How to balance the UK books: six options open to Rachel Reeves

Rachel Reeves is under pressure to tackle a multibillion-pound shortfall in the government finances.Labour’s high-stakes welfare U-turn and a spike in bond markets triggered by speculation over the chancellor’s position has dragged the government’s tax and spending plans into the spotlight.Ministers have warned of “financial consequences” after the backtracking on disability benefits and winter fuel payments for pensioners, which have a price tag north of £6bn.Alongside a sluggish economic outlook and potential downgrade in productivity forecasts from the Office for Budget Responsibility at the autumn budget, economists at Deutsche Bank warn that Reeves could face a £30bn shortfall against her self-imposed fiscal rules.This has raised questions over how the chancellor responds

Trump celebrates tax bill passing, Reeves must boost headroom to £30bn, says ex-Bank of England deputy – as it happened

Time to recap…Donald Trump is preparing to send letters to trading partners, setting out tariff rates that countries will have to pay from the beginning of next month.The US president has said he will send out about “10 or 12” letters on Friday, with further letters over the next few days, as the 90-day pause on his “reciprocal tariffs” comes to an end.Trade tensions are bubbling at the second biggest economy in the world too. China announced new tariffs of up to 35% on brandy from the European Union, condemned as ‘unfair’ by an EU spokesperson.The Chinese tariffs will range from 27

Minister demands overhaul of UK’s leading AI institute

The technology secretary has demanded an overhaul of the UK’s leading artificial intelligence institute in a wide-ranging letter that calls for a switch in focus to defence and national security, as well as leadership changes.Peter Kyle said it was clear further action was needed to ensure the government-backed Alan Turing Institute met its full potential.In a letter to ATI’s chair, seen by the Guardian, Kyle said the institute should be changed to prioritise defence, national security and “sovereign capabilities” – a reference to nation states being able to control their own AI technology.The call for new priorities implies a downgrading of ATI’s focus on health and the environment, which are two of three core subjects for the institute, alongside defence and security, under its “Turing 2.0” strategy

Skirting the issue: Designer dress goes missing from Bezos-Sánchez wedding

Lauren Sánchez packed 27 designer dresses for her wedding to the billionaire Amazon founder, Jeff Bezos, in Venice last week, but left with only 26 after one went missing.The couple, who are now honeymooning in Taormina, Sicily, were wed during a star-studded three-day celebration in the lagoon city.They left Venice on Sunday, but mystery over the missing dress has generated chatter in Venice, with Corriere della Sera claiming that it was stolen, possibly by someone who evaded security and gatecrashed a party on the tiny island of San Giorgio, where the couple exchanged rings, on Friday. The newspaper said the number of gatecrashers to the event was such that officers from the local unit of Italy’s anti-terrorism squad, Digos, were called to the island.The newspaper also alleged a vintage Dolce & Gabbana-designed dress, either worn by the bride or wedding guest Ivanka Trump, was torn and caught fire during another party

England v India: second men’s cricket Test, day three – live

87th over: England 395-7 (Smith 173, Carse 0) What does Smith do now? He’s been patient for a while … but a counter could be on the way.Deep gets one to woosh past Woakes’ outside edge. There’s not been any insane movement with this ball but just enough to force England into a period of survival. Woakes tries to break the pressure … but the drive produces an outside edge and it’s gobbled up at first slip!86th over: England 395-6 (Smith 173, Woakes 5) Siraj, relentless and encouraged by the harder Dukes, keeps Smith stuck on 173. A rare maiden

Wimbledon 2025: Norrie in action, Kartal and Fritz win, Keys and Osaka out – live

… we do get to find out what Fritz makes of his victory, though. Unsurprisingly, he’s very happy. And remarkably he says that his body is feeling better as the rounds go by, despite two five-setters and a four-setter today, in which he also had two medical timeouts for blisters and an elbow problem.“Hello Katy,” emails Michael Cosgrove. “D-Fok is indeed a convenient way of typing Davidovich Fokina’s name, but always remember the golden rule which stipulates that one should never precede ‘D-Fok’ by ‘what’