Andy Burnham said he would take responsibility for funding the UK’s defence investment plan “extremely seriously” after documents showed a £4.7bn gap. Ministers face questions over when Burnham learned of the shortfall and how the money will be found.
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Keir Starmer says the UK will raise defence spending by £15bn over four years, funded by cuts to other government investment budgets. The plan would lift annual defence spending to nearly £80bn by 2029, though critics say it falls short of what the armed forces need.
The Fed’s preferred inflation measure rose at a 4.1% annual pace in May, the fastest since April 2023, as energy prices climbed. Consumer spending and incomes still increased after adjusting for inflation.
Trump said a U.S.-Iran deal is scheduled to be signed Sunday and would reopen the Strait of Hormuz, but Iran said the memorandum would not be signed that day. Pakistan, a key mediator, said finalization could come within 24 hours.
A federal judge in Virginia indefinitely blocked the Trump administration’s nearly $1.8 billion “anti-weaponization” fund. The court gave top officials one week to swear under penalty of perjury that the program will not move forward.
U.K. Defense Secretary John Healey resigned after rejecting the government’s military funding plan, saying it would leave the armed forces under-resourced and could make the country less safe. The BBC reported he had pushed for defense spending to reach 3% of GDP by 2030 but was offered a smaller increase.
Trump threatened new strikes on Iran and the seizure of Kharg Island as U.S.-Iran fighting widened across Gulf states and the Gulf of Oman. Iran said the latest U.S. attacks made the ceasefire “practically meaningless,” while mediation efforts by Qatar and Pakistan continued.
John Healey resigned as Britain’s defence secretary, saying Prime Minister Keir Starmer and the Treasury had failed to provide the resources needed for national defence. His departure is the sixth ministerial resignation since Labour’s poor election showing last month.