5 important things happening in the UK today (8 May 2026)
Here are five important things happening in the UK on Friday (8 May 2026):
Labour suffers losses as Reform makes key gains
The scale of the electoral challenge facing Labour was laid bare overnight as the party haemorrhaged councillors at the local elections and Reform made significant gains. Keir Starmer’s party went into Thursday’s local elections expected to lose up to 1,850 councillors, with senior figures describing the contest as “tough”. Initial results painted a bleak picture for the prime minister, with Labour losing councillors in its traditional northern heartlands. [Guardian]
Labour expected to lose Senedd
One of the biggest losses is expected to be in Wales. Labour is expected to lose the Senedd election, multiple party sources have told the BBC, ending its 27-year-long rule in Wales. The party has won Westminster and Cardiff Bay elections in the country for more than a century, but opinion polls have suggested Plaid Cymru and Reform UK are both vying for the top spot. The Welsh government’s deputy first minister, Huw Irranca-Davies, did not concede the election but said it had been “tough” for his party. [BBC]
Middle-earning grads could end up paying triple their student loan
Graduates earning a middle income are the most likely to end up paying the most for their student loans, as UK grads continue to buckle under mounting uni debt. Those starting their careers or salaries ranging from roughly £45,000 to £50,000 can end up repaying more than other graduates, according to analysis from Rathbones, as they remain in the system the longest and pay the most interest. [CityAM]
Instagram to remove encrypted DMs
On 8 May, Instagram will be able to read your DMs again. Meta is ending support for end-to-end encrypted direct messages, reversing a feature it introduced just two years ago, and reopening the door to automated content scanning, AI-powered moderation, and easier compliance with law enforcement requests. [Fortune]
Financial news
Oil prices have stayed above the $100 a barrel mark as tensions between the US and Iran refuse to dissipate. On Friday, Oil was trading flat at $101.41. The pound is trading at $1.36, €1.16, and ¥9.24.
