Some of the country’s biggest investment managers have sent a stark signal to Labour MPs.

They worry that any attempt to oust Keir Starmer as PM could rattle the markets, weaken the pound and risk a Truss-style shock. As Labour Together, the group that campaigned for Starmer’s leadership, tests the waters for potential successors, Sam and Anne unpack what’s happening inside the party.

In Downing Street Starmer hosts a high stake gathering with Volodymyr Zelenskyy, Emmanuel Macron and Friedrich Merz, as Donald Trump publicly pressures Ukraine to accept his peace terms. Sam and Anne look at what could be unfolding behind closed doors.

Plus, in Clacton, Nigel Farage has been reported to police over his electoral expenditure. Reform UK denies the claims.

How vulnerable is the British state from Russian attacks?

Sam and Anne discuss how the