Government departments will look at cutting budgets to fund defence, minister says Politics Government departments are looking at cutting their budgets further in order to help fund defence, a cabinet minister has said. Culture secretary Lisa Nandy insisted the country’s national security remains minister’s “highest priority” adding departments are looking to shift their budgets to fund defence. She said to Sky News: “There’s a clear picture emerging from [...]
Stamer overrules Miliband on electric car sales targets as he looks to appease automotive industry Energy Keir Starmer will water down the UK’s electric vehicle sales, in a significant blow to energy secretary Ed Miliband’s net-zero agenda, in a bid to quash fears in the automotive industry. According to reports in The Sunday Times, the prime minister is understood to have overruled Miliband following pressure from the industry, the Unite union [...]
Starmer agrees investment deal with Japan as EU deal questioned Politics The UK government has agreed an £18bn investment deal with Japan in a bid to boost post-Brexit international ties but questions are now looming over Sir Keir Starmer’s “reset” deal with the EU. Starmer said “landmark agreements” with Japan on technology and life sciences would lift the UK economy and improve trade with the fourth [...]
Thames Water, energy grid, rent prices: Burnham drums up public control agenda June 13, 2026 Andy Burnham will press for an agenda of public control over water companies, the national energy grid and government procurement regulation if he becomes Prime Minister. Reports on Saturday indicated that the Manchester mayor, who is standing as Labour’s candidate in the Makerfield by-election before a likely bid to become the party’s leader, would push [...]
Starmer clings on as defence spending plan in disarray after resignations June 12, 2026 Sir Keir Starmer’s premiership has been dealt another major blow as defence ministers quit the government over a lack of funding for security. It was confirmed on Friday that the Defence Investment Plan had still not yet been completed after months of wrangling and delays. But on Thursday, John Healey resigned as defence secretary in [...]
Liz Kendall ramps up push to funnel pension cash into UK startups June 12, 2026 The government is stepping up efforts to channel more institutional money into British tech firms as ministers look to stop promising startups heading overseas for funding. Tech secretary Liz Kendall announced that Labour would pursue reforms to unlock pension fund investment into UK growth firms, adding Britain needs to become an “indispensable partner” in the [...]
‘Unsustainable’ – Iceland boss and Labour peer calls for end of triple lock pension June 12, 2026 Lord Walker, the influential Iceland boss who was made a Labour peer, has called for the triple lock pension to be scrapped as the mechanism was “profoundly unfair”. In a debate on welfare reform in the House of Lords, Walker added to a growing number of economists and political figures calling for the state pension [...]
UK economy falters as deeper damage to growth to come June 12, 2026 The UK economy lost momentum in April, official data has revealed, as the energy price shock from the Iran war took its toll on businesses and consumers. The Office for National Statistics said GDP declined by 0.1 per cent in April. The services sector contracted by 0.2 per cent while manufacturing output did not post [...]
As it happened: FTSE 100 rises as easing Iran tensions offset GDP blow; SpaceX set for blast off June 12, 2026 Welcome back to the CityAM liveblog. Global equity investors are bracing for Musk’s record-breaking market debut SpaceX is set to begin trading on Nasdaq today after Elon Musk’s rocket, satellite and AI empire pulled off the largest IPO in market history. The company raised $75bn after pricing shares at $135, giving it a $1.77 [...]
Oil prices rise as Trump warns of ‘very hard’ strikes against Iran June 11, 2026 President Trump has escalated his threats against the Iranian regime, announcing on social media that the US will hit Iran “very hard” tonight if a peace deal cannot be reached. In a post on his Truth Social platform, the US President suggested that American forces could take Kharg Island, a crucial oil export artery for [...]