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Downing Street has said that “all options” remain on the table regarding moving the early May bank holiday to coincide with the King’s coronation – as Labour backed the proposal.

The event is due to take place on 6 May next year in Westminster Abbey, eight months after the monarch’s accession and the death of the Queen.

Number 10 said a bank holiday for King Charles’s coronation is still “on the table”.

The prime minister’s official spokesman said: “Obviously, this will be a historic event. We are carefully considering our plans. All options remain on the table.”

Bank confirms market support to end – politics latest

Meanwhile, Labour has suggested that pushing the 1 May bank holiday back until Monday 8 May to give the country a long weekend would be a “good way for the country to be able to celebrate”.

Sir Keir Starmer’s spokesperson said: “Moving the May bank holiday that there is for that weekend would be a good idea.”

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The announcement of the date for the King’s coronation yesterday sparked calls from a number of MPs for a change to the May bank holiday in order to mark the event.

Tory former cabinet minister David Jones told the Daily Mail: “To combine the two events would be welcomed by the entire nation.

“It would make a very special memory for all of us.”

Former Labour frontbencher Khalid Mahmood agreed, adding: “We can move the holiday back to the coronation weekend.

“We have a unique system with the monarchy and an independent parliament – I would back Britons having a three-day weekend to mark the occasion.”

Earlier today, Jacob Rees-Mogg told Sky news that the King’s coronation next year “needs to be done properly” despite the current economic turmoil in the UK.

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Coronation ‘needs to be done properly’

The business secretary said “we don’t have coronations very often” and disputed that conversations about the cost of the ceremony could be compared to debates about rising wage demands.

But he refused to speculate how much the event will cost.

It is thought the coronation will be more modest and shorter than previous ceremonies, with some suggesting it will last one hour.

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King’s coronation date announced

Buckingham Palace has confirmed the Queen Consort will be crowned alongside the King.

Read more:
What will happen at King’s coronation?
Why will Camilla be crowned?
The life of Queen Elizabeth – a ‘selfless’ monarch who made Britain proud

The palace said the ceremony would “reflect the monarch’s role today and look towards the future” while staying “rooted in longstanding traditions and pageantry”.

The Queen’s coronation on 2 June 1953 was three hours long and had a congregation of 8,000 dignitaries. The event was broadcast live on television, attracting record-breaking audiences around the world.

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Although the King succeeded to the throne when the Queen died, the coronation ceremony marks the formal investiture of a monarch’s regal power.

The King will be 74 next May, making him the oldest person to be crowned in British history.

The service has been held in Westminster Abbey for 900 years.

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Stock markets slump for second day running after Trump announces tariffs – in worst day for indexes since COVID

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Stock markets slump for second day running after Trump announces tariffs - in worst day for indexes since COVID

Worldwide stock markets have plummeted for the second day running as the fallout from Donald Trump’s global tariffs continues.

While European and Asian markets suffered notable falls, American indexes were the worst hit, with Wall Street closing to a sea of red on Friday following Thursday’s rout – the worst day in US markets since the COVID-19 pandemic.

As it happened: Worst week’s trading in five years

All three of the US’s major indexes were down by more than 5% at market close; The Dow Jones Industrial Average plummeted 5.5%, the S&P 500 was 5.97% lower, and the Nasdaq Composite slipped 5.82%.

The Nasdaq was also 22% below its record-high set in December, which indicates a bear market.

Read more: What’s a bear market?

Ever since the US president announced the tariffs on Wednesday evening, analysts estimate that around $4.9trn (£3.8trn) has been wiped off the value of the global stock market.

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Mr Trump has remained unapologetic as the markets struggle, posting in all-caps on Truth Social before the markets closed that “only the weak will fail”.

The UK’s leading stock market, the FTSE 100, also suffered its worst daily drop in more than five years, closing 4.95% down, a level not seen since March 2020.

And the Japanese exchange Nikkei 225 dropped by 2.75% at end of trading, down 20% from its recent peak in July last year.

Pic: Reuters
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US indexes had the worst day of trading since the COVID-19 pandemic. Pic: Reuters

Trump holds trade deal talks – reports

It comes as a source told CNN that Mr Trump has been in discussions with Vietnamese, Indian and Israeli representatives to negotiate bespoke trade deals that could alleviate proposed tariffs on those countries before a deadline next week.

