'UK economy takes triple hit' and 'Cheers, Timmy!'

11 hours ago

"UK economy takes triple hit from Iran war," reads the headline on the front page of the i paper. — "UK economy takes triple hit from Iran war," says the i paper in its top story, rattling off International Monetary Fund (IMF) forecasts of "lower growth, fewer jobs and higher cost of living". It suggests Britain faces a "bigger blow than any other major economy" under the impact of "Trumpflation", as the paper describes it, in areas such as petrol, energy and mortgage costs.

"Iran conflict could spark recession with Britain hit hardest in G7 – IMF," reads the headline on the front page of the Guardian. — The Guardian also leads with IMF predictions that the Iran conflict could trigger a "global recession" that "would affect the UK more than any of the other G7 nations". A separate headline splashes that "Trump says peace talks may restart in two days", as the US president hints at revived Iran-US negotiations in Islamabad.

"Reeves fury at Trump: No exit plan, no idea" reads the headline on the front page of the Daily Mirror. — Chancellor Rachel Reeves "blasts US over Iran war shambles and economic", the Daily Mirror reports. Reeves tells the paper "the US went into this war without a clear exit plan", adding that the conflict "is hitting British families in the pocket".

"Reeves dashes hopes of boost to defence funding," reads the headline on the front page of the Times. — Reeves plans to increase defence spending by less than £2.5bn a year amid warnings that Britain's "safety is in peril", the Times says. A government source tells the paper Reeves warned Sir Keir Starmer that a larger spending increase "would be unaffordable", as the economic impacts of the war in Iran set in.

"'We cannot defend Britain with an ever expanding welfare bill'," reads the headline on the front page of the Daily Mail. — The Daily Mail leads with what it calls an "excoriating" speech by former Nato chief Lord Robertson who warns a failure to increase defence spending has left Britain "in peril". The Labour grandee tells ministers "we cannot defend Britain with an ever expanding welfare budget", the paper writes.

"Cheers Timmy! Arts chief thanks actor for bizarre insult," reads the headline on the front page of the Metro. — The Metro reports on a "boost in ballet and opera tickets" after Oscar-nominated actor Timothée Chalamet claimed "no one cares" about the art forms. Alex Beard, chief executive of Britain's Royal Ballet and Opera, tells the paper: "The public reaction was just fantastic."

"'Wake up' PM and honour heroes hurt in line of duty," reads the headline on the front page of the Daily Express. — "Former police officer urges the government to give injured 999 workers a medal," is the Daily Express's lead story. It features Stan Spry, who "retired sick from the job he loved with a handshake, a lifetime of pain and PTSD", urging the prime minister to give honours medals to "injured emergency workers".

"Wall St bank earnings shatter records as traders thrive on Iran war volatility," reads the headline on the front page of the Financial Times. — Record first quarter earnings for Wall Street's biggest banks lead the Financial Times, which reports that they have "monetised the market volatility sparked by the Iran war". The paper says JP Morgan Chase, Citigroup and Wells Fargo combined reported "more than $25bn [£18.4] of profits for the first three months of the year, as traders benefited from sharp moves in markets without higher oil prices hurting US borrowers".

"Squeaker of the House: Yes yes yes Minister! MP Sarah to talk sex in Commons," reads the headline on the front page of the Daily Star. — Referencing the TV satire series "yes minister", the Daily Star playfully riffs on Labour MP Samantha Niblett's efforts to "lead a debate in the House of Commons on sex education" with the headline "Yes yes yes Minister!"

"Who wants to be a billionaire?" reads the headline on the front page of the Sun. — Finally, the Sun asks "who wants to be a billionaire?" adding "it could be phew!". Lotto bosses reveal two new games, one of which comes with a "£1 billion-plus prize", the paper reports.

Chancellor Rachel Reeves tells the Daily Mirror in her interview that the war with Iran is a "folly", affecting families in the US, the UK and around the world. The Guardian says Reeves' comments were sparked by the IMF's forecast that, out of the wealthier G7 nations, Britain would be hit the hardest by the economic fallout. For the i Paper, the impact of "Trumpflation" is becoming clear for the UK.

But on Wall Street, banks have "smashed records" with their first-quarter earnings, according to the Financial Times, as traders benefit from the volatility in global markets.

The Daily Mail endorses the criticism from Labour peer and former Nato chief Lord Robertson, that Britain cannot defend itself with higher welfare spending. The Daily Telegraph describes the intervention as one of the most serious rebukes of Prime Minister Sir Keir Starmer, to date, by a Labour politician.

The Times also focuses on defence, reporting that the chancellor has proposed increasing defence spending by less than £10bn over the next four years. She put foward the figure in discussions with the prime minister amid pressure, the paper says, for a bigger increase from the Defence Secretary, John Healey. In response, a government spokesperson tells the Times that the Defence Investment Plan, on future spending, will be published as soon as possible.

The Sun leads on changes to the format of the National Lottery, asking "Who Wants To Be A Billionaire?" UK players will be competing with their US counterparts for the Powerball jackpot, the paper says, with the winning odds at one in 292 million.

The Women and Equalities minister, Bridget Phillipson, has, according to the Times, told the equality regulator it must "tone down" its guidance on single-sex spaces, before it can be presented to Parliament. A source tells the paper it was felt the approach had been to exclude transgender people, instead of finding ways of being inclusive under the law. Other sources, close to Phillipson, dispute the claim and say they requested "clarity" and for the code to be accessible and robust.