Evening Briefing: Saturday 9 May 2026
- Final council results put Reform UK on 1,244 new councillors and control of 114 councils; Labour lost 1,022 councillors and 31 councils, including Wales after 27 years in power. Starmer told the BBC he “will not walk away and plunge the country into chaos”. The first union calls for his resignation came from TSSA general secretary Maryam Eslamdoust this morning. Pressure builds through the bank-holiday weekend ahead of Monday’s PLP meeting.
- Iran has not yet delivered its formal response to the one-page memo via Pakistani mediators; the diplomatic track remains open but unresolved. Trump’s pause on Project Freedom in Hormuz holds. Brent settled at $101.05 in Friday’s close, in the $100–103 range that has held since Wednesday’s 7.83% collapse. UK pump prices should plateau through next week; meaningful relief requires the memo to land.
- Markets closed Friday with the FTSE 100 at 8,420 (+0.1% on the day, +1.7% on the week), gilts at 4.92% and sterling firm at $1.3045. The political risk premium on UK assets has compressed despite the council shock; the leadership-challenge tail risk is the single largest swing factor for Monday’s open. Reeves’ fiscal position remains compromised by year-to-date Brent above $108 average.
Final Tally — Reform 1,244 Councillors, 114 Councils; Labour Loses 31
The final council count published this morning puts Reform UK on 1,244 new councillors and outright control of 114 councils. Labour lost 1,022 councillors and 31 councils, including Wales after 27 years in power. Reform came second in Wale…
Starmer Doubles Down: “I Will Not Walk Away and Plunge the Country into Chaos”
Sir Keir Starmer told the BBC this morning he “will not walk away and plunge the country into chaos” and called the right path forward to “rebuild and show the path forward”. The interview was Starmer’s most explicit refusal to consider re…
First Union Resignation Call: TSSA Says Starmer Must Step Aside
The Transport Salaried Staffs Association became the first Labour-affiliated union to call for Sir Keir Starmer’s resignation today, with general secretary Maryam Eslamdoust saying “unions like the TSSA will not stand by in the wake of thi…
Starmer Names Gordon Brown Special Envoy on Global Finance
Sir Keir Starmer announced this afternoon that former Prime Minister Gordon Brown has accepted a role as Special Envoy on Global Finance and Cooperation. Brown will represent the UK at G7 finance ministers’ meetings, IMF spring meetings, a…
Markets Closed Friday Up 0.1%, Up 1.7% on the Week Despite Political Shock
The FTSE 100 closed Friday at 8,420 (+0.1% on the day, +1.7% on the week), broadly unchanged on the political result. Sterling held at $1.3045, near a one-month high. Ten-year gilt yields stayed at 4.92%, the lowest level in three weeks. T…
Iran Memo Still Under Tehran Review; No Formal Response Yet Delivered
Iran has not yet delivered its formal response to the one-page memo via Pakistani mediators, four days after Trump’s pause on the Project Freedom Hormuz operation. The text would lift the competing blockades within 30 days of signing, free…
Brent Holds $100–103 Range; WTI Settles at $95
Brent crude settled Friday at $101.05, holding the $100–103 range it has occupied since Wednesday’s 7.83% collapse. WTI closed at $95.10. Implied options markets put the probability of a memo signing within ten days at around 60% — broadly…
Russia Post-Parade: Lukashenko-North Korea Axis Cemented
The day after Friday’s reduced Victory Day parade, Russia’s Foreign Ministry confirmed that Belarusian President Aleksandr Lukashenko and a senior North Korean delegation held bilateral meetings with Putin in the Kremlin. Most Western and…
Lebanon Death Toll Passes 2,800 as Hezbollah Holds Tactical Pause
Lebanon’s Ministry of Health confirmed late Saturday that the cumulative death toll from Israeli operations since 2 March now exceeds 2,800. The IDF struck additional Hezbollah positions in southern Lebanon overnight; Hezbollah has not ret…
Saudi-Pakistani Mediation: Riyadh Working-Level Talks Continue
Iranian negotiators remain in Riyadh for working-level talks under the joint Saudi-Pakistani mediation framework, three days after Crown Prince Mohammed bin Salman was first publicly named alongside Pakistan’s Sharif as a mediator. A signi…