5 important things happening in the UK today (29 April 2026)
Here are five important things happening in the UK on Wednesday (29 April 2026):
King Charles delivers a historic address in the US
King Charles III delivered a historic address to the US Congress on 28 April 2026, the first by a British monarch since Queen Elizabeth II in 1991, during a state visit meant to celebrate America’s 250th anniversary and the “special relationship,” while also easing tensions over Britain’s reluctance to fully support the joint US-Israeli war against Iran. [BBC]
New ambassador in hot water over Israel remarks
The UK’s ambassador to the US has said the only country that has a “special relationship” with the United States is “probably Israel”. “My advice to my prime minister is ‘I can’t just put my hands on my ears and say it’s special, it’s going to be fine’,” Sir Christian Turner told a group of students of the transatlantic relationship in February. The remarks were first reported by the Financial Times, external on Tuesday, shortly before King Charles III arrived at the White House during his state visit to the US, which comes at a time of heightened tension over the Iran war. [Financial Times]
UK faces £35 billion hit and risk of recession
Britain is facing a £35 billion economic hit and the risk of a recession this year as the fallout from the Iran war adds to the pressure on Keir Starmer’s government, a leading thinktank has warned. The National Institute of Economic and Social Research (Niesr) said that even under a best-case scenario, the UK economy would grow at a much slower pace this year and next because of the Middle East conflict. [Guardian]
Ministers gain power to force pension funds to invest in British companies
Chancellor Rachel Reeves has won a battle for the authority to force pension funds to invest a proportion of their assets in the country, one of her economic growth initiatives that had been stymied by the House of Lords. The Lords dropped their opposition to the so-called mandation power, which would allow ministers to compel funds to invest 10% of their assets in private markets, at least half of which would be in the UK, after Prime Minister Keir Starmer’s Labour government on Tuesday made concessions over the proposal. This includes a new sunset clause on the chancellor’s authority and giving a role to regulators to assess any ministerial directions. [Bloomberg]
Financial news
Oil prices continued to climb above the $110 mark on Tuesday amid news that the United Arab Emirates plans to leave OPEC. On Wednesday, Oil was trading higher at $111.45. The pound is trading at $1.35, €1.15, and ¥9.24.
