bank of Australia raises interest rates to 4.6%, the 13th hike since May 2022, adding pressure on mortgage holders and the housing market.
ECB Survey Shows Sharp Inflation Surge Amid Iran Tensions
ECB's Survey of Professional Forecasters shows inflation surging to 2.7% in 2026 due to higher energy prices, but hopes for a short-lived shock depend on the Iran war ending.
European Carmakers Slam Brakes After Trump Tariff Shock
European car stocks plunge after US announces 25% tariffs on imports. VW reveals €4bn annual hit, Porsche down 25% since January.
NASA Budget Cuts Threaten Lunar Legacy
Despite Artemis II's success, Trump's proposed NASA budget cuts face bipartisan opposition. Congress pushes back, highlighting the need for science funding to sustain human spaceflight.
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RBA Predicted to Deliver Third Straight Rate Hike
Economists expect the RBA to raise interest rates for the third consecutive time, despite the surge in petrol prices from Middle East conflict, signaling commitment to inflation control.
Free Financial Advice Scheme Aims to Boost UK Investing
New City rules allow banks to offer free targeted support on investments and pensions, aiming to help millions of Britons build savings and close the advice gap.
Two Teens Stabbed in Face in Mass Fight in Southend
Two teenagers suffered stab wounds to the face after a fight involving 30 youths broke out in Southend. Police issued dispersal orders to restore order.
Bank of England Warns UK Inflation to Rise Due to Middle East War
The Bank of England held interest rates at 3.75% but warned inflation will rise due to the Middle East conflict, with potential rate hikes later this year.
Budget Hits Property Investors with CGT Changes
The federal budget introduces capital gains tax changes affecting existing property investors, aiming to cool the housing market and boost supply.
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BoE Holds Rates Amid Iran War Fallout
The Bank of England held interest rates steady at 4.5% as it assesses the economic impact of the Iran war, with markets expecting a cautious stance.
Plan Ahead for 2027 Tax Changes: Isas, Savings, and Landlords
Chancellor Rachel Reeves' tax changes from April 2027 will impact Isas, savings, and rental income. Experts urge early planning to optimize finances.
Lloyds Warns Iran War Cost £151m as Unemployment Rises
Lloyds reports pre-tax profits of £2bn in Q1, up a third, but warns the Iran conflict could cost £151m due to rising unemployment, inflation, and housing slowdown.
RBA Rate Rise Won't Fix Inflation, Only Hurts Households
Greg Jericho argues that another RBA rate hike won't curb inflation driven by fuel costs but will instead burden households already struggling with soaring prices.
EU Subsidises Up to €50,000 for Farmers and Hauliers
The EU will cover up to 70% of extra fuel and fertiliser costs for farmers, fishers, and hauliers, with individual companies eligible for up to €50,000 until year-end.
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Top rate taxpayers surge as frozen thresholds hit Brits
Nearly 2 million more Brits dragged into higher tax bands due to frozen thresholds, including teachers and nurses, as HMRC data shows surge in top rate taxpayers.
8 Money Changes in May: Rent Rules, P60 Deadline, and More
Key financial updates in May 2026: new renters' rights end no-fault evictions, £10 daily fines for late tax returns, inflation update, Nationwide bonus, and more.
Lloyds warns Treasury against bank tax raid
Lloyds Banking Group has cautioned the Treasury not to impose a tax raid on banks as the industry anticipates booming profits in 2026, following a strong first-quarter performance.
Lloyds Upgrades Income Forecast on Higher Rates
Lloyds Banking Group raises income target for 2026 as elevated interest rates from Iran conflict boost profits. Pre-tax profit jumps 33% to £2bn.
Rent Controls Panic: UK Treasury Denies Plans After Leaks
Reports of temporary rent controls caused panic among landlords, but No. 10 quickly denied the policy. The confusion highlights internal divisions.
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Housing Stocks Drag on FTSE as Inflation Woes Build
Housebuilders' trading updates reveal rising costs, weighing on FTSE ahead of Bank of England's interest rate decision amid inflation concerns.
UAE Quits Opec, Weakens Cartel, Boosts Trump
The UAE has left the Opec oil cartel amid the Iran war, weakening the group and giving a win to Donald Trump, who had accused Opec of inflating prices.
School Staff in 2 London Boroughs Strike Over Pay
Over 1,000 support staff at more than 30 schools in Merton and Greenwich will strike on Friday over unequal London weighting pay.
Pension Deadlock: Government and Lords at Stalemate
The government and House of Lords are locked in a standoff over the Pension Schemes Bill, with disagreements on mandation powers risking its passage before the parliamentary session ends.
UK borrowing costs soar as Iran war drives oil surge
UK gilt yields rise above 5% as Iran war pushes oil prices higher, widening the spread with US Treasuries and exposing Britain's vulnerability to energy shocks.
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Barclays CEO: UK Banks Most Taxed; Growth Forecast Cut
Barclays CEO CS Venkatakrishnan says UK banks are the most taxed globally, as the bank cuts its UK GDP forecast to 1% amid Iran war fears and political uncertainty.
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