Rachel Reeves plans to legislate the consolidation of council pension schemes into eight large ‘megafunds’ to unlock £80 billion for investment and end local authority management, rejecting radical options.

The US administration’s firm stance on Tehran, characterised by a “maximum pressure” policy, is prompting major Gulf states like Saudi Arabia and the UAE to seek closer ties with Iran for their own security.

European Union countries plan to significantly increase their defence spending, as heightened geopolitical tensions follow the recent US election outcome.

Bitcoin has reached a record high of $80,000 as traders speculate on supportive policies from the Trump administration, with expectations of looser regulations benefiting cryptocurrencies.