5 important things happening in the UK today

Here are 5 important things happening in the UK today, 4 September 2025.

Rayner admits to underpaying tax: Deputy Prime Minister Angela Rayner is battling for her political survival after admitting she underpaid stamp duty on the purchase of an £800,000 seaside property following days of denials. Rayner, who is also housing secretary, on Wednesday said she incorrectly paid the lower rate on the apartment in Hove, East Sussex, which she bought in May, and referred herself to Prime Minister Sir Keir Starmer’s ethics adviser. [Financial Times]
Reeves rejects claims of £50 billion black hole in finances: Chancellor Rachel Reeves has rejected forecasts of a £50bn “black hole” in the public finances, despite higher borrowing costs and expected tax rises piling pressure on the chancellor ahead of the autumn Budget. In an interview with the BBC, Reeves hit back at reports speculating over her plans, arguing that “a lot of them are talking rubbish”. [BBC]

Cross-party commission urges UK government to scrap two-child benefit limit: A cross-party commission including former welfare ministers is urging the government to scrap the two-child benefit limit as part of an ambitious “once in a generation” plan to lift millions of people out of poverty. The Poverty Strategy Commission said billions of pounds of investment – including a boost to the rate of universal credit – was needed to reverse record levels of poverty in the UK, and tackle longstanding failures over rising hardship and destitution. [Guardian]
Trump cuts to cost UK universities millions in research funding: British universities face losing millions of pounds in health research funding as the Trump administration makes sweeping cuts to US government spending on science. Days after taking office on 20 January, President Trump signed a flurry of executive orders that froze or cancelled billions of dollars in US research grants. [Times]
On Thursday, Oil was trading lower at $66.62. The pound is trading at $1.34, €1.15, and ¥9.59.