The Papers: 'Borrowing costs hit 28-year high' and 'Come cry with me'
Summary
The cost of borrowing money in the UK has reached its highest level in 28 years. Rising oil prices and jet fuel shortages, partly caused by conflicts in the Middle East, are pushing inflation higher and affecting flights and the economy.Key Facts
- Long-term borrowing costs in the UK have hit their highest point since 1995.
- Rising oil prices linked to Middle East conflicts may cause inflation to stay high for a long time.
- Jet fuel shortages have led to the cancellation of about 13,000 flights in May, removing nearly two million seats.
- The UK is among the countries most affected by the global jet fuel crisis this summer.
- Airlines warn that more flight cuts may happen if the war in Iran continues.
- Political parties in the UK are preparing for local elections happening this Thursday.
- Protest voting may affect Labour’s control of the Welsh parliament, according to an interview.
- The UK government has deported only 495 small boat arrivals from several countries since 2018, highlighting challenges in the asylum system.
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