Morning Briefing: Monday 20 July 2026
- A New Prime Minister Today: Andy Burnham enters Downing Street today. He is expected to name his Cabinet, with Shabana Mahmood tipped as Chancellor, scrap the digital ID scheme and promise cost-of-living help. Expect a change of economic direction, though he has bound himself to the manifesto “tax lock” on income tax, VAT and national insurance.
- Petrol & Energy: Brent crude has topped $90 a barrel — its highest since mid-June — after a ninth night of US strikes on Iran and a seizing-up of shipping through the Strait of Hormuz. Petrol pumps and winter energy bills are directly exposed, and a further squeeze on the strait would push both higher.
- Savings & Markets: Markets have read the handover as orderly — sterling is steady near $1.35 and ten-year gilt yields eased to 4.94 per cent — but the oil spike is now the main inflation risk. Watch the pound and gilts as the new Chancellor is named.
America Bombs Iran for a Ninth Night as Tabriz Is Hit
US forces completed a ninth consecutive night of strikes on Iran, with explosions reported from the Gulf ports of Sirik and Jask to Chabahar and, for the first time in the campaign, the north-western city of Tabriz. Central Command said it…
Iran Strikes Bahrain, Kuwait and Jordan in Gulf-Wide Retaliation
Tehran launched a fresh wave of missiles and drones at American allies across the Gulf overnight, sounding air-raid sirens in Bahrain’s capital and striking Kuwait for a second straight day. The Revolutionary Guard said it had fired ballis…
Brent Tops $90 as Tankers Burn and Hormuz Shipping Seizes Up
Oil surged above $90 a barrel on Monday, its highest since mid-June, after the ninth night of strikes and a third American death revived fears over the Strait of Hormuz. Brent rose more than 2.5 per cent to around $90.50, capping a near-16…
Russia Unleashes One of the War’s Largest Barrages on Kyiv
Russia fired one of its heaviest ballistic salvoes of the war overnight, launching around 40 missiles — including ten Zircon anti-ship weapons — and 125 drones, mostly at Kyiv. President Zelensky said it was among the largest strike packag…
Ukrainian Drones Cripple Russia’s Black Sea Fuel Lifeline
Ukraine pressed a sweeping long-range campaign against Russian energy and naval targets, striking three oil depots in Stavropol Krai some 600km inside Russia and setting off large fires. Ukrainian commanders said their forces had hit 176 R…
Burnham to Enter Downing Street as Britain’s Seventh PM in a Decade
Andy Burnham is due to become Prime Minister today after Sir Keir Starmer tenders his resignation to King Charles III. Sir Keir is expected to give a farewell address outside Downing Street this morning before travelling to Buckingham Pala…
Mahmood Tipped for Chancellor as Burnham Keeps the Cabinet Guessing
Mr Burnham is expected to begin naming his Cabinet only after entering Downing Street, and no appointment has been confirmed. The Home Secretary, Shabana Mahmood, is the reported frontrunner for Chancellor — a choice framed as reassuring t…
Burnham to Axe Starmer’s Digital ID Scheme on Day One
In his first confirmed break from Sir Keir’s programme, Mr Burnham has said he will scrap plans for a government-issued digital ID for all British adults, redirecting the money — reported at around £2bn — to cost-of-living help. His office…
New PM to Promise “Breathing Space” With Energy Bills in His Sights
Mr Burnham is expected to use his first speech to pledge “breathing space” on the cost of living. A package is anticipated among his first acts, with his team examining a radical energy-bills overhaul, drawn up by the thinktank Nesta, that…
Farage Demands an Immediate Election as Burnham “Has No Mandate”
Mr Burnham takes office facing loud calls for a general election. Reform UK’s Nigel Farage says the incoming Prime Minister has “absolutely no mandate of any kind at all” and that voters, not Labour MPs, should decide who governs. The Cons…