Evening Briefing: Wednesday 22 July 2026
- Tax & Bills: Andy Burnham ruled out tax rises at the autumn Budget and stepped back from his hint that he might unfreeze the £12,570 personal allowance, insisting his cost-of-living measures are “fully funded” by cuts elsewhere. Scrapping the digital ID scheme will pay the £850m cost of removing VAT from electricity bills from October.
- Petrol & Energy: Brent crude jumped to a six-week high above $93 a barrel — spiking towards $95 during the session — as President Trump threatened to bomb an Iranian bridge or power plant for every ship attacked in the Strait of Hormuz. Pump and energy costs will keep rising while both the Gulf and Red Sea routes are threatened.
- Savings & Markets: The FTSE 100 closed at a five-month high on the softer inflation figures and a commodities rally, and gold hit a record. But ten-year gilt yields stayed pinned near 5 per cent, the market’s cautious verdict on the new government’s spending.
Trump Vows to Bomb a Bridge or Power Plant for Every Ship Hit
President Trump unveiled a stark new retaliation doctrine, declaring that the United States would “bomb and destroy one bridge or power plant” — including targets in or beside Tehran — every time Iran fires on a ship in the Strait of Hormu…
Oil Hits a Six-Week High as War Chokes Two Sea Routes
Brent crude surged to a six-week high, jumping as much as 4 per cent to around $93 a barrel and spiking towards $95 during the session, as Washington talked down peace prospects and traders confronted a “dual-strait” threat. Iranian attack…
Iran Strikes Back Across the Gulf as Rubio Warns Asia on Hormuz
Iran fired a missile at a Jordanian city near Israel and triggered alerts in Bahrain and Saudi Arabia, retaliating for the latest American bombardment; Tehran’s health ministry says US strikes have now killed 53 people over eleven days. In…
Ukraine Turns Its Drones on Southern Russia’s Oil and Supply Lines
Ukrainian long-range drones struck warehouses, an oil depot and Russia’s biggest online retailer deep inside Krasnodar and Stavropol, injuring at least eight and killing one. President Zelensky confirmed the raids and said thirteen Russian…
Flash Floods Kill 23 and Leave 100 Missing in Afghanistan
Flash floods that tore through Afghanistan’s remote Nuristan province have killed at least 23 people and left more than 100 missing, with rescue crews digging through mud and rubble for a second day. Some 80 people were injured and buildin…
Burnham Rules Out Budget Tax Rises and Cools Allowance Talk
The Prime Minister ruled out tax rises at the autumn Budget and stepped back from his own hint that he might unfreeze the £12,570 personal allowance, insisting his cost-of-living measures are “fully funded” by reprioritising existing budge…
Burnham Axes Starmer’s Digital ID Scheme to Fund Cheaper Bills
Downing Street confirmed that the £850m cost of scrapping VAT on household electricity from October will be met by cancelling Sir Keir Starmer’s flagship digital ID programme. It is the first concrete casualty of Mr Burnham’s cost-of-livin…
Burnham Orders Early-Release Review After Harper Killers Outcry
The Prime Minister ordered his new Justice Secretary to review Labour’s prison early-release policy after fury that two of PC Andrew Harper’s killers could walk free halfway through their sentences. Mr Burnham said the ringleader would not…
FTSE Hits a Five-Month High as Gilts Stay Pinned Near 5 Per Cent
London’s blue-chip index closed at its highest since February, powered by miners and oil majors, even as the government-bond market kept the new administration on a short leash. The FTSE 100 finished at 10,716.97, up 1.24 per cent, and gol…
Burnham Courts Scotland and Wales as Sarwar Heads to the Lords
The new Prime Minister opened a charm offensive with the devolved nations, winning cautious goodwill from the Scottish and Welsh first ministers, who said he seemed readier to listen than Sir Keir Starmer. In a linked move, the Scottish La…