5 important things happening in the UK today (21 May 2026)

Here are five important things happening in the UK on Thursday (21 May 2026):

Wes Streeting pledges wealth tax

Former Health Secretary Wes Streeting has backed the introduction of a “wealth tax that works”, as part of his pitch for the Labour leadership. Streeting is proposing equalising capital gains tax with income tax, in a reform he estimates could raise £12 billion a year. He said the change would address an unfair system that was “penalising work”, while encouraging investment by offering lower rates of capital gains tax to “genuine” entrepreneurs. [BBC]

Reeves to announce cost-of-living package

Rachel Reeves is to promise free summer bus rides for children and cut tariffs on some food imports, as part of a package of measures aimed at easing the costs of the Iran conflict. The Chancellor will give a statement in the House of Commons on Thursday, outlining her latest plans for cushioning the blow to consumers from an expected rise in inflation later this year. [Guardian]

House prices slump again in London’s wealthiest areas

London house prices fell again in March, as the capital’s wealthiest areas continued to see significant drop-offs in house values. House prices in London fell by 2.1% in the year to March, though this drop was slightly softer than the 3.1% in the year to February, according to the Office for National Statistics (ONS). The UK’s house market had been seeing growth in recent months, but this levelled out to zero in March, down from a 1.7% rise in the year to February. [CityAM]

SpaceX to list in record deal

Elon Musk’s SpaceX is officially headed for the public market in what’s likely to be a record IPO that will put the world’s richest person at the helm of two separate trillion-dollar publicly traded companies. In a prospectus with the Securities and Exchange Commission on Wednesday, SpaceX said it plans to list under ticker symbol SPCX on the Nasdaq. SpaceX confidentially filed with the SEC in April. [CNBC]

Financial news

Brent crude futures steadied above $105 per barrel on Thursday after tumbling more than 5% in the previous session, as President Trump said the US was nearing the final phase of negotiations with Iran, fueling expectations that Middle Eastern oil supply could gradually return to the market. On Thursday, Oil was trading flat at $105.57. The pound is trading at $1.34, €1.15, and ¥9.14.