5 important things happening in the UK today

Here are 5 important things happening in the UK today, Monday (26 January 2026):

UK among 10 countries to build 100GW wind power grid in the North Sea: The UK and nine other European countries have agreed to build an offshore wind power grid in the North Sea in a landmark pact to turn the ageing oil basin into a “clean energy reservoir”. The countries will build windfarms at sea that directly connect to multiple nations through high-voltage subsea cables, under plans that are expected to provide 100GW of offshore wind power, or enough electricity capacity to power 143 million homes. [Guardian]

House prices set to fall: Cheaper mortgage deals, relaxed lending rules, and the end of Budget uncertainty would typically signal the arrival of surginghouse price growth. But certain parts of the market are experiencing quite the opposite. The main cause is a huge supply-demand imbalance. The average estate agent started 2026 with 32 homes for sale, the highest for eight years, according to property portal Zoopla. Yet buyer demand has dropped 10pc from last year. [Telegraph]

British banks to join European rivals in hiking profit targets: Britain’s biggest banks, including HSBC and NatWest, are set to follow their European rivals and lift their key profit targets when they report annual earnings in the coming weeks, people close to the matter said.
HSBC is expected to raise its return on tangible equity (ROTE) outlook – a key measure of profitability – above current guidance of “mid teens or better”, while NatWest is likely to upgrade its guidance for 2027, currently at 15%, to as much as 17%. [Reuters]

Gold tops $5,000 for the first time ever: The price of gold has risen above $5,000 (£3,659) an ounce for the first time ever, extending a historic rally that saw the precious metal jump by more than 60% in 2025. It comes as tensions between the US and NATO over Greenland have added to growing concerns about financial and geopolitical uncertainty. US President Donald Trump’s trade policies have also worried markets. On Saturday, he threatened to impose a 100% tariff on Canada if it strikes a trade deal with China. [BBC]