5 important things happening in the UK today

Here are 5 important things happening in the UK today – 3 July 2025.

Big shift for the NHS: The NHS will shift a huge amount of care from hospitals into new community health centres to bring treatment closer to people’s homes and cut waiting times, Keir Starmer will pledge on Thursday. The Prime Minister will outline radical plans to give patients in England much easier access to GPs, scans and mental health support in facilities that are open 12 hours a day, six days a week. [Guardian]
Reeves to stay as Chancellor: Starmer has backed Rachel Reeves to remain chancellor into the next election and for many years after, after she was seen crying during Prime Minister’s Questions. The prime minister had refused to say whether Reeves would remain in her job until the next election in front of MPs in the Commons, during a session in which the chancellor wiped away tears as she sat behind him. [BBC]
Markets react to Reeves and Starmer: Instead of rallying behind Reeves, Starmer failed to back her when questioned in Parliament, creating a bizarre scene as a visibly upset chancellor was sitting behind him and appeared to be crying. The reaction was quick. As speculation of Reeves’ potential ouster raced through markets, 30-year gilt yields surged 19 basis points Wednesday, the biggest jump since April and one strong enough to send ripples into US Treasuries. Stocks slid. And the pound tumbled as investors headed for the exits. [Bloomberg]
Reeves faces a difficult task: Despite reassurances from the Prime Minister, Reeves faces an uphill battle ahead of the Autumn Budget Statement. U-turns by the government on welfare, combined with the potential for weaker growth forecasts, could deliver a fiscal hit of as much as £25 billion. [Financial Times]