Glossary

55 words you met as dotted underlines in our stories: the meaning, plus why it mattered in that story. It grows every day.

30-year giltMarkets

A UK government bond that pays back after thirty years. Its yield is the annual return an investor gets at today's price, and the rate the government pays to borrow for that long.
In this story Its yield went above 6% on 1 October for the first time since 1998.
First appeared · No. 1 (2026-10-05)

administrationBusiness · Law

A UK insolvency procedure in which an independent administrator takes control of a failing company to rescue it or sell it, while creditors are held at bay.
In this story TalkTalk went into administration on Monday and its business was sold to BT the same day.
First appeared · No. 1 (2026-10-05)

B-1B LancerDefence

A long-range US Air Force bomber that can carry a large load of conventional weapons.
In this story All 12 B-1Bs that were based at RAF Fairford left over the weekend.
First appeared · No. 1 (2026-10-05)

Bank of England's independenceEconomy

Since 1997 the Bank has set interest rates without taking instructions from ministers, within a target for inflation set by the government.
In this story The Guardian's briefing asked whether to end it.
First appeared · No. 3 (2026-10-07)

Bar CouncilLaw

The representative body for barristers in England and Wales, separate from the Criminal Bar Association, which speaks for those who practise criminal law.
In this story Its chair, Kirsty Brimelow KC, called the reversal 'a significant and welcome move'.
First appeared · No. 1 (2026-10-05)

basis pointsMarkets

Hundredths of a percentage point. 13 basis points is 0.13 percentage points.
In this story The 30-year gilt yield rose 13 basis points on the day.
First appeared · No. 3 (2026-10-07)

bid-to-coverMarkets

The value of bids divided by the amount on offer at an auction. Above 2 usually means demand is healthy.
In this story The 2031 gilt auction had a ratio of 4.39.
First appeared · No. 3 (2026-10-07)

Camp DavidWorld

The US president's wooded retreat in Maryland, used for private meetings and negotiations away from the White House.
In this story Vice President Vance chaired a Friday meeting there on the Iran war.
First appeared · No. 1 (2026-10-05)

channelrhodopsinScience

A protein found in algae that opens a channel in a cell's membrane when it is hit by light.
In this story Hegemann and Nagel found it in an alga; Deisseroth put it into nerve cells.
First appeared · No. 1 (2026-10-05)

City ministerGovernment

The Treasury minister responsible for financial services.
In this story Lucy Rigby ran the meeting with bank bosses.
First appeared · No. 2 (2026-10-06)

Competition and Markets AuthorityRegulation

The UK's competition regulator, which investigates mergers that may reduce choice or raise prices.
In this story It will review the BT and TalkTalk deal over the coming weeks, though ministers have moved to speed up the process.
First appeared · No. 1 (2026-10-05)

Counter Terrorism PolicingPolicing

The national network of police units that investigate terrorism in the UK, coordinating with MI5.
In this story It announced the seventh arrest over the Fairford incident.
First appeared · No. 2 (2026-10-06)

Criminal Bar AssociationLaw

The body representing barristers who prosecute and defend in criminal cases in England and Wales.
In this story Its chair, Andrew Thomas KC, said barristers were 'delighted' at the U-turn but that a 'severe threat' to jury trial remains in the Bill.
First appeared · No. 1 (2026-10-05)

Crown CourtLaw

The court in England and Wales that tries serious criminal cases, normally before a judge and a jury of twelve. Less serious cases go to magistrates' courts.
In this story The plan would have let a judge decide some Crown Court cases alone. The government has dropped it, apart from some fraud cases.
First appeared · No. 1 (2026-10-05)

Debt Management OfficeGovernment

The Treasury agency that sells gilts to finance government borrowing.
In this story It sold £1 billion of 2031 gilts on Wednesday.
First appeared · No. 3 (2026-10-07)

enrichmentWorld

Raising the share of uranium-235 so it can fuel reactors or, at high levels, weapons.
In this story Vance wants a meaningful cut.
First appeared · No. 3 (2026-10-07)

enterprise valueFinance

The price of a whole company: the value of its shares plus its debt, minus cash. It is used to compare firms with different amounts of borrowing.
In this story The PTC deal has an enterprise value of about $23.7 billion.
First appeared · No. 1 (2026-10-05)

fiscal rulesEconomy

The limits a Chancellor sets for borrowing and debt, which the Office for Budget Responsibility checks the Budget against.
In this story The finance ministry said Mr Healey reaffirmed them.
First appeared · No. 3 (2026-10-07)

