Labor appears set to reform capital gains tax discount after parliamentary inquiry findings

• President Trump is attempting to garner international support to secure the Strait of Hormuz, a vital waterway where oil transport has halted since the US and Israel began their war with Iran on day 17 of the conflict. • Trump claimed the US received "some positive response" from countries including China, France, Japan, South Korea, and the UK, though Australia and Japan have stated they will not send warships; the UK said it is discussing options while China called for an immediate end to hostilities. • The blockade has caused oil prices to rise significantly, with the Strait of Hormuz responsible for transporting approximately one-fifth of the world's oil supply; Trump warned NATO faces a "very bad" future if US allies fail to assist in reopening the shipping lane.

Ecotricity ranked top in Citizens Advice survey, followed by Outfox, Octopus and Co-operativeBusiness live – latest updatesAround 14 million households in the UK are receiving “below average” customer service from their energy supplier, a consumer group has warned.Citizens Advice said energy suppliers must improve their service, as its survey of 16 companies showed that half of gas and electricity consumers are with suppliers scoring less than three out of five stars for their customer service. Continue reading...

If confirmed, death would make Larijani the most senior Iranian figure to be killed since Ali Khamenei on first day of warMiddle East crisis – live updatesIsrael says it has killed the Iranian national security chief, Ali Larijani, in overnight strikes, a claim that if confirmed would make him the most senior Iranian figure to die in the war since the supreme leader Ali Khamenei was killed on its first day.Israel’s defence minister, Israel Katz, said a separate strike killed the Basij paramilitary force commander, Gholamreza Soleimani, along with other senior Basij figures. Continue reading...

Exclusive: Early US assessment suggesting missile was Iranian was almost immediately dismissed, sources sayDonald Trump’s attempt to blame Iran for the deadly strike on an elementary school stemmed from an early US intelligence assessment that initially suggested the missile was Iranian but was almost immediately dismissed, according to two people familiar with the matter.The CIA initially told the president that they did not believe the missile that struck the school was a munition used by the US because the fins appeared to be positioned too low for it to be a Tomahawk cruise missile. Continue reading...

Rolling coverage of the latest economic and financial newsThe number of people in England and Wales falling into insolvency has jumped.There were 11,609 individual insolvencies registered in England and Wales in February, the Insolvency Service has reported this morning. This was 18% higher than in February 2025 and 6% higher than in January 2026.The individual insolvencies consisted of 768 bankruptcies, 4,210 debt relief orders (DROs) and 6,631 individual voluntary arrangements (IVAs). The number of DROs in February 2026 was a record high in the monthly time series going back to their introduction in 2009, exceeding the previous high of 4,185 in August 2025.The number of IVAs was higher than both January 2026 and the 2025 monthly average. Bankruptcies were 25% higher than in February 2025, although numbers were affected by the clearing of a backlog following the Insolvency Service moving to a new case management system.Average 2-year fix has risen from 4.83% at the start of March to 5.28% today. It’s highest since April 2025.Average 5-year fix has risen from 4.95% at the start of March to 5.32% today. It’s highest since February 2025.“War in the Middle East has added almost £800 to a typical annual mortgage bill in just two weeks, which will be unwelcome news for anyone currently seeking a fixed rate deal.“The average two-year fixed rate has jumped from 4.83% at the start of March to 5.28% today – its highest level since April 2025. The average five-year fix has risen from 4.95% to 5.32%, now at its highest since February 2025. For a borrower with a £250,000 mortgage over 25 years, that equates to paying £788 more per year on a two-year fix, or £651 more on a five-year deal compared to just a fortnight ago. Continue reading...

Emily Thornberry is the latest figure to call on the king’s visit to the US to be delayed, citing the ongoing war against IranYesterday Donald Trump confirmed that he expects the king’s state visit to the US to go ahead at the end of April. As the Mail reports, speaking about his plan to build a new, mega ballroom on the east wing of the White House, Trump said he needed a facility like this because of the weather in Washington. He explained:And you know the land in Washington was built on a swampy wetland.And when it rains, and you have the King of Saudi Arabia ... the King of the UK, I would say King of England, a great guy, he’s coming in very soon. And when it rains, you know what happened? And the rain would go over their feet. Continue reading...

Midwestern state has a slate of competitive races with money flowing in from donors including AipacSign up for the Breaking News US email to get newsletter alerts in your inboxIllinois voters on Tuesday will decide between a crowded field of Democratic candidates vying to be the state’s next senator as the midwestern state also nominates candidates for five open congressional seats.Longtime Illinois senator Dick Durbin’s retirement leaves a competitive race that includes two US representatives and the lieutenant governor vying to replace him, with massive infusions of money coming to the candidates from outside groups, including donors affiliated with the American Israel Public Affairs Committee (Aipac), that are spending millions to sway voters. Continue reading...

Music’s most famous number is being repurposed to offer resources for patients and caregiversSign up for the Breaking News US email to get newsletter alerts in your inboxThe telephone number immortalized in the enduring Tommy Tutone hit song 867-5309/Jenny has started connecting callers to a cancer support line – as one ad touting the news says it was time that music’s most famous digits “did some good”.Cancer Support Community (CSC)’s Instagram page announced the campaign with a series of posts on Monday alluding to the song about a guy who nervously ponders calling the phone number of a woman named Jenny, which is scrawled on a bathroom wall. Continue reading...

Specialist lender’s shares plunge after short seller claims it will have to raise provision for compensation Business live – latest updatesThe banking group Close Brothers is to cut about 600 jobs and roll out the use of AI “at pace” after posting further losses in the face of a mounting compensation bill for the motor finance scandal.The specialist lender said the cuts – nearly a quarter of its 2,600-strong workforce – would be made over the next 18 months across its teams in the UK and Ireland. Continue reading...

Michele Bullock says high inflation hurts everyone, but there still seems to be an extraordinary level of complacency about potential fallout from the US-Israel war on IranGet our breaking news email, free app or daily news podcastThe Reserve Bank has made some controversial calls over recent years, but hiking interest rates in the middle of a historic global energy shock is right up there.If this Middle East conflict lasts for months, not weeks, and drags the world and our economy down, then Tuesday’s decision to increase households’ borrowing costs will not age well. Continue reading...

Snappily named Xi-cc-plus, Cern physicists spotted the particle in shower of debris that lit up Large Hadron ColliderScientists at the Cern nuclear physics laboratory near Geneva have discovered a heavier version of the proton, the subatomic particle that sits at the heart of every known atom in the universe.They spotted the particle in a shower of debris that lit up a detector at the Large Hadron Collider (LHC), located deep beneath the ground at Cern, which smashes protons together at close to the speed of light. The collisions recreate in microcosm conditions that prevailed just after the big bang, with the energy converting to particles that spray in all directions. The newfound particle, which is four times heavier than the regular proton, should help physicists refine their understanding of the strong nuclear force that glues together the innards of all atomic nuclei. The force is unusual because it behaves like a rubber band, getting stronger as the distance between subatomic particles increases. Continue reading...

UKHSA says strain involved in outbreak that has killed two people is one that most people are not vaccinated againstGovernment scientists have identified the type of meningitis behind a fatal outbreak in Kent as a strain that most people have not be vaccinated against.Gayatri Amirthalingam, the deputy director of the immunisation and vaccine preventable diseases at the UK Health Security Agency (UKHSA), said tests showed it was strain B of the virus. Continue reading...