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UK finances face a potential £35bn funding gap ahead of the upcoming Budget, according to the Institute of Fiscal Studies (IFS). Source: bbc.co.uk.
UK Funding Gap and Tax Rises
The IFS has warned that high inflation and the UK’s defence spending pledge could create a significant funding shortfall.
It estimates the gap at £35bn, with tax increases likely to be needed to cover it.
The Treasury has declined to comment on the speculation surrounding the Budget.
The Times reports that tax rises would be equivalent to increasing every tax bracket by three percentage points.
The Guardian reports that the government may cut the heat pump subsidy to fund its defence spending plan.
The Financial Times notes that the government is paying out sickness benefits to nearly 2 million people without verifying whether they still qualify.
Russia and Ukraine: Ceasefire Claims Under Scrutiny
Reports suggest US President Donald Trump claimed to have brokered a ceasefire on energy sites between Russia and Ukraine.
However, Ukrainian President Volodymyr Zelensky said the deal was ‘news to me’.
The Telegraph reports that Russia attacked a power plant in Ukraine just hours after Trump’s claim.
Ukrainian officials have not confirmed any such agreement, and the incident has raised concerns about the credibility of the ceasefire narrative.
Other News Coverage
The Daily Mirror reports on a fatal tiger attack at a wildlife park in Yorkshire.
A woman tried to hold a man back as he climbed into an enclosure. Another person at the zoo said she was not strong enough.
The Daily Express investigates rickshaws in Westminster, claiming that ‘honest pedicab riders’ have been pushed out by a group from Romania.
Reform UK mayoral candidate Laila Cunningham says this reflects ‘a broken Britain’.
The Sun reports that the BBC is in a ‘censorship row’ after editing a t-shirt slogan supporting transgender women.
A BBC spokesperson said such edits follow standard editorial guidelines to avoid overt branding.
What to Watch Next
UK officials will face pressure to respond to the funding gap and public concerns over spending.
US officials have threatened a block on arms exports to Kyiv in response to Russian refinery attacks.
Oil executives have pulled out of a Riyadh energy conference after attacks on the airport.
Prime Minister Andy Burnham has said Russia played a role in Brexit, becoming the first PM to confirm Kremlin interference.
These developments highlight ongoing tensions in both UK fiscal policy and international relations.
For more on the Budget implications, see Reeves Admits ‘Ordinary People’ Will Pay More Tax as She Defends Budget Rises.
For updates on the Ukraine conflict, follow the BBC’s coverage at original source.
