Reeves cuts VAT on summer days out to 5% as part of cost of living support
Posted on Thursday May 21, 2026

Chancellor says she will raise tax on global oil firms to help meet costs of plans and confirms delay to fuel duty increases

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Rachel Reeves will cut VAT to 5% on summer attractions such as theme parks and soft-play centres during the school holidays as she aims to ease the impact of the war in Iran on cash-strapped households.

The chancellor told MPs on Thursday she would also raise more tax from global oil firms operating in the UK to help meet the costs of her plans.

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UK service sector activity slumps in one of sharpest declines for a decade
Posted on Thursday May 21, 2026

Firms hit by ‘perfect storm’ of uncertainty about Labour leadership and impact of Iran war

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Companies in the UK’s dominant services sector have reported one of the sharpest declines in business activity in a decade, according to a closely watched index.

Businesses are grappling with a “perfect storm” of domestic political uncertainty around Keir Starmer’s leadership as prime minister and the growing impact of the Iran war, leading to soaring costs, supply shortages and job cuts, the report said.

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Oil markets nearing ‘red zone’ as Iran crisis continues, warns IEA chief
Posted on Thursday May 21, 2026

Surging demand, low reserves and reduced Middle East exports predicted to cause global crunch by August

Oil markets will enter the “red zone” by July and August as stocks dwindle before the summer travel season amid a shortage of fresh oil exports from the Middle East, the executive director of the International Energy Agency warned on Thursday.

Fatih Birol added that the most important solution to the Iran war energy shock was a full and unconditional reopening of the strait of Hormuz.

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The main takeaways from Elon Musk’s plans for $1.75tn SpaceX flotation
Posted on Thursday May 21, 2026

Prospectus for tycoon’s sprawling empire reveals his plan to keep control – and ambition to colonise Mars

• SpaceX reveals plan for $1.75tn stock market debut

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Elon Musk’s SpaceX has revealed plans for a highly anticipated $1.75tn (£1.3tn) flotation next month as he seeks investor backing for his quest to make life “multiplanetary”.

SpaceX is a sprawling business, encompassing the eponymous rocket launch company, the Starlink satellite broadband service, Musk’s xAI artificial intelligence startup and the social media platform X, formerly known as Twitter.

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Nvidia’s revenue blows past Wall Street expectations as AI boom accelerates
Posted on Wednesday May 20, 2026

Many analysts view company’s financial performance as a broader referendum on AI buildout

Nvidia continued its years-long streak of beating Wall Street’s expectations for growth on Wednesday, reassuring most investors that the AI boom, particularly the global explosion of datacenters, will continue apace.

“The buildout of AI factories – the largest infrastructure expansion in human history – is accelerating at extraordinary speed,” said Nvidia’s CEO, Jensen Huang, in a statement. “Agentic AI has arrived, doing productive work, generating real value, and scaling rapidly across companies and industries.”

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Google DeepMind in talks with UK unions amid staff concern over US and Israel’s AI use
Posted on Wednesday May 20, 2026

Exclusive: Google DeepMind agrees to Acas talks after workers sign petitions about governments’ use of AI for defence and intelligence

Google DeepMind has agreed to enter formal talks with UK tech workers that could lead to trade union representation amid growing staff concerns about the use of its AI by the US and Israeli governments’ defence and intelligence.

In a groundbreaking move, the artificial intelligence arm of the multi-trillion dollar Google empire, led by the Nobel prize winner Demis Hassabis, has agreed to meet the Communications Workers Union and Unite at the Advisory, Conciliation and Arbitration Service (Acas) after workers based at its London headquarters this month voted to make a bid to unionise.

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Phil Foden, Cole Palmer and Harry Maguire left out of England World Cup squad
Posted on Thursday May 21, 2026

• Mainoo in but no place for Wharton, Hall or Gibbs-White

• Ivan Toney in Tuchel’s thoughts and Levi Colwill out

Thomas Tuchel has made ruthless calls with his World Cup selection, finding no space for Phil Foden and Cole Palmer in England’s 26-man squad and leaving a “shocked and gutted” Harry Maguire on the outside.

Foden and Palmer have had underwhelming seasons for Manchester City and Chelsea respectively and will not be included in the 26-man party for the tournament this summer, which Tuchel will name at Wembley on Friday morning.

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Mikel Arteta was ‘in the garden building a fire’ when Arsenal won Premier League title
Posted on Thursday May 21, 2026

• Manager could not bear to watch City’s draw at Bournemouth

• Arteta cites pre-season meeting around tree as a turning point

Mikel Arteta has said he could not bear to watch Manchester City’s draw at Bournemouth and was building a fire in his garden when Arsenal’s first title in 22 years was confirmed. The manager also admitted his relief at being crowned champions after three successive runners-up finishes and revealed he had questioned whether he was good enough to help his team make the final step.

Arteta had gone to the training ground to watch the City match with the squad on Tuesday, having previously said he planned to stay at home. But 20 minutes before kick-off he decided he could not bear the tension and went back to be with his family.

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