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Liz Truss is facing mounting pressure from Tory MPs to rewrite last month’s mini-budget of £43bn in tax cuts. Reporting on her Tuesday meeting with the backbench 1922 committee, the Financial Times quotes one MP describing the mood as “horrendous” and they were “shocked at how brutal it was”. At the meeting, the prime minister admitted the mini-budget has been rushed and the “ground could have been prepared better”.

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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Financial Times Front Page 2nd of February 2026

Emails reveal Peter Mandelson advised Jeffrey Epstein that JPMorgan should pressure the UK over the 2009 bankers’ bonus tax, urging contact with the chancellor. He says he sought to protect jobs and investment. Labour is under pressure to address the revelations.

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