Friday 10 April 2026
The Mighty Headlines
Economics: OECD says UK should revise tax system to encourage growth
Business and markets: Limits to oil companies' Iran conflict revenue
Foreign Affairs: China seeks to improve relations with North Korea
Security and intelligence: US VP JD Vance travels to Pakistan for peace talks
UK politics: Russian submarines monitored in UK waters
The Mighty Stats
FTSE = 10,603.48 (down 0.051%)
S&P 500 = 6,824.66 (up 0.62%)
Nasdaq = 22,822.42 (up 0.83%)
Stoxx 600 = 612.59 (down 0.15%)
£1 = $1.34 / €1.15
Lab / Con / Reform / Green = 16 / 17 / 25 / 20 per cent (Find Out Now, 8 April)
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The Mighty Detail
Economics: The OECD has said that the UK should review its tax system to increase economic growth.
The intergovernmental organisation said that distortions in the income tax system discourage work, VAT relief was inefficient and regressive, and property tax was based on outdated valuations.
It also commented on a lack of skills among young people and weak labour market participation by women because of family responsibilities.
Business and markets: Exxon Mobil and Chevron both lost around 6 per cent of their global oil production in Q1 2026 because of the Iran conflict. Shell lost around 5 per cent of its production.
Although oil companies’ shares have reached record highs recently, they may not be benefitting as much as possible from higher oil prices because of production shortages.
Exxon Mobil receives around 20 per cent of its production from Qatar and the UAE.
Foreign Affairs: China’s Foreign Minister, Wang Yi, visited North Korea yesterday in a bid to build closer relations. It follows a visit by Chinese Premier Li Qiang in October. North Korea’s Kim Jong Un has recently focused on building ties with Moscow, including by sending troops to the Ukraine war.
Security and intelligence: US Vice President JD Vance is set to travel to Pakistan tomorrow for peace talks with Iran. Although a ceasefire between the US and Iran has been agreed, Iran continues to restrict shipping across the Strait of Hormuz, stating that ships need its permission to proceed.
White House envoy, Steve Witkoff, and President Trump’s son-in-law, Jared Kushner, will join the talks from the US side.
Iran’s Parliament Speaker, Mohammad Bagher Ghalibaf, and Foreign Minister, Abbas Araghchi, are expected to join from the Iranian side.
UK politics: The UK Defence Secretary has said that the UK and its allies have monitored three Russian submarines which were conducting covert operations over undersea cables and pipelines in the Atlantic. Around 60 undersea cables and pipelines service the UK and 90 per cent of internet traffic travels through the cables.
The Mighty Calendar
What’s happening today?
President Macron meets Pope Leo XIV at the Vatican
New EU Entry/Exit System (EES) due to be fully operational
Artemis II due to splashdown in the Pacific Ocean
Lookahead to the weekend
Saturday
Grand National Day, Aintree Racecourse, Liverpool
Guinness Women’s Six Nations Rugby 2026 – France vs Italy, England vs Ireland, Wales vs Scotland
Sunday
Orthodox Easter
Parliamentary elections in Hungary
Schneider Electric Marathon de Paris
Final round of the Masters (golf), Georgia, USA
Olivier Awards Ceremony, Royal Albert Hall, London
The Mighty Finale
🌤️Weather today
Light cloud across much of England with morning drizzle in the southeast. High of 13C and low of 8C in London. Gusty winds and rain in Belfast. Sunny spells in Edinburgh.
✏️Life coaching quote of the day
“The secret of happiness is freedom. The secret of freedom is courage.” – Carrie Jones, writer
Mighty takeaway: What courageous thing could you do to give yourself more freedom and make yourself happier?
That’s it for this morning. Thanks for reading and we hope that you have a good weekend.
Bye!
The Mighty Memo team
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