5 important things happening in the UK today (19 May 2026)
Here are five important things happening in the UK on Tuesday (19 May 2026):
IMF tells Reeves to drop triple lock pension and make ‘fundamental’ tax reform
The UN’s global financial fund has called on Chancellor Rachel Reeves to drop the triple lock pension and draw up “contingency” tax measures to ensure that public debt is reduced as a share of GDP. The International Monetary Fund has said that there are “risks” around spending forecasts and tax receipts, criticising the Chancellor for relying on “ambitious efficiency savings targets”. It added that the increases in receipts depend on “sizeable but uncertain yields” from HMRC administrative efforts to narrow the tax gap. [CityAM]
Standard Chartered to cut thousands of roles as AI use increases
Banking giant Standard Chartered has become the latest major company to announce job cuts as it increases its adoption of artificial intelligence (AI). The firm, which has its headquarters in the UK, said it will cut more than 15%, or around 7,800, of its back-office roles by 2030. The BBC understands that Standard Chartered aims to move some of the affected workers to other roles in the business. [BBC]
Thames Water rescue deal threatened by uncertainty over the next prime minister
A rescue deal for Thames Water is under threat because of a potential change in prime minister, government insiders have said. Ministers are negotiating a takeover deal for the stricken water company with a consortium of creditors led by American investment firm Elliott Management. But government sources said that deal, which some expected to be concluded this month, has run into problems in part because of the uncertainty surrounding Keir Starmer’s position as prime minister. [Guardian]
Ministers considered abandoning HS2 amid spiralling costs
Ministers were so worried about criticism of the rising cost of High Speed 2 that they commissioned an internal review into whether it would be better value for money to abandon the scheme. HS2 management was ordered earlier this year to examine the “cost-benefit analysis of decommissioning” the entire scheme, into which £40 billion of taxpayer money has already been sunk, according to people close to the situation. [Financial Times]
Financial news
Oil prices remained elevated on Monday despite reports that US President Donald Trump had called off planned strikes on Iran. On Tuesday, Oil was trading lower at $110.29. The pound is trading at $1.34, €1.15, and ¥9.11.
