5 top UK news stories today (27 March 2026)

Here’s your UK news roundup for Friday (27 March 2026):

Rachel Reeves urged to raise taxes on companies profiting from the war on Iran

Rachel Reeves is being urged to raise taxes on businesses generating windfall profits linked to the US-Israel war on Iran to fund the emergency cost-of-living support for UK households. With the government under pressure to respond, a group of leading charities, campaigners, and trade unions said the chancellor could raise billions by taxing excess profits linked to the conflict. In an open letter to Keir Starmer and Reeves, the organisations – including Greenpeace UK, the National Education Union and Tax Justice UK – said energy companies, banks, agricultural commodities businesses, defence companies and tech firms stood to financially benefit from the economic fallout. [Guardian]

NS&I boss sacked after £476 million withheld from the families of dead savers

The boss of National Savings and Investments has been forced out of his job amid fears of a cover-up at the state-backed bank. Dax Harkins resigned as the chief executive of NS&I on Thursday, just two days after The Telegraph revealed that £476 million belonging to 37,500 dead savers has been withheld from their families in a scandal dating back to 2008. NS&I customers have been complaining to the bank, as well as the financial ombudsman, for years, while several parliamentary reports have warned of systemic failings at the bank. The Treasury claimed it had only learnt of the missing millions in December. [Telegraph]

UK CO2 plant to reopen in Iran war contingency plan

The UK government has agreed to invest £100m to reopen a carbon dioxide (CO2) plant in a contingency plan against supply disruption caused by the war in Iran. The site in Teesside, operated by Ensus, will restart operations after it was mothballed in September. CO2 is a key part of food and drink production and is used to stun livestock during slaughter as well as in packaging to keep food fresh, and in fizzy drinks. [BBC]

Serica calls for North Sea production to dodge Iran fallout

Serica Energy has urged the government to prioritise domestic production in the North Sea, as oil and gas supplies continued to be held in the Strait of Hormuz amid the Iran war in its latest annual results. Serica noted that confidence in the UK North Sea sector had been “eroded” and while the government has undertaken consultations, it is yet to be “translated into actions”. The company called on the government to approve the development of new oil and gas fields in order to reduce the risks of future oil and gas crises and potentially “help with the current crisis”. [CityAM]