5 important things happening in the UK today (6 May 2026)
Here are five important things happening in the UK on Wednesday (6 May 2026):
Brits worried Iran war will make food more expensive
Four in five people are worried that the Iran war will make food more expensive, according to a new poll, as businesses warned the “window is closing” for ministers to cut energy costs for UK retailers. Research by Opinium found that 80% of people are worried about the rising price of groceries, which would come from retailers passing on cost increases to consumers, while 73% expect the conflict to push up prices of other products. [Guardian]
Controversial tax could be scrapped over inflation fears
The government is reviewing a controversial £2 billion sustainable packaging tax as it faces increasing pressure from retailers to prevent food prices from soaring. The Treasury is reportedly looking at potential changes to the Extended Producer Responsibility (EPR) tax, which requires large businesses to pay towards the cost of disposing of their packaging. Retailers have been ramping up their calls on the government to cut the cost of red tape to allow them to focus their efforts on keeping prices down for shoppers. [CityAM]
UK long-term borrowing costs reach 28-year high
Long-term UK borrowing costs have reached their highest level since 1998 as the Iran war continues and concerns rise over political uncertainty in the lead-up to local and national elections. Government bond markets for major economies have all fallen since the US-Israeli conflict with Iran began, meaning the effective cost of borrowing for governments has shot up. There have been extra jitters in UK government debt markets ahead of Thursday’s elections. [BBC]
UK in talks to host both Olympics and the Ryder Cup
The Government is making the Ryder Cup a key target as it sets out a programme aimed at bringing more blue-chip sporting events to the United Kingdom. Alongside the bid to host golf’s most prestigious team event, initial work has also started on a mission to bring the Olympics back to the country for the first time since London staged such a successful Games in 2012. [The Mirror]
Financial news
Brent crude prices dropped for the second consecutive day on the hopes of positive peace talks between Iran and the US. On Tuesday, Oil was trading lower at $108.19. The pound is trading at $1.36, €1.16, and ¥9.27.
