Morning Briefing: Tuesday 18 August 2026
- Jobs and pay: Unemployment held at 4.9 per cent, but pay growth slowed to 3.5 per cent and job vacancies fell to a five-year low. The labour market is cooling, which means weaker wage rises but also more room for the Bank of England to cut interest rates.
- Petrol: Oil is holding near $91 after a ship was struck in the Strait of Hormuz, so the risk premium remains. Petrol and diesel prices are likely to stay high, and would climb further if the standoff turns to open conflict.
- Water: Rain is finally arriving to break the heat, but the drought is far from over — Wessex Water has brought in its first hosepipe ban since 1976. Expect more restrictions to persist even as the weather turns.
Ship Struck in Strait of Hormuz as Trump Renews Oman Threat
A merchant vessel was hit by an unidentified projectile in the Strait of Hormuz, with one crew member reported hurt, according to maritime authorities, in the first reported strike on shipping since the US-Iran deadline expired. President…
Ukraine Launches Huge Drone Attack on Moscow Region
Ukraine launched more than 600 drones at the Moscow region overnight, according to the city’s mayor, setting a warehouse ablaze and grounding flights in one of its largest strikes yet. It followed Russian missile barrages on Ukrainian port…
Gaza Talks Stall as Hamas Accepts Plan Netanyahu Rejects
Efforts to end the Gaza war stalled again, with Hamas reported to have accepted a revised disarmament framework that Benjamin Netanyahu rejected outright. After meeting Jared Kushner, who is pressing President Trump’s plan, Mr Netanyahu in…
Russia Summons Japan's Ambassador in Kuril Islands Row
Russia summoned Japan’s ambassador to protest against what it called “anti-Russian” remarks by the Japanese prime minister, the sharpest exchange yet in an escalating row over the disputed Kuril Islands. It followed President Putin’s visit…
Indonesia Quake Toll Climbs Towards 77
The death toll from Friday’s magnitude-7.7 earthquake off Flores rose further, with Al Jazeera reporting at least 77 dead, though counts varied across sources as the tally kept moving. Rescue teams searched through Indonesia’s Independence…
Pay Growth Slows and Vacancies Hit Five-Year Low
Official figures showed the UK labour market cooling, with pay growth slowing to 3.5 per cent and job vacancies falling to 707,000, their lowest in five years. Unemployment held at 4.9 per cent for April to June, up on the year, while the…
Ministers' Phone Numbers Found Online After Hoax
Mobile numbers for cabinet ministers were found openly available online, it emerged, deepening the security concern after the Prime Minister was targeted by an impersonator posing as President Trump’s chief of staff. The White House contin…
Reform Welfare Plan Draws Child-Poverty Warning
Reform UK’s plan to cut around 50 billion pounds from the welfare bill came under sustained fire, with campaigners warning it would push a large number of children into poverty and analysts questioning whether the savings add up. The party…
Rain Arrives as Heatwave Breaks and Hosepipe Ban Begins
Rain and thunderstorms began moving across the country as the summer’s fifth heatwave broke, though firefighters warned that the downpours alone would not end the wildfire risk, with the south Wales blaze still burning. Wessex Water brough…
Conservatives Pledge Crackdown on Illegal Traveller Sites
The Conservatives pledged tougher enforcement against unauthorised traveller encampments, promising expanded police powers to clear illegal sites more quickly. The party framed the move as ending what it called two-tier treatment in planni…