Ed Miliband is set to approve a major North Sea gasfield to bolster energy security amid regional tensions. The move would expand domestic supply and could create jobs, but critics say it conflicts with climate pledges and risks locking in fossil fuels.

Trump threatened to pull the US from Nato amid a crisis at the Strait of Hormuz, saying severe action would continue until the waterway reopens. Tehran denied his claim of a truce. In London, Rachel Reeves condemned the lack of planning and warned of economic risks.

President Trump urged Britain to secure domestic energy, telling the UK to “get your own oil” and accelerate North Sea projects. His remarks came as pump prices topped £100 to fill a family car, with developers saying new gas fields could supply homes by winter if approved.

Analysis indicates the Treasury is receiving about £20m a day in extra revenue from energy taxes as high oil and gas prices lift VAT and the profits levy. But rising debt interest could absorb much of the windfall, limiting room for tax cuts or new spending.