The weekend edition of the Financial Times is one of several papers to lead on the news that the UK is out of recession. It says Prime Minister Rishi Sunak is taking "heart" from the "stronger than expected" economic growth in the first three months of the year - and says it is a "boost" for him ahead of the general election.
The FT also highlights that Britain's growth beat the US and the Eurozone in the first quarter, but carries a Labour warning that the UK economy is “still £300 smaller per head” than when Mr Sunak became prime minister in October 2022.
The "economy's going gangbusters" is the Daily Mail's headline after what it calls the "shortest and shallowest recession on record".
"That's positive!" declares the Daily Express - adding that the UK economy is getting "back to full strength".
Meanwhile, the i reports that the Treasury is working on plans for what it calls a "2p Tory tax giveaway in September". The paper says the chancellor is understood to be targeting a cut to National Insurance "weeks ahead of the election", if the economy allows.
It says Labour insiders fear that the general election could become a repeat of 1992, when Sir John Major's Conservative Party pulled off a shock victory. Anneliese Dodds - who chairs Labour - tells the paper: “We can be very good at losing elections people thought we would win."
The Guardian leads on the UN General Assembly backing a Palestinian bid for full membership of the UN. The paper says the "highly charged gesture" drew an immediate rebuke from Israel. But it says the vote signals what it calls "Israel's growing isolation" over the war in Gaza, and the extent of the humanitarian crisis.
The Times reports that private schools face a "testing time". It says the number of children being enrolled has dropped by the biggest proportion in more than a decade - with admissions falling by 2.7% this academic year. The paper says the independent schools' sector blames Labour’s pledge to put VAT on fees if it wins power.
"Euro division" is how the Sun sums up this year's song contest in Sweden. The paper says Eurovision has been plunged into crisis ahead of Saturday's final, with more than 20,000 pro-Palestinian protesters expected to turn out against the inclusion of Israel's contestant, Eden Golan. The Sun says some UK venues have also decided not to show the event - or face what it calls a "mob backlash".
Finally, the Guardian reports that tennis fans at Wimbledon may be treated to the "cream of the crop" of strawberries this year. It says many farms have borne the brunt of the extreme, wet weather during the winter. But berry growers tell the paper that if it is cool, that means strawberries ripen more slowly - and are bigger and juicier.
According to a report, President Biden’s proposed 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to an astonishing 44.6%.
“It’s ambiguous to me today, at best, whether a higher [interest] rate helps bring down inflation versus actually contributes to it,” Rick Rieder told Fortune.
Shares retreated in Europe and Asia on Friday after unexpectedly strong reports on the U.S. economy raised the possibility of interest rates staying painfully high. U.S. futures edged higher, while oil prices fell back. Japan's Nikkei 225 index lost 1.2% to 38,646.11 after the government reported that core inflation excluding volatile food and energy prices was at 2.2% in April, lower than forecast.
Rolls-Royce has been chosen to supply technology for a new version of the American military aircraft nicknamed the “Doomsday plane” for its ability to survive a nuclear blast.
PARIS (Reuters) -Tesla founder Elon Musk told tech investors in Paris on Thursday he opposed U.S. tariffs on Chinese electric vehicles (EVs), an about-face from his January warning that trade barriers were needed or China would "demolish most other car companies in the world." On Thursday, Musk said he did not favour measures that distorted the market. This month, U.S. President Joe Biden rolled out new tariffs on an array of Chinese imports, including EVs, seeking to support American manufacturing.
China has signaled it's ready to unleash tariffs as high as 25% on imported cars with large engines, as trade tensions escalate with the US and European Union. The China Chamber of Commerce to the EU, a business lobby group, said it was "informed by insiders" of the potential action.