Morning Briefing: Thursday 29 October 2026
- If your home is in council tax bands A to D: you will get a one-off £100 towards energy bills this winter in England, and Wales will match it. The Resolution Foundation expects bills to average £2,210 across 2027, up £600 on this year, so the help covers less than a fifth of the rise. Gas standing charges go during 2027, but heavy users will pay more per unit.
- If you have savings or rent out property: tax on that income rises to 24% for basic-rate taxpayers from April 2027, rather than the 22% previously planned. The planned cut in the cash ISA allowance from £20,000 to £12,000 has been scrapped, while income tax thresholds stay frozen.
- If you work on the minimum wage or drive for a living: minimum wage rates rise by 3.9% in April, and the temporary 5p cut in fuel duty is extended to July. Markets expect the Bank of England to raise interest rates next month, which would push up the cost of new mortgages.
Spain’s Worst Rail Crash in 13 Years Kills at Least 68
At least 68 people were killed on Wednesday when a Renfe high-speed train from Madrid to Seville ran into a stationary Iryo train near Toledo. Transport Minister Óscar Puente said a computer failure had halted six trains, after which Madri…
Vance Reaches Out to Tehran as Pentagon Readies Post-Election Strikes
JD Vance has written to Mohsen Rezaei, head of Iran’s Supreme National Security Council, to try to revive negotiations, the Wall Street Journal reports. At the same time, Pete Hegseth has removed the Pentagon’s top military planner, Lt Gen…
Israel Heads for Deadlock as Netanyahu Bloc Stalls at 53
With about 90% of ballots counted, Benjamin Netanyahu’s bloc is on 53 seats and Gadi Eisenkot’s on 48, both short of the 61 needed in the 120-seat Knesset. Arab-led parties are set for a record 19. Between 430,000 and 480,000 absentee ball…
Federal Reserve Holds Rates, but Two Members Vote to Raise
The US Federal Reserve held its benchmark rate at 3.75%–4% on Wednesday, a week before the midterm elections. Governor Lisa Cook and the Cleveland Fed’s Beth Hammack dissented in favour of a quarter-point rise. “Inflation remains elevated,…
Putin Hails Musk as Kremlin Rejects Zelensky’s Ceasefire Offer
Vladimir Putin called Elon Musk “a real genius” on Wednesday and said Russia was in “close contact” with him on satellites, during the Russia-Africa summit in Moscow. The Kremlin continues to reject the full or partial ceasefire Volodymyr…
Healey’s First Budget Taxes Banks to Fund £100 Energy Payment
John Healey’s first Budget gives about 20 million households a one-off £100 towards energy bills, costing £2.6bn. It is paid for by doubling the bank surcharge to 6% for 15 months and raising tax on savings and property income. He promised…
OBR Paints ‘Pretty Grim’ Picture as Growth Forecast Is Cut
The Office for Budget Responsibility cut its 2027 growth forecast to 1% and expects inflation to peak at about 3.75% early next year. The watchdog’s head, David Miles, called the outlook for living standards “pretty grim”. Higher interest…
Departments Told to Find Further 1% Cuts to Fund Defence
Every Whitehall department must cut its capital budget by a further 1% to fill a £4.7bn hole in the Defence Investment Plan. Healey, who resigned as defence secretary in June over funding, postponed the route to 3% of GDP by 2030 until nex…
Burnham Rules Out a General Election Within 12 Months
Andy Burnham has ruled out calling a general election in the next year, after Conservative and Reform claims that he would seek an early mandate. “I can rule out calling a general election in the next 12 months,” he said after the Budget.…
Tommy Robinson Convicted of Harassing Two Daily Mail Journalists
A Southwark Crown Court jury has found Tommy Robinson, whose real name is Stephen Yaxley-Lennon, guilty of two counts of harassment causing fear of violence against the Daily Mail journalists Andrew Young and Jacob Dirnhuber. The case foll…