The Financial Times says savers withdrew nearly $60bn from US banks Charles Schwab, State Street and M&T in the first quarter as customers moved their money in search of higher interest rates. Traditional banks could face further threat because of Apple and Goldman Sachs’ new savings account in the US that will pay 4.15% interest a year, it reports.
The paper’s main image is of Vladimir Kara-Murza, a Russian opposition activist, during a court hearing in Moscow where he was sentenced to 25 years in prison for treason.
The government has performed a U-turn on welfare reforms after pressure from 126 Labour backbenchers, who signed an amendment to stall the bill.
Tuesday’s front pages are dominated by the proposed welfare bill that MPs will vote on this Tuesday. It’s set to be a tough day for the prime minister as Labour MPs are still considering rebelling over the bill, despite the PM making huge concessions and watering down his controversial plans to trim the ballooning benefits cost.
Several papers continue their coverage of the Glastonbury row after police announced they would open an inquiry into Bob Vylan and Kneecap performances, with punk duo Bob Vylan chanting “death to IDF” and Kneecap calling for a riot. There are further calls for the BBC boss to be punished for streaming the controversial Bob Vylan set despite the chants.
There are a handful of standalone stories, including reports that British doctors and nurses will be prioritised as part of a 10-year plan to curb the number of international hires. The death of Vivienne leads one of the newspapers after new details have emerged, and another paper leads with a report into the treatment of those in care homes during the pandemic.
Many of the newspapers feature images of yesterday’s Wimbledon action, including British tennis star Emma Raducanu’s win. The ongoing UK heatwave finds plenty of space on the front pages, as the country continues to sweat and more health warnings are issued.
Forecasters predict continued hot and humid conditions across southern England, with temperatures potentially reaching 34°C today.
Tuesday’s headlines look ahead to the Commons vote on the government’s welfare bill, set to take place later today. It’s set to be a busy day for the prime minister, who could still face a rebellion of sorts with some Labour rebels suggesting they want more concessions on the plans before they cast their vote. The Tories have already announced they’ll be voting against the government’s bill.
Energy prices will fall from Tuesday for 21 million households in England, Scotland and Wales, but uncertainty remains over whether costs will stay down for winter.
The ongoing heatwave sweeping the UK and Europe continues to dominate the headlines as Brits rush out to enjoy some glorious sunshine! (Stay safe!!)
Palestine Action is challenging the UK government’s decision to proscribe it as a terrorist organisation under the Terrorism Act 2000.
Despite its U-turn on its controversial welfare reforms last week, the prime minister will still face a test to his leadership when MPs vote today on his welfare reform bill.
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