In Britain

Keir Starmer is due to set out his pitch to voters as Labour tries to recover from its election defeat. At the same time, the government is staring at a housing benefits bill forecast to hit a record £38.8 billion in 2026-27, driven by high rents and too little housing supply. The official numbers make the 300,000-homes-a-year promise look increasingly ambitious.

TG Jones, the retailer behind hundreds of former WH Smith stores, is also under serious pressure. It faces bailiff action over £3.4 million in unpaid business rates and says it could run out of cash by the end of June unless it gets major rent cuts or payment holidays.

In Europe

Latvia’s defence minister has resigned after drone incursions hit oil facilities, adding to the strain on Baltic security since Russia’s full-scale invasion of Ukraine. In Germany, authorities have shut down the crime marketplace Crimenetwork and arrested its administrator, with investigators saying the site had more than 22,000 users and over 100 sellers.

Separately, EU foreign ministers are meeting in Brussels with a crowded agenda, including possible sanctions over Russians accused of abducting Ukrainian children, sanctions on Israeli settlers, and efforts to reopen ties with Syria. Poland’s wanted former justice minister, Zbigniew Ziobro, says he has now left Hungary for the United States.

Markets and sport

South Korean stocks closed at a record high, moving above the 7,800-point level as semiconductor shares powered a fifth straight session of gains. In Barcelona, fans celebrated after the club clinched the LaLiga title with a 2-0 win over Real Madrid.