NS&I has misplaced funds for about 37,000 customers, leaving taxpayers likely to cover roughly £400m. The Treasury is investigating record‑keeping and payout failures. Compensation is expected and system fixes are planned to restore confidence in the state-backed saver.

NS&I faces scrutiny over estate payouts, with bereaved families reporting delays, errors and underpayments. Thousands of complaints have built up, prompting demands for intervention and redress. The state-backed bank cites stringent checks and staffing constraints.

Donald Trump said the US will organise joint patrols of the Strait of Hormuz to secure oil flows, coordinating with Iran. He signalled that any breach of commitments by Tehran would trigger a strong US response, insisting the route must remain open to global trade.

Iran vowed steps that would sharply lift global oil prices after rejecting a 48-hour ultimatum from Trump. The PM convened a Cobra meeting as ministers assessed risks to energy supplies and shipping. Firms were warned about possible disruption and households about higher fuel costs.