Afternoon briefing Friday 15th May

0:00This episode of the Times Radio News Briefing is sponsored by PwCWC. Staying competitive means getting ahead, not just keeping up. So how do business leaders cut through the noise and focus on what really matters. PwC takes you further with tech, from optimising the systems that put your data to work, to scaling AI from proof of concept to competitive edge. PwC helps you meet tomorrow's tech demands, so you can compete at a speed that rewrites the rules. Discover more at pwc.co.uk. This is Times Radio's afternoon briefing on Friday the 15th of May. The pound has fallen to a one-month low amid the economic uncertainty prompted by the crisis facing the Prime Minister.

0:45Sterling was trading at$1.33 this morning and heading for its worst week since November of 2024. It's a market response to Andy Burnham's announcement that he would attempt to return to Westminster, paving the way for a potential challenge for the Labour leadership. The Times columnist and economist Simon French has examined what's driving the market. He says the cost of government borrowing is another strong indicator. The cost for the UK government to borrow for 10 years has moved up to 5.12%, which is, give or take, the highest it's been since 2008. And that indicates that a change of leadership away from Keir Starmer and potentially from Rachel Reeves would mean more inflation and more issuance of UK government debt.

1:32The Housing Secretary, Steve Reid, is urging his Cabinet colleagues to stick to Labour's country first, party second mantra amid challenges to the Prime Minister's leadership. Speaking to Times Radio, he also said he would fully support Burnham in the Makerfield by-election, even though allies of the Mayor of Greater Manchester say success there would strengthen his ambition to become Prime Minister. He said there is no leadership contest yet and called for party unity. I know a lot of colleagues are upset about the election results just over a week ago. I am too. But the answer to it is for all of us to come together and focus on delivering the change the British people sent us to Parliament to deliver.

2:09One Cabinet Minister, however, has suggested to The Times that Sir Keir Starmer was considering his position, although Downing Street insists the Prime Minister will not walk away. Times Radio's reporter Olly Cole was outside No. 10 this morning where the message being portrayed was one of business as usual. Keir Starmer remains in No. 10 and as far as the PM's team is concerned, every day that he does that is a win. Every day that he does that, they have seen off a leadership contest, they saw off the idea of West Streeting launching something yesterday, and Andy Burnham now has the political fight of his life on the cards to try and get back to Parliament in that seat at Makerfield.

2:47British Gas has agreed to pay a£20 million settlement and compensate customers who had a prepayment meter installed without their permission. The settlement follows a three-year investigation by the energy regulator Ofgem. Paul Morgan Bentley initially went undercover for The Times in 2023 with a debt agency used by British Gas. He found the supplier routinely sent debt collectors to break into customers' homes. So you had charities, you had individuals saying this is happening, homes are being broken into and these meters are being force fitted. But crucially, this is also happening in vulnerable people's homes.

3:22And every time British Gas and other suppliers would say, no, we never target vulnerable people. But we could see from the testimonies that we thought this was happening. And President Trump has left Beijing after two days of talks with the Chinese leader Xi Jinping. Before boarding Air Force One, Trump described the meeting as very successful and unforgettable. He said Beijing had committed to withholding military equipment from Iran. There's more on these stories throughout the day on Times Radio.

3:55This episode of the Times Radio News Briefing is sponsored by PwC. AI is everywhere. In the news, in our hands, but return on investment, not so much. So how do you get beyond the hype and deliver AI that powers reinvention and growth across your business? Strong foundations unlock AI's potential. That's why PwC takes you further with tech, strengthening the data quality, processes, and workflows that shape how well AI performs. PwC turns innovation into implementation, so you can accelerate from experiment to scale. Discover more at pwc.co.uk. The 2026 FIFA World Cup meal at McDonald's is underway with one of nine legendary cups in the lineup.

4:44Christian Pulisic, David Beckham, Laminio Mal, Ronaldinho, Thierry Henry, Son Hyung-min, Alphonso Davies, Santi Jimenez. And between the posts, it's Grimace. Get one of nine collectible cups with a FIFA World Cup meal. At participating McDonald's for a limited time. While supplies last. All rights reserved. 2026 McDonald's at FIFA World Cup 2026.