Trump’s tax bill would add $2.4tn to US debt, says non-partisan analysis

The Congressional Budget Office warns Trump’s ‘one big, beautiful bill’ will leave 10.9 million uninsured by 2034

The Guardian view on Labour’s investment plans: sugaring the bitter pill of austerity

Editorial: The chancellor is right to be planning for the long term, but voters won’t be patient if change isn’t felt soon

Rachel Reeves can’t avoid raising taxes any longer – but she’ll need to get creative

There’s a brutal financial reality behind the tough talk on defence spending. The chancellor needs to raise revenues, fast, writes Guardian columnist Larry Elliott

UK-US trade deal could come into effect in ‘a couple of weeks’, Starmer says

Prime minister’s comments come after White House signals Britain will be spared 50% steel and aluminium tariffs

The good news? Household living standards are on the rise. The bad news? Just about everything else

Australia’s weak economic growth is not surprising when you factor in what’s going on with households, private investment, trade and government spending

UK trade secretary says ‘essential steps’ happening ‘at pace’ to turn UK-US tariff pact into deal – as it happened

EU -US trade talks going in the right direction, top trade negotiators from both sides say; stock markets rise, Germany’s Dax hits record high on tax relief package

BBC and Sky bosses criticise plans to let AI firms use copyrighted material

Media corporations call for opt-in rule and say companies must set up licensing deals before accessing creative works

Labour MPs poised to rebel over planning bill amid concerns for nature

Ministers understood to be drawing up amendments to bill to try to head off threatened rebellion by two dozen MPs

A race against time: what now for Thames Water after rescue deal collapses?

Huge group of creditors in scramble as prospect of temporary nationalisation looms large for troubled firm

UK service sector confidence higher in May than since before autumn budget

Survey of business leaders shows many looking forward to improved sales and investment in next six months

Lower-income consumers missing out on pay rises fuels fall in sales at B&M

Shares down in early trading as retailer also blames ‘challenging UK retail trading environment’ after profits slide

Are we heading for a recession? Show me your nails

Who needs boring old facts and figures? According to a host of entirely authoritative influencers, changing tastes in manicures can tell us all we need to know about the economy, says Arwa Mahdawi

Labour claims to be defending Britain from new threats, but its warfare state is steeped in old thinking

For every sensible proposal, there’s a failure to think through the UK’s place in the world – and a promised ‘defence dividend’ that won’t materialise, says academic and author David Edgerton

Chalmers says cheaper cigarettes will not solve illegal tobacco boom, dismissing NSW premier

Minns to propose cut at next health ministers’ meeting, joining Victorian government in blaming high excise for organised crime spike

Fire stations in England ‘falling apart’ amid £1bn funding cut, chiefs say

Exclusive: National Fire Chiefs Council warns of pressures, with callouts up 20% in a decade as firefighter numbers fall