Evening Briefing: Friday 8 May 2026
- Reform UK has won 583 councillors and outright control of four councils — Newcastle-under-Lyme, Havering, Suffolk and a fourth authority — in the final national count. Labour has lost 394 councillors and 11 councils; Labour is confirmed to have polled below Plaid Cymru in Wales for the first time since 1922. Sir Keir Starmer is refusing to resign; no challenger has yet moved publicly, though whip soundings remain active this evening.
- US and Iranian forces exchanged fire near the Strait of Hormuz today — Day 70 of the conflict. President Trump says the ceasefire remains “still in effect” and Washington still awaits Tehran’s formal response on the peace proposal. Brent edged to $101.70; pump prices remain near 175p but no further step-change is expected today.
- UK markets closed broadly flat: the FTSE 100 finished at 8,384 (+0.25%), sterling held at $1.3020 and ten-year gilt yields ticked to 4.94%. The political shock was largely priced in; the genuine risk event this weekend is the Iran memo — a signing would push gilts lower and sterling higher; a breakdown would reverse Thursday’s rally.
US and Iran Exchange Fire Near Hormuz; Trump Says Ceasefire Holds
US Central Command said its forces intercepted “unprovoked Iranian attacks” and responded with self-defence strikes near the Strait of Hormuz on Friday. Explosions were reported on Qeshm Island and near Bandar Abbas; Iran’s internet blacko…
Ukraine Launches 347 Drones Across 20 Russian Regions Overnight
Ukraine launched its second-biggest drone attack since the Russian invasion, with air defences engaging 347 drones across 20 Russian regions overnight. Flights at Moscow airports were disrupted; a large electrical substation in Crimea caug…
Putin’s Victory Day Parade Proceeds Without Tanks or ICBMs
Russia’s 81st Victory Day parade on Red Square proceeded on Friday with no tanks, ballistic missiles or heavy armour — the smallest military display in two decades. President Putin did not use the phrase “Special Military Operation” for th…
Diplomatic Track Survives Hormuz Exchange; Rubio Expects Iranian Response
The White House said Friday afternoon that the diplomatic track with Iran remained open despite the Hormuz exchange. Secretary Rubio confirmed the US “still expects” a formal Iranian response to the peace proposal. Iran’s foreign ministry…
Lebanon Death Toll Passes 2,750 as IDF Widens Displacement Zone
Lebanon’s Ministry of Health confirmed the cumulative death toll from Israeli operations since 2 March now exceeds 2,750. The IDF issued fresh displacement orders covering villages east of its current occupation zone in southern Lebanon. L…
Reform Wins 583 Councillors and Four Councils in Final Count
The final national count confirms Reform UK has gained 583 councillors and seized outright control of four councils — Newcastle-under-Lyme, Havering in east London, Suffolk County Council and a fourth authority — having held none previousl…
Starmer Digs In; Labour MP Calls Explicitly for “New Leadership”
Sir Keir Starmer reiterated on Friday morning he will not resign, calling the results “very tough.” Labour MP Jonathan Brash, who represents Hartlepool — a seat Reform won overnight — gave the most explicit call from within the parliamenta…
Greens Win Hackney and Lewisham Mayors; Urban Progressive Bloc Hardens
Zoë Garbett won the Hackney mayoral election with 46.9% of the vote, becoming London’s first Green mayor. The Greens also won Lewisham, giving the party two London mayoral wins on the day. The results confirm a sustained Green foothold in…
Wales: Labour Confirmed Behind Plaid Cymru for First Time Since 1922
Senedd counting confirmed Labour polled below Plaid Cymru in Wales for the first time since 1922, ending over a century of Welsh Labour dominance. Reform UK also performed strongly across north Welsh councils. A Plaid-led Senedd administra…
FTSE Closes +0.25% at 8,384; Gilt Yields Tick to 4.94%
The FTSE 100 closed 0.25% higher at 8,384 on Friday, absorbing the historic election results with less disruption than feared. Sterling eased marginally to $1.3020; ten-year gilt yields ticked to 4.94% from Thursday’s 4.93%. Brent edged to…