Wednesday briefing: Is Rachel Reeves about to overhaul the dreaded council tax?

In today's newsletter: The local tax remains based on property values from 1991. Now, with services stretched, ministers face the near-impossible task of rewriting the rules

Good morning. Britain's fiscal outlook is bleak. The chancellor, Rachel Reeves, faces the daunting task of closing a 40bn black hole in the public finances.

There is intense speculation over how she intends to, as runs that oft-used phrase, balance the books. This week, my colleagues have reported that the chancellor is considering a new proportional" property tax. It would mark a radical overhaul of stamp duty and council tax.

Ukraine | Donald Trump ruled out the deployment of American troops in Ukraine in his first interview after yesterday's White House meeting with the Ukrainian president, Volodymyr Zelenskyy, and European leaders.

UK news | Keir Starmer's asylum plans have been plunged into turmoil after a high court ruling blocked people seeking refuge from being housed in an Essex hotel.

Gaza | Israel has said it will deliver its response to international mediators by Friday over a new Gaza ceasefire plan accepted by Hamas amid mounting pressure for a truce.

UK politics | A Reform UK-led county council has served its residents a plate of chaos" from the start of its leadership, according to its Conservative opposition.

Work | Older employees who are disturbed by younger, more boisterous colleagues in the workplace are not victims of age harassment, an employment tribunal has ruled.