Evening Briefing: Monday 20 July 2026
- A New Prime Minister: Andy Burnham is now in Downing Street, pledging help with the cost of living this week and an end to rough sleeping. Rachel Reeves has gone as Chancellor, with Shabana Mahmood tipped to replace her — the choice markets will judge first.
- Petrol & Energy: Brent crude spiked above $90 overnight before easing back to around $88 as Iran hinted at talks. Pumps and winter bills remain exposed to the Strait of Hormuz; the average US petrol price has already touched $4 a gallon.
- Tax & Spending: The new government inherits a £110bn debt-interest bill and a “tax lock” on income tax, VAT and national insurance. That leaves little room for giveaways without an autumn Budget, so watch the Treasury as the new Chancellor is named.
US Strikes Iran for a Ninth Night as Third American Dies
US Central Command struck Iran for a ninth consecutive night, hitting Revolutionary Guard air defences, missile stores and coastal surveillance sites it says threaten Hormuz shipping. The attacks followed confirmation that a third American…
Iran Signals Openness to Talks Yet Suspends Its Commitments
Iran said it remained open to negotiations even as the strikes continued. The foreign ministry spokesman, Esmail Baghaei, said intermediaries had gone on exchanging messages with Tehran throughout the latest American bombardment, and that…
Oil Breaks $90 Then Retreats as Iran Hints at Diplomacy
Brent crude jumped nearly 4 per cent overnight to break $90 a barrel — its highest since mid-June — before easing to around $88 as Iran’s openness to talks tempered supply fears. US West Texas Intermediate slipped to $82.24 a barrel. Yemen…
Russian Strike on Grain Ship Near Odesa Kills Ten
At least ten people were killed when a Russian strike hit a cargo vessel near the Ukrainian port of Odesa. The Guinea-Bissau-flagged ship, carrying corn and crewed by Indian and Syrian nationals, was struck as Russia said it had targeted f…
Ukraine Launches 400 Drones at Moscow, Hitting an Oil Depot
Ukraine sent more than 400 drones against the Moscow region overnight, striking logistics sites and an oil depot over 400km inside Russia. The mayor, Sergei Sobyanin, said most were shot down, including 85 near the capital, but at least te…
Burnham Becomes PM, Vowing a ‘Circuit-Breaker for Britain’
Andy Burnham became the United Kingdom’s seventh prime minister in a decade on Monday, after King Charles III asked him to form a government following Sir Keir Starmer’s resignation. In his first speech outside Downing Street, Mr Burnham p…
Reeves and Lammy Out as Burnham Reshapes the Cabinet
Mr Burnham moved swiftly to remake the government, with Rachel Reeves resigning as Chancellor and David Lammy departing as Deputy Prime Minister. The business secretary, Peter Kyle, was sacked, while the housing secretary, Steve Reed, and…
New PM Inherits £110bn Debt Bill and a Stalled Economy
Mr Burnham takes office facing acute fiscal constraints. The government spent £110bn on debt interest in 2025-26 — about 8 per cent of all public spending — while taxes are forecast to reach their highest share of the economy since the Sec…
Trump Hails North Sea Plan, Calls Britain ‘Poverty Stricken’
President Trump welcomed Mr Burnham’s plan to fast-track North Sea oil and gas exploration, writing on Truth Social that the move would take the United Kingdom from a “Poverty Stricken Disaster, to one of the Richest Countries anywhere in…
Reform Leads or Levels With Labour as Burnham Takes Over
Mr Burnham inherits a party under pressure from Reform UK. A YouGov poll for The Times and Sky News on 12-13 July put Reform on 24 per cent, five points clear of the Conservatives and Labour on 19 apiece. A separate Survation survey found…