Reeves is facing a revolt from Whitehall over cuts, with officials stating that further savings are “not possible” while pressure for tax rises increases ahead of the first Budget.

In an effort to resolve the political deadlock in France, President Macron has named Michel Barnier as the new prime minister, marking a major shift with the appointment of the veteran conservative.

An inquiry has found that official failings and industry deceits, including the prioritisation of deregulation over safety, neglect of warnings about cladding, and manipulation of testing by manufacturers, led to the Grenfell tragedy.

Regulators are poised to ease a new policy that would have mandated banks to compensate fraud victims up to £415,000, following significant pressure from ministers and fintech companies, according to the Financial Times.