The five problems with the chancellor’s U-turn on winter fuel payments – and there are some major issues.

The FT leads with the news the US investor has backed out of rescuing Thames Water over fears of political meddling.

Chancellor Rachel Reeves is set to unveil a £15.6bn transport investment package aimed at boosting infrastructure across the North, Midlands and West Country. The cash will fund tram, train and bus improvements, including major projects in Greater Manchester, West Yorkshire, and the West Midlands.

The London business newspaper CITY AM reports economists are warning the PM’s defence spending boost will come at a heavy price – and asks who’s going to pay.

Elon Musk is to launch $300 million share offer in bid to refocus on business after a wild time in US politics – that hit the billionaire’s pocket hard.

KKR, previously the preferred bidder to rescue Thames Water, has withdrawn, complicating the company’s financial stability amid a £22.8bn debt crisis.