British economists have issued a stark warning ahead of the upcoming Budget, cautioning that the Treasury faces a £35 billion funding shortfall that will likely require tax increases to resolve. The Institute of Fiscal Studies (IFS) attributed the gap to persistent high inflation and the United Kingdom’s increased defense spending commitments. According to The Times, the scale of the deficit would be equivalent to raising every tax bracket by three percentage points.
The i Paper led its coverage with the IFS warning, noting that the Treasury declined to comment on speculation regarding the chancellor’s fiscal plans. Meanwhile, the Guardian reported that the government may cut subsidies for heat pumps to help fund its defense strategy. The Daily Star echoed concerns about economic stability, urging Chancellor Rachel Reeves to “steady the ship” and avoid a repeat of the market turmoil seen during the Truss era.
In international news, President Vladimir Putin has breached what President Donald Trump described as a ceasefire regarding energy infrastructure. Reports indicate that Russia struck a Ukrainian power plant merely hours after Trump claimed he had brokered the truce. Ukrainian President Volodymyr Zelensky dismissed the agreement, stating it was “news to me,” a sentiment also reflected in coverage by the Guardian and The Times.
The Financial Times reported that the United States has threatened to block arms shipments to Kyiv as part of an effort to halt Russian attacks on refineries. American officials have been lobbying European capitals and Ukrainian leadership to curb the strikes. In the aftermath of deadly attacks on Riyadh airport, oil executives withdrew from an energy conference in the city, and reports suggested the incident alarmed both the Saudi elite and Washington.
Domestically, Prime Minister Andy Burnham became the first UK prime minister to publicly confirm that the Kremlin played a role in Brexit, a point highlighted by the Metro. Other stories included a Daily Mirror investigation into a fatal tiger attack in Yorkshire, where a woman attempted to prevent a man from entering the enclosure, and a Daily Express report labeling migrant gang activity in Westminster as a “sign of broken Britain.” The Sun covered a controversy at the BBC regarding the editing of a transgender rights slogan from a t-shirt worn by Strictly Come Dancing star Bethany Antonia.
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