5 important things happening in the UK today

Here are 5 important things happening in the UK today, Tuesday (29 October 2025).

Your Party to launch legal action against three of its ‘rogue’ founders: Your Party, the leftwing party steered by Jeremy Corbyn and Zarah Sultana, says it is preparing legal action against a group of its own founders after a final deadline to hand over at least £800,000 in donations passed without payment, the Guardian understands. Figures close to the party accused directors of having “gone rogue”, holding supporters’ funds to ransom and undermining its founding process. [Guardian]

Reeves to ‘defy’ gloomy economic forecasts: Chancellor Rachel Reeves has vowed to “defy” gloomy forecasts for the UK economy after it emerged the government is facing a bigger-than-expected hole in the public finances. The Office for Budget Responsibility (OBR), is set to downgrade the UK’s productivity performance – a measure of the output of the economy per hour worked. Reeves said she would not “pre-empt” any downgrade by the OBR, but was “determined that we don’t simply accept the forecasts but we defy them”. [BBC]
More Labour MPs call for council tax and stamp duty overhaul: Labour MPs have lined up calling for Rachel Reeves to overhaul council tax and scrap stamp duty as part of a major shake-up of property taxation ahead of the Budget. The MPs are calling for a single “proportional property tax” that would lead to significant falls in council tax bills in large parts of the country. [The i Paper]
UK firms are bracing for a difficult winter: Companies across the private sector are braced for a difficult winter as activity is forecast to downturn across UK services due to mounting tax fears, fresh research has indicated. A leading survey by the Confederation of British Industry (CBI), considered to be one of the UK’s most influential business groups, has suggested that private sector activity would fall in the next three months ahead amid mounting speculation of damaging tax hikes coming at the Budget. [CityAM]
On Wednesday, Oil was trading lower at $64.74. The pound is trading at $1.32, €1.14, and ¥9.39.