The source told the US broadcaster the talks were being held in advance of the reciprocal levies going into effect next week.

Vietnam faced one of the highest reciprocal tariffs announced by the US president this week, with 46% rates on imports. Israeli imports face a 17% rate, and Indian goods will be subject to 26% tariffs.

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Do Trump’s tariffs add up?

Read more:
Markets gave Trump a clear no-confidence vote
There were no winners from Trump’s tariff gameshow

China – hit with 34% tariffs on imported goods – has also announced it will issue its own levy of the same rate on US imports.

Mr Trump said China “played it wrong” and “panicked – the one thing they cannot afford to do” in another all-caps Truth Social post earlier on Friday.

Later, on Air Force One, the US president told reporters that “the beauty” of the tariffs is that they allow for negotiations, referencing talks with Chinese company ByteDance on the sale of social media app TikTok.

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Tariffs: Xi hits back at Trump

He said: “We have a situation with TikTok where China will probably say, ‘We’ll approve a deal, but will you do something on the tariffs?’

“The tariffs give us great power to negotiate. They always have.”

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Financial markets were always going to respond to Trump tariffs but they’re also battling with another problem

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Financial markets were always going to respond to Trump tariffs but they're also battling with another problem

Global financial markets gave a clear vote of no-confidence in President Trump’s economic policy.

The damage it will do is obvious: costs for companies will rise, hitting their earnings.

The consequences will ripple throughout the global economy, with economists now raising their expectations for a recession, not only in the US, but across the world.

Tariffs latest: FTSE 100 suffers biggest daily drop since COVID

Financial investors had been gradually re-calibrating their expectations of Donald Trump over the past few months.

Hopes that his actions may not match his rhetoric were dashed on Wednesday as he imposed sweeping tariffs on the US’ trading partners, ratcheting up protectionism to a level not seen in more than a century.

Markets were always going to respond to that but they are also battling with another problem: the lack of certainty when it comes to Trump.

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He is a capricious figure and we can only guess his next move. Will he row back? How far is he willing to negotiate and offer concessions?

Read more:
There were no winners from Trump’s tariff gameshow
Trade war sparks ‘$2.2trn’ global market sell-off

These are massive unknowns, which are piled on to uncertainty about how countries will respond.

China has already retaliated and Europe has indicated it will go further.

That will compound the problems for the global economy and undoubtedly send shivers through the markets.

Much is yet to be determined, but if there’s one thing markets hate, it’s uncertainty.

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Court confirms sacking of South Korean president who declared martial law

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Court confirms sacking of South Korean president who declared martial law

South Korea’s constitutional court has confirmed the dismissal of President Yoon Suk Yeol, who was impeached in December after declaring martial law.

His decision to send troops onto the streets led to the country’s worst political crisis in decades.

The court ruled to uphold the impeachment saying the conservative leader “violated his duty as commander-in-chief by mobilising troops” when he declared martial law.

The president was also said to have taken actions “beyond the powers provided in the constitution”.

Demonstrators who stayed overnight near the constitutional court wait for the start of a rally calling for the president to step down. Pic: AP
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Demonstrators stayed overnight near the constitutional court. Pic: AP

Supporters and opponents of the president gathered in their thousands in central Seoul as they awaited the ruling.

The 64-year-old shocked MPs, the public and international allies in early December when he declared martial law, meaning all existing laws regarding civilians were suspended in place of military law.

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The Constitutional Court is under heavy police security guard ahead of the announcement of the impeachment trial. Pic: AP
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The court was under heavy police security guard ahead of the announcement. Pic: AP

After suddenly declaring martial law, Mr Yoon sent hundreds of soldiers and police officers to the National Assembly.

He has argued that he sought to maintain order, but some senior military and police officers sent there have told hearings and investigators that Mr Yoon ordered them to drag out politicians to prevent an assembly vote on his decree.

His presidential powers were suspended when the opposition-dominated assembly voted to impeach him on 14 December, accusing him of rebellion.

The unanimous verdict to uphold parliament’s impeachment and remove Mr Yoon from office required the support of at least six of the court’s eight justices.

South Korea must hold a national election within two months to find a new leader.

Lee Jae-myung, leader of the main liberal opposition Democratic Party, is the early favourite to become the country’s next president, according to surveys.

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