Liz Truss back in the headlines as UK politics trembles post-PM turmoil; ex-Prime Minister (Sept–Oct 2022) who quit amid a fiscal crisis.
As of early April 2026, US 30-year fixed mortgage rates have climbed to 6.37%, up from under 6% six weeks ago, driven by the Iran war's impact on energy prices and inflation fears. This rise is slowing US home sales and mortgage applications during the spring buying season. In the UK, house prices fell 0.5% in March, slipping below £300,000, with mortgage rates rising above 5%, signaling a cooling housing market.
The conflict in the Middle East has caused oil prices to spike past $90 a barrel, the highest since 2024, driven by threats to supply routes and production halts. Markets fear prolonged disruption will fuel inflation, impact energy costs, and threaten economic stability globally, especially in the UK and Europe.
Nigel Farage has invested £215,000 in Stack BTC, a London-based crypto company chaired by ex-Chancellor Kwasi Kwarteng. The investment, part of a £260,000 fundraise, gives Farage a 6.3% stake. The move aligns with Reform UK's pro-crypto stance amid UK regulatory changes.
The UK mortgage market has seen a significant decline in available deals and rising rates due to geopolitical tensions and increased swap rates. Over 200 deals have disappeared since March 6, with rates now exceeding 5.5%, impacting first-time buyers and homeowners. Experts warn rates will likely stay high as global instability persists.
A comedy sketch aired on the UK version of Saturday Night Live depicts UK Prime Minister Keir Starmer as fearful of a call from US President Trump. The skit, shared by Trump on social media, satirizes UK-US relations during the Middle East tensions and the energy crisis caused by the Strait of Hormuz blockade.
G7 ministers are meeting via videoconference to address the economic impact of the Middle East conflict, focusing on soaring energy prices, supply disruptions, and US war aims. The meeting aims to coordinate responses and clarify US objectives as tensions escalate and oil markets remain volatile.
As of April 2026, the UK government is managing the economic and diplomatic fallout from the US-Israel war on Iran, which has disrupted global oil supplies via the Strait of Hormuz. Prime Minister Sir Keir Starmer faces strained relations with US President Donald Trump over UK non-involvement in offensive strikes. The government is implementing targeted cost-of-living support, including a £1 billion Crisis and Resilience Fund and energy price cap reductions, while urging de-escalation and closer ties with Europe.
President Trump has publicly criticized NATO, claiming the alliance has failed to support the US during its military actions against Iran. He suggests the US no longer needs NATO's protection, citing perceived lack of support and the high costs of defending allies. The comments follow ongoing military strikes and diplomatic tensions related to Iran.
The annual conservative conference CPAC in Texas saw notable absences, including Donald Trump, amid shifting dynamics within the Republican Party. Discussions focus on future leadership, Iran, and the party’s direction post-Trump, with new figures like Liz Truss making appearances and debates about the party's ideological future.
The UK and US are adjusting their economic policies amid the Iran war, which is causing global energy and financial instability. UK officials are expanding support schemes for businesses, while warning of rising costs and geopolitical risks affecting markets and energy supplies.
IPPR modelling warns the Iran conflict could push inflation to 5.8%, raising debt costs; it calls for a temporary a32,000 energy price cap, a 10p fuel duty cut and a 20mph urban/60mph motorway speed limit plan, paired with demand-reduction measures.
Gilt yields have surged on leadership speculation and fiscal uncertainty as Keir Starmer contemplates his position amid mounting calls for him to go. Markets are pricing higher long-term borrowing costs, with 30-year yields near multi-decade highs and the pound softening.