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Rishi Sunak’s “soaring” personal wealth has come under fresh attack ahead of crucial inflation figures coming out tomorrow.

In what will be a key moment in the election campaign, the rate of inflation is expected to ease back to the Bank of England’s target of 2% for the first time since spring 2021.

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The figures could provide a much needed boost for the embattled prime minister, whose key offering to voters is that the economy has “turned a corner” under his leadership and they should not risk change with Labour.

But the Labour Party says this claim is “rubbished” by data showing more than half of Brits think the cost of living crisis has become worse in the last month.

The party says that Mr Sunak’s wealth increased by £122m in the last year, while data from the Office for National Statistics (ONS) shows millions of people continue to struggle.

Darren Jones, shadow chief secretary to the treasury, told Sky News: “No wonder Rishi Sunak doesn’t have a clue what working people are going through. He is entirely insulated from the cost of living crisis and totally out of touch.

“Under the Tories, taxes on working people have risen to a 70-year high and this week Jeremy Hunt has confirmed that their manifesto is unfunded.

“We need a change, we need a government that understands working people, we need a Labour government.”

Darren Jones, shadow Chief Secretary to the Treasury
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Darren Jones, shadow chief secretary to the treasury

ONS data released earlier this month showed 54% of people believed the cost of living has increased compared to one month ago – while just 3% of people believed it had decreased.

The biggest way people are feeling the pinch is at the supermarket – with 91% of respondents saying the price of their food shop has shot up.

The data also showed 45% of people’s rent or mortgage has increased in the last six months, while a third of people say they are unable to save anything in the year ahead.

This is despite the fact inflation is nearing normal levels, after reaching record highs in recent times and at one stage hitting a peak not seen for 40 years.

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With households still feeling the squeeze, all parties are facing pressure to do more to tackle the cost of living.

The Tories are promising tax cuts, with the prime minister on Tuesday night saying prioritising this was his “moral mission” now that inflation is back “under control”.

Meanwhile, Labour is vowing to cut energy bills through the creation of a publicly owned clean energy company, saying this could save families £300 a year.

Labour has sought to use Mr Sunak’s vast personal fortune as a dividing line during the election – saying he can’t relate to the pressures facing the rest of the country.

The personal wealth of Mr Sunak and his wife Akshata Murty rose by £122m last year, according to the Sunday Times Rich List.

The couple’s fortune was estimated at £651m in the latest list, published in May, up from £529m in 2023.

This means they are richer than the King, according to the annual list of the UK’s most wealthy people.

Mr Sunak was a hedge fund manager before entering politics, while his wife is a businesswoman and the daughter of an Indian billionaire.

The bulk of the couples’ wealth derives from shares in Infosys, the IT company co-founded by Ms Murty’s father.

A Conservative spokesperson hit back at Labour’s attack by claiming the party was facing a £38bn black hole in their finances – a figure that Labour has disputed.

“Keir Starmer is desperately trying to hide the fact that the £38.5bn blackhole in Labour’s manifesto will cost households up and down the country £2094,” the spokesperson said.

The prime minister has previously insisted attacks on his personal wealth don’t bother him and last week claimed he “went without lots of things” in his childhood, including Sky TV.

He has also ramped up personal attacks against his rival Sir Keir Starmer in recent days – claiming yesterday that he lacks the “courage of his convictions” and so would find the job of prime minister “hard to do well”.

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Vietnam legalizes crypto under new digital technology law

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Vietnam legalizes crypto under new digital technology law

Vietnam legalizes crypto under new digital technology law

Vietnam has passed a sweeping digital technology law that legalizes crypto assets and outlines incentives for AI, semiconductors, and infrastructure.

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Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

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Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

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A scrambled G7 agenda as world leaders scramble to de-escalate the Israel-Iran conflict

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A scrambled G7 agenda as world leaders scramble to de-escalate the Israel-Iran conflict

The return on Donald Trump to the G7 was always going to be unpredictable. That it is happening against the backdrop of an escalating conflict in the Middle East makes it even more so.

Expectations had already been low, with the Canadian hosts cautioning against the normal joint communique at the end of the summit, mindful that this group of leaders would struggle to find consensus.

Canadian Prime Minister Mark Carney carefully laid down an agenda that was uncontroversial in a bid to avoid any blow-ups between President Trump and allies, who of late have been divided like never before – be it over tariffs and trade, Russia and Ukraine, or, more recently Israel’s conduct in Gaza.

But discussions around critical minerals and global supply chains will undoubtedly drop down the agenda as leaders convene at a precarious moment. Keir Starmer, on his way over to Canada for a bi-lateral meeting in Ottawa with PM Carney before travelling onto the G7 summit in Kananaskis, underscored the gravity of the situation as he again spoke of de-escalation, while also confirmed that the UK was deploying more British fighter jets to the region amid threats from Tehran that it will attack UK bases if London helps defend Israel against airstrikes.

Canadian Prime Minister Mark Carney is greeted by President Donald Trump as he arrives at the West Wing of the White House, Tuesday, May 6, 2025, in Washington. (AP Photo/Mark Schiefelbein)
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Canadian PM Mark Carney is greeted by President Donald Trump at the White House in May. Pic: AP

Really this is a G7 agenda scrambled as world leaders scramble to de-escalate the worst fighting between Tel Aviv and Tehran in decades. President Trump has for months been urging Israel not to strike Iran as he worked towards a diplomatic deal to halt uranium enrichment. Further talks had been due on Sunday – but are now not expected to go ahead.

All eyes will be on Trump in the coming days, to see if the US – Israel’s closest ally – will call on Israel to rein in its assault. The US has so far not participated in any joint attacks with Tel Aviv, but is moving warships and other military assets to the Middle East.

Sir Keir, who has managed to strike the first trade deal with Trump, will want to leverage his “good relationship” with the US leader at the G7 to press for de-escalation in the Middle East, while he also hopes to use the summit to further discuss the further the interests of Ukraine with Trump and raise again the prospects of Russian sanctions.

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“We’ve got President Zelenskyy coming so that provides a good opportunity for us to discuss again as a group,” the PM told me on the flight over to Canada. “My long-standing view is, we need to get Russia to the table for an unconditional ceasefire. That’s not been really straightforward. But we do need to be clear about what we need to get to the table and that if that doesn’t happen, sanctions will undoubtedly be part of the discussion at the G7.”

Prime Minister Sir Keir Starmer (right) is greeted by Prime Minister of Canada Mark Carney as he arrives at Rideau Cottage in Ottawa
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Prime Minister Sir Keir Starmer (R) is greeted by Mark Carney as he arrives in Ottawa ahead of the G7

But that the leaders are not planning for a joint communique – a document outlining what the leaders have agreed – tells you a lot. When they last gathered with Trump in Canada for the G7 back in 2018, the US president rather spectacularly fell out with Justin Trudeau when the former Canadian president threatened to retaliate against US tariffs and refused to sign the G7 agreement.

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Since then, Trump has spoken of his desire to turn Canada into the 51st state of the US, a suggestion that helped catapult the Liberal Party beyond their Conservative rivals and back into power in the recent Canadian elections, as Mark Carney stood on a ticket of confronting Trump’s aggression.

With so much disagreement between the US and allies, it is hard to see where progress might be made over the next couple of days. But what these leaders will agree on is the need to take down the temperature in the Middle East and for all the unpredictability around these relationships, what is certain is a sense of urgency around Iran and Israel that could find these increasingly disparate allies on common ground.

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