FTSE 100Markets

The index of the 100 largest companies listed in London, weighted by size.
In this story It closed up 0.42% at 10,541.69.
First appeared · No. 2 (2026-10-06)

giltsMarkets

Bonds issued by the UK government. When investors sell them, prices fall and yields rise, which lifts the government's borrowing costs and influences mortgage rates.
In this story The sell-off in gilts frames the Budget on 28 October.
First appeared · No. 1 (2026-10-05)

HouthisWorld

The Iran-aligned armed movement that controls much of northern Yemen and has attacked Saudi and shipping targets.
In this story Attacks on Saudi infrastructure are given as the reason for the pact being triggered.
First appeared · No. 2 (2026-10-06)

hung parliamentPolitics

An election result in which no party has an overall majority of seats.
In this story The YouGov MRP projects one with Labour largest.
First appeared · No. 2 (2026-10-06)

inheritance taxTax

A 40% tax on the value of an estate above a tax-free threshold when someone dies, with extra allowances for homes left to children.
In this story Badenoch pledged to end it on family homes.
First appeared · No. 3 (2026-10-07)

internal inquiryPolitics

An investigation commissioned and run by an organisation into its own conduct. It is not independent of the body it examines.
In this story Reform's report cleared its own advisers.
First appeared · No. 3 (2026-10-07)

Law SocietyLaw

The professional body for solicitors in England and Wales.
In this story Its president, Mark Evans, called the new position 'common-sense' but warned that magistrates' courts also have record backlogs.
First appeared · No. 1 (2026-10-05)

life peerPolitics

A member of the House of Lords appointed for life, not hereditary.
In this story Jeffrey Archer became one in 1992.
First appeared · No. 2 (2026-10-06)

Lord ChancellorGovernment

A senior minister who is also the Justice Secretary in the current system, responsible for courts, prisons and the independence of the judiciary.
In this story Alex Norris holds both posts under Andy Burnham and announced the change of course.
First appeared · No. 1 (2026-10-05)

magistrates' courtsLaw

The lowest criminal courts in England and Wales, where volunteer magistrates or a district judge hear minor cases and decide sentences of up to a fixed limit. They do not use juries.
In this story The Bill would double their maximum sentencing power to two years, which lawyers say could shift about 25,000 cases a year away from juries.
First appeared · No. 1 (2026-10-05)

Metropolitan PolicePolicing

London's police force, known as the Met.
In this story Its criminal investigation into Reform's donations case is open.
First appeared · No. 3 (2026-10-07)

MRPPolitics

Multilevel regression and post-stratification: a polling method that uses a large survey to estimate results seat by seat. It projects seats, not just vote shares.
In this story A YouGov MRP of about 17,000 people has Labour first, the Conservatives on 130 seats and Reform on 123.
First appeared · No. 1 (2026-10-05)

mutual defence pactWorld

A treaty in which signatories agree to treat an attack on one as an attack on all.
In this story Saudi Arabia, Pakistan and Turkey triggered theirs.
First appeared · No. 2 (2026-10-06)

National InsuranceTax

A payroll tax paid by employees, employers and the self-employed that funds state benefits and the NHS. Employers' contributions are a charge on each salary.
In this story The Conservatives would halve employers' contributions for younger workers.
First appeared · No. 2 (2026-10-06)

naval blockadeWorld

The use of warships to stop ships from entering or leaving a country's ports.
In this story Ending the US blockade of Iranian ports is one of the three conditions in Tehran's seven-day plan.
First appeared · No. 1 (2026-10-05)

net favourabilityPolitics

The share of people who view a politician favourably minus the share who view them unfavourably. A negative number means more dislike than like.
In this story Ms Badenoch's rose from −35 to −15 in a year.
First appeared · No. 2 (2026-10-06)

nuclear clocksScience

Clocks that keep time by the vibration of an atomic nucleus, not of electrons, which promises greater accuracy than today's atomic clocks.
In this story Scientists unveiled the first ultra-accurate ones.
First appeared · No. 3 (2026-10-07)

