5 important things happening in the UK today (28 April 2026)
Here are five important things happening in the UK on Tuesday (28 April 2026):
European flight prices are falling: airline boss
European flight prices are falling as airlines try to overcome customer “hesitancy” over the economic hit from the US-Israel war with Iran, Wizz Air’s chief executive has said. József Váradi said European airlines can make price cuts in the “short term” because they have bought fuel at a price set before the war began. His comments contrast with those of many airlines, which have said they are raising prices or cutting flights due to surging jet fuel costs caused by the conflict. [BBC]
Reeves is running out of buffer room
Chancellor Rachel Reeves should aim to run a “significantly larger” buffer against her fiscal rules, according to a report from a House of Lords committee that says the UK’s public debt is on an unsustainable trajectory. Reeves raised taxes at last year’s budget in order to more than double the “headroom”, or buffer, against her fiscal rules to £22 billion – some of which is expected to be eroded by the impact of the Iran war. But the Lords’ economic affairs committee says Reeves should aim to raise it more, and complains that she and her recent predecessors have tended to allow themselves too little room for manoeuvre, compared with the £30 billion average between 2010 and 2022. [Guardian]
Bank of England dissenters expected to back interest rate hikes
Economists have suggested that at least two members of the Bank of England’s Monetary Policy Committee (MPC) could vote for interest rates to be hiked later this week. Analysts at JP Morgan, BNP Paribas and Goldman Sachs have predicted that hawkish policymakers will push back against leaving interest rates unchanged. The Bank’s Chief Economist Huw Pill is expected to lead calls for interest rates to become more restrictive, according to the top banks, with the overall balance expected to be 7-2 in favour of leaving interest rates unchanged. [CityAM]
Claire’s shutters all stores
The fashion accessories chain Claire’s has shut down all 154 of its high street outlets across the UK and Ireland, resulting in the redundancy of around 1,300 employees. This significant move does not, however, impact the retailer’s 356 concessions, many of which are located within Asda stores, nor its head office operations. The closures follow private equity owner Modella Capital appointing Kroll to oversee the administration process earlier this year. [The Independent]
Financial news
Oil prices continued to climb higher on Monday amid stalled peace talks between the United States and Iran. On Tuesday, Oil was trading higher at $109.55. The pound is trading at $1.35, €1.16, and ¥9.23.
