Warsh will serve four-year term as chair, taking over amid rising inflation and pressure from Trump to lower ratesThe US Senate confirmed Kevin Warsh as chair of the Federal Reserve, one of the most powerful roles in the federal government that holds enormous sway over the economy.The 54-45 Senate vote on Wednesday was split along party lines, with the exception of Democratic senator John Fetterman from Pennsylvania, who joined the Republican majority. Warsh was confirmed for a four-year term as chair and a 14-year appointment on the Fed’s rate-setting board. Continue reading...

13 May 2026 18:49 ✍️ RSS THE GUARDIAN

Keir Starmer set out bills to abolish NHS England, overhaul Send provision, limit jury trials and forge ties with EUUK politics live – latest updatesKeir Starmer has laid out long-promised changes to education, health and the courts in the king’s speech, which maps out the government’s agenda for the next year.The speech delivered by King Charles cited bills to abolish NHS England, overhaul the provision of special educational needs teaching, limit trials by jury, introduce digital ID and end the leasehold system in England and Wales. It also included vehicles for closer alignment with the EU, and measures to boost the economy through the nationalisation of British Steel and pilot schemes to boost innovation in areas such as defence technology and AI-controlled ships. Continue reading...

13 May 2026 14:47 ✍️ RSS THE GUARDIAN

IEA warns that mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record paceGlobal oil stocks are being run down at a record pace as supply losses mount due to the ongoing Iran war, the International Energy Agency has warned.In its latest outlook report, the IEA reports that global oil inventories fell by 129 million barrels in March, and by a further 117 million barrels in April, as countries dipped into their reserves to cover the shortfall following the Middle East conflict.More than ten weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace.The petrochemical and aviation sectors are currently most affected, but higher prices, a weaker economic environment and demand-saving measures will increasingly impact fuel use. Continue reading...

13 May 2026 14:34 ✍️ RSS THE GUARDIAN

With US inflation at a three-year high, US president insisted he’s not focused on economic hardship sparked by the conflictSign up for the Breaking News US newsletter emailDonald Trump has said the growing financial pressure inflicted on Americans by the war on Iran is “not even a little bit” motivating him to make a peace deal with Tehran.With US inflation at a three-year high, and fuel costs still climbing after a sharp rise in oil prices, the US president said on Tuesday that he is not focused on the economic hardship sparked by the conflict. Continue reading...

13 May 2026 14:03 ✍️ RSS THE GUARDIAN

Bovis Homes owner’s shares plunge 10.5% after being forced to cut prices as buyers become cautiousOne of the UK’s biggest housebuilders has said its profits will be “significantly” lower, as it was forced to cut prices after heightened uncertainty caused by the US-Israeli war on Iran.Vistry’s shares plunged 10.5% in early trading on Wednesday, hitting their lowest level in nearly 15 years, as it told shareholders its first-half profits would be hit by the fallout from the Middle East conflict. Continue reading...

13 May 2026 09:46 ✍️ RSS THE GUARDIAN

Despite concerns super-rich are leaving due to tax burdens, 88% of those surveyed were proud to live in UK and would pay more to fund public servicesNine in 10 UK millionaires are proud to live in Britain and three-quarters would be willing to pay more tax to ensure public assets get the funding they need, according to research.Despite widely reported concerns that the wealthy are choosing to leave the country owing to higher taxes, the survey found millionaires were much more concerned about medical workers moving away than wealthy people emigrating. Continue reading...

12 May 2026 23:01 ✍️ RSS THE GUARDIAN

Bond yields soar and pound falls against dollar as investors brace for potential Labour leadership changeLong-term UK borrowing costs soared to the highest level in almost three decades on Tuesday as fears about a change of Labour leadership triggered investor jitters and warnings of further bond market turmoil.With investors worried about potential changes to Labour’s tax and spending plans, the yield – in effect the interest rate – on 30-year government bonds, or gilts, hit a high on Tuesday of 5.81%, a rise of 14 basis points and the highest since 1998. Continue reading...

12 May 2026 17:36 ✍️ RSS THE GUARDIAN