OfcomRegulation

The UK's communications regulator, covering broadband, mobile, post and broadcasting.
In this story It said it would work with the government and the CMA on clearance of BT's purchase of TalkTalk.
First appeared · No. 1 (2026-10-05)

off-timeHealth

Periods in Parkinson's disease when medication has worn off and symptoms such as stiffness and slowness return.
In this story The pill cut average off-time by about 37 minutes.
First appeared · No. 3 (2026-10-07)

OpenreachTelecoms

BT's network arm, which owns and maintains most of the UK's copper and fibre lines and rents access to rivals including TalkTalk.
In this story Reports estimate about £100 million of payments that Openreach would otherwise have received are part of the cost of the deal.
First appeared · No. 1 (2026-10-05)

optogeneticsScience

A technique that makes nerve cells respond to light by giving them a gene for a light-sensitive protein, so researchers can switch them on or off with a beam.
In this story The method behind this year's Nobel Prize in Physiology or Medicine.
First appeared · No. 1 (2026-10-05)

perjuryLaw

Lying under oath in court proceedings.
In this story Archer was jailed in 2001 for it.
First appeared · No. 2 (2026-10-06)

perverting the course of justiceLaw

An offence of acting to obstruct the justice system, for example by hiding evidence or influencing witnesses.
In this story Archer was also convicted of it.
First appeared · No. 2 (2026-10-06)

plea hearingLaw

The hearing at which a defendant says whether he pleads guilty or not guilty.
In this story Provisionally 3 December at Norwich Crown Court.
First appeared · No. 3 (2026-10-07)

pneumonic plagueHealth

A severe form of plague that infects the lungs and can spread between people by coughing.
In this story A Russian laboratory worker is suspected to have died of it.
First appeared · No. 2 (2026-10-06)

preparation of terrorist actsLaw

An offence under section 5 of the Terrorism Act 2006: doing anything to prepare to commit or help others commit acts of terrorism. Arrest on this suspicion is not a charge.
In this story The 22-year-old arrested in Westminster is held on suspicion of it.
First appeared · No. 2 (2026-10-06)

private equityBusiness

Investment firms that buy companies with a mix of their own money and debt, aiming to sell for a profit after some years.
In this story Sycamore Partners is selling Boots.
First appeared · No. 3 (2026-10-07)

remanded in custodyLaw

Held in prison while awaiting trial or the next hearing, after a court refuses bail.
In this story Mark Cain was remanded to a plea hearing.
First appeared · No. 3 (2026-10-07)

repo rateEconomy

The policy rate at which a central bank lends to banks against securities. India's equivalent of Bank Rate.
In this story India raised it, its first increase in more than three years.
First appeared · No. 3 (2026-10-07)

snap electionPolitics

A general election called earlier than the date required by law, often because a government has lost a key vote or wants a new mandate.
In this story Pedro Sánchez called one for 29 November after Congress rejected his housing decrees.
First appeared · No. 1 (2026-10-05)

state of emergencyWeather

A formal declaration that lets a government mobilise resources ahead of or after a disaster.
In this story Florida's governor declared one for Hurricane Isaias.
First appeared · No. 3 (2026-10-07)

Strait of HormuzWorld · Energy

The narrow waterway between Iran and Oman through which a large part of the world's seaborne oil passes.
In this story Iran says it will stay shut until Washington accepts its seven-day plan.
First appeared · No. 1 (2026-10-05)

termination feeFinance

A payment a company agrees to make if a deal collapses in specified circumstances, such as accepting a better offer.
In this story PTC would owe Schneider $700 million in some cases.
First appeared · No. 1 (2026-10-05)

treasonLaw

A crime against the state, such as helping an enemy. In Germany it is prosecuted by the federal prosecutor.
In this story A former intelligence chief was arrested on suspicion of it.
First appeared · No. 2 (2026-10-06)

UKHSAHealth

The UK Health Security Agency, which monitors and responds to infectious disease threats.
In this story It said plague risk to Britain is 'very low'.
First appeared · No. 2 (2026-10-06)

windfall taxEconomy

A tax on profits seen as unusually large, usually from an outside shock.
In this story Mr Healey has made no decision on one for banks.
First appeared · No. 2 (2026-10-06)

ZionismPolitics

The movement for a Jewish national home in Palestine, which led to the state of Israel. It is understood in very different ways, which is why motions about it are contested.
In this story Green members voted 1,022 to 813 to treat it as racism.
First appeared · No. 2 (2026-10-06)