Here’s your UK news roundup for Thursday (12 March 2026):
MPs launch student loans inquiry
Young adults in the UK face a “perfect storm” of economic challenges, the head of the influential Treasury select committee has warned as it launches an inquiry into student loans. The cross-party committee’s investigation comes as the government considers ways to ease the burden on graduates, amid a growing backlash about high interest rates and hefty repayments, including among Labour MPs. Rachel Reeves’s decision in her November budget to freeze the threshold at which loans start to be repaid for three years from 2027 reignited anger over the system. [Guardian]
Social media firms asked to toughen up age checks for under-13s
Major technology companies have been asked to bring in more robust age checks for under-13s in the UK, similar to those currently in place for services designed for adults. The platforms contacted by media regulator Ofcom and data watchdog the Information Commissioner’s Office (ICO) are Facebook, Instagram, Snapchat, TikTok, YouTube, Roblox and X. They have been told they should do more to make sure younger children are kept safe online. Ofcom Chief Executive Melanie Dawes said services were currently “failing to put children’s safety at the heart of their products”. [BBC]
Starmer ignored top aides’ warnings over Mandelson
Prime Minister Keir Starmer ignored warnings from top aides about Lord Mandelson’s close relationship with Jeffrey Epstein before appointing him as Britain’s ambassador to the US, new documents reveal. On Wednesday, the first tranche of “Mandelson files” – documents relating to his appointment to Washington – was released, including the official due diligence report on the Labour peer produced by the Cabinet Office and sent to the Prime Minister. It described the potential appointment of Lord Mandelson as a “reputational risk” owing to his “particularly close relationship” with the convicted paedophile. It also noted that Lord Mandelson stayed at Epstein’s house while he was in prison and included a link to a Telegraph article that detailed the peer’s close friendship with the financier. [Telegraph]
Revolut secures full UK banking licence
Revolut has secured a full banking licence from UK regulators, ending a four-year wait for a permit that is crucial to the international growth of Europe’s most valuable fintech. The Bank of England’s Prudential Regulation Authority, which regulates lenders, has lifted restrictions on the authorisation it granted two years ago, Revolut said on Wednesday, confirming an earlier FT report. The licence will allow the fintech to lend at scale in the UK and push into lucrative markets dominated by traditional banks. [Financial Times]
Financial news
On Thursday, Oil was trading higher at $98.47. The pound is trading at $1.34, €1.16, and ¥9.19.
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