5 important things happening in the UK today (14 May 2026)
Here are five important things happening in the UK on Thursday (14 May 2026):
Angela Rayner cleared by HMRC
Angela Rayner has been cleared by HMRC of deliberate wrongdoing or carelessness over her tax affairs, the Guardian can reveal, paving the way for a potential leadership bid as Keir Starmer’s grip on power unravels. The former Deputy Prime Minister has settled £40,000 in unpaid stamp duty after initially paying the lower rate, but has not paid any penalty as a result of the investigation. HMRC was also satisfied there was no tax avoidance. [Guardian]
Higher air fares are coming
Higher ticket prices for air travellers in Europe are “inevitable” because of the high cost of jet fuel, according to the head of the International Air Transport Association. Although some airlines have cut their European fares recently because of a lack of demand, Willie Walsh said there was no way airlines could absorb the extra costs over time. He told the BBC there was still concern the industry in the UK could face shortages of fuel over the summer, although he insisted there was no need to panic. [BBC]
Ministers ban North Sea oil and gas exploration
The government will make it illegal to grant new oil and gas licences in the North Sea, the King said at the state opening of Parliament, in a sign ministers are refusing to buckle in the face of a barrage of criticism that the policy is depriving the UK of billions of pounds in tax receipts without helping the environment. As part of an Energy Independence Bill announced in the King’s Speech, the government will bake into law its pre-election pledge not to explore new oil and gas fields in a bid to “take control of our energy security”. [CityAM]
Offshore wind now accounts for 20% of UK electricity
The Crown Estate’s latest UK Offshore Wind Report has highlighted the increasingly vital role offshore wind plays in the UK’s energy mix, delivering nearly a fifth of the nation’s electricity in 2025. Offshore wind remains the UK’s leading source of renewable energy, generating 52TWh in 2025 – enough to power 15.5 million homes. The report comes as the UK’s offshore wind industry marks its 25th anniversary. In that time offshore wind has grown from two turbines to nearly 3,000 fully commissioned in 2025, producing up to 16.5GW of grid-connected capacity. [Crown Estate]
Financial news
Markets continue to react to the news of Prime Minister Keir Starmer’s fight for survival, with the leadership battle expected to cost Rachel Reeves as much as £12 billion. On Tuesday, Oil was trading higher at $106.17. The pound is trading at $1.35, €1.15, and ¥9.18.
