Evening Briefing: Wednesday 20 May 2026
- At PMQs today Sir Keir Starmer extended the 5p fuel duty cut for the rest of 2026 and gave the haulage industry a twelve-month vehicle excise duty holiday, a package worth around £400 million which the Treasury will fully cost on Thursday. Kemi Badenoch claimed credit for a “U-turn”; Starmer told the Commons she had in her mind “won Eurovision on Saturday and scored the winning goal in the FA Cup final”. Rachel Reeves has separately dropped the supermarket food price cap push after a sharp retail backlash. The cabinet ring-fence around the Prime Minister continues to hold; the Burnham 18-June Makerfield campaign starts in earnest from tomorrow.
- The Iran deal track held through the day. Vice President JD Vance said at the White House yesterday that the United States and Iran had made “a lot of progress” in talks and that “neither side wants to see a resumption of the military campaign”; Trump told reporters he had been “an hour away” from ordering the cancelled strike. Two Chinese supertankers exited the Strait of Hormuz this morning with four million barrels of crude. The Indian rupee hit a record low overnight on US-Iran stalemate fears; Brent eased further to $105.20 (-1.1%); the FTSE 100 closed up +0.14% at 8,302.
- Andy Burnham gave his first sit-down television interview since the Makerfield confirmation, telling ITV News he “100%” understands why people want Starmer to step down: “they’re sending a message”. Burnham also said becoming an MP would be the “first step” on the path to a Labour leadership challenge. The cabinet ring-fence is operationally holding; the contest itself, when triggered, is now a question of when not whether. PMQs and the Burnham interview together marked the formal start of the 18 June by-election campaign.
Vance: “A Lot of Progress” in Iran Talks; Neither Side Wants Resumption
US Vice President JD Vance told a White House press briefing on Tuesday that the United States and Iran have made “a lot of progress” in their talks and that “neither side wants to see a resumption of the military campaign”. “We’re in a pr…
Two Chinese Supertankers Exit Hormuz with 4m Barrels of Crude
Two Chinese supertankers, the Yuan Gui Yang and Ocean Lily, exited the Strait of Hormuz on Wednesday morning carrying approximately four million barrels of Iraqi crude oil. The exit was the first material commercial movement through the st…
Iran Proposal Terms: Reparations, US Troop Exit, Sanctions Lifted
Iran’s latest peace proposal to end the war — as confirmed by Iranian Deputy Foreign Minister Kazem Gharibabadi via IRNA news agency — comprises five linked demands: ending hostilities on all fronts including Lebanon; the exit of US forces…
US Seized Iran-Linked Tanker Skywave in Indian Ocean
The Wall Street Journal reported on Tuesday that the United States has seized an Iran-linked oil tanker, the Skywave, in the Indian Ocean, citing three US officials. The Skywave had been sanctioned by the United States in March for its rol…
Hezbollah’s FPV Drones Now Cause Majority of IDF Deaths in Lebanon
Hezbollah’s first-person view (FPV) drones now cause the majority of Israel Defense Forces deaths in southern Lebanon since the 16 April ceasefire began. Israeli public broadcaster Kan reports that Hezbollah FPV drones have affected betwee…
Starmer at PMQs: 5p Fuel Duty Freeze Extended; Haulier Tax Holiday
At Prime Minister’s Questions today Sir Keir Starmer announced an extension of the temporary 5p fuel duty cut for the rest of 2026 and a twelve-month vehicle excise duty holiday for the haulage industry. The package is expected to cost app…
Reeves Drops Food Price Cap Push After Retail Backlash
Chancellor Rachel Reeves has dropped the Treasury push for UK supermarkets to agree voluntary food price caps after a sharp retail-industry backlash. Retail sources said in an interview that the proposal — which would have asked supermarke…
Burnham to ITV: “100%” Understand Why People Want Starmer to Step Down
Andy Burnham gave his first sit-down television interview since being confirmed as Labour’s Makerfield by-election candidate, telling ITV News’s Daniel Hewitt today that he “100%” understands why people want Sir Keir Starmer to step down:…
Badenoch: “U-Turn”; Starmer Eurovision/FA Cup Final Riposte
Conservative leader Kemi Badenoch sought to claim credit for the fuel-duty announcement at PMQs today, calling it a U-turn caused by her pressure on the government. Starmer rejected the framing in unusually sharp terms: “I know the leader…
Reeves Thursday: Cost-of-Living Package Details; Iran War Funding Question
Chancellor Rachel Reeves will set out the funding details for the £400 million fuel duty + vehicle excise package on Thursday, the Treasury announced as Starmer spoke. In quotes released to coincide with the announcement, Reeves said: “The…