Buoyed by clearer US regulation, mounting institutional inflows and growing talk of pension-fund access, the value of global crypto assets has broken through $4tn for the first time, propelling Bitcoin to a fresh peak and sharpening the debate over how conventional finance should adapt.

Payroll employment dropped by 41,000 in June to mark a fifth consecutive monthly decline, fuelling criticism of Reeves’s fiscal approach amid evidence that higher interest rates, subdued growth and an escalating trade dispute with the US are restraining hiring even as wages continue to outpace inflation.

Amid a sharp decline in global drinks sales and mounting investor pressure, Diageo chief executive Debra Crew has stepped down with immediate effect, handing temporary leadership to finance chief Lavanya Chandrashekar as the company confronts waning consumer demand and reviews its growth strategy.

Following a serious data breach that revealed the identities of thousands of Afghans who had worked with British forces, the government covertly launched an expensive emergency scheme to relocate many of them and their families to the UK to shield them from Taliban reprisals, drawing criticism for limited uptake and for withholding details from Parliament.