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The chancellor’s search for spending cuts leads most of Wednesday’s papers. The Financial Times says Jeremy Hunt is preparing to raid the profits of banks and energy companies as he looks to fill a £40bn fiscal hole through a mix of public spending cuts and tax rises. The paper says Defence Secretary Ben Wallace and his deputy James Heappey indicated they might quit if the PM reversed a pledge to raise defence spending to 3% of gross domestic product by 2030.

Financial Times Front Page 6th of February 2026

Keir Starmer apologised to victims of Jeffrey Epstein amid scrutiny of links to Peter Mandelson. He said Mandelson would continue advising him, despite concern from some Labour MPs. Questions grew over security vetting and access, with calls for transparency as officials delayed releasing related files.

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Financial Times Front Page 5th of February 2026

Security officials warn a hostile state’s spacecraft has intercepted European satellite signals, risking exposure of unencrypted command data vital to defence and infrastructure. The UK and allies are pushing rapid encryption upgrades and tighter space monitoring to protect networks.

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Financial Times Front Page 4th of February 2026

Police have opened a criminal inquiry into Lord Mandelson’s dealings with Jeffrey Epstein, examining claims sensitive information was shared while he held government roles. Mandelson has resigned from the Lords. Starmer called the conduct disgraceful and urged full co‑operation.

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