Morning Briefing: Sunday 24 May 2026
- President Donald Trump said overnight that a memorandum of understanding on a peace deal with Iran — including the reopening of the Strait of Hormuz — has been “largely negotiated”. Iran disputes the strait claim. Iran’s Fars news agency said early Sunday that the agreement would allow Iran to manage the Strait of Hormuz, calling Trump’s reopening assertion “inconsistent with reality”. Iran and Pakistan submitted a revised proposal to Washington on Saturday; a formal US response is expected today. Two Pakistani sources described the deal being negotiated as “fairly comprehensive to terminate the war”.
- Andy Burnham used his Makerfield campaign launch on Friday to say he would look at Wes Streeting’s proposal for a wealth tax and suggested inheritance tax could be abolished and replaced with a social care levy paid to fund improvement in the sector. Burnham’s allies suggest Ed Miliband as his pick for chancellor. Chancellor Rachel Reeves’s allies are lobbying Labour MPs in defence of her job — warning Miliband “would not be trusted by the bond markets”. The leadership-and-chancellor question now defines the next four weeks of UK politics ahead of the 18 June Makerfield vote.
- The proposed Iran framework would unfold in three stages: formally ending the war, resolving the Hormuz crisis and launching a 30-day window for negotiations on a broader agreement. Two-month negotiations on Iran’s nuclear programme would follow. The Strait of Hormuz would be reopened and the US would end its blockade of Iranian ports. Brent eased to $102.30 at Friday’s close, ten-year gilts at 5.02%; the operational variable for Monday’s European open is whether Washington accepts the proposal today.
Trump — Iran Deal “Largely Negotiated”; Hormuz Reopening Claimed
President Donald Trump said on Saturday night that a memorandum of understanding on a peace deal with Iran has been “largely negotiated”, with details to be unveiled soon. “Final aspects and details of the Deal are currently being discusse…
Iran’s Fars — Trump’s Hormuz Reopening Claim “Inconsistent With Reality”
Iran’s Fars news agency, which is close to the Islamic Revolutionary Guards Corps, reported early on Sunday that the emerging agreement would allow Iran to manage the Strait of Hormuz, and that Trump’s assertion the strait would be reopene…
Iran and Pakistan Submit Revised Proposal; US Response Expected Today
Iran and Pakistan submitted a revised proposal to the United States late on Saturday to end the war and reopen the Strait of Hormuz, two Pakistani sources familiar with the negotiations said. A US response is expected today. “The deal is f…
Three-Stage Framework — End War, Resolve Hormuz, 30-Day Window
The proposed framework would unfold in three stages: formally ending the war, resolving the crisis in the Strait of Hormuz and launching a 30-day window for negotiations on a broader agreement, which can be extended. A two-month negotiatio…
Iran’s Counterproposal Frontloads Demands; “Regime Believes It Is Winning”
Iran’s latest counterproposal frontloads its key demands on the withdrawal of “a US threat to Iran”, financial relief, and Iran’s “right” to manage the Strait of Hormuz, while attempting to delay discussion of Iran’s nuclear programme. The…
Burnham — Open to Wealth Tax; Abolish IHT, Replace with Social Care Levy
Andy Burnham used Friday’s Makerfield campaign launch to say he would look at proposals from Wes Streeting, the former health secretary, for a wealth tax. Burnham also suggested that inheritance tax could be abolished and replaced with a s…
Reeves Rearguard Continues — Allies Warn Bond Markets Reject Miliband
Chancellor Rachel Reeves’s backbench-lobbying push continues this weekend. Reeves has told friends she would like to stay in the chancellorship even under a new prime minister, and her allies are urging MPs to back her if Sir Keir Starmer…
“Operation Save Starmer” — Burnham Not “Nailed On”; Streeting Failed to Get Numbers
Inside Downing Street, Starmer’s allies now believe they can “Keep Keir In”. On Starmer’s reckoning, as one ally put it, Burnham is far from “nailed on” in Makerfield; and Wes Streeting will have a struggle to get back into the leadership…
Sunday Politics — “Can Starmer Survive?” Question Dominates Morning Shows
The Sunday morning political shows today are dominated by the leadership question, with the previous week’s edition of the BBC’s Sunday with Laura Kuenssberg explicitly titled “Can Starmer Survive?”. The Makerfield by-election on 18 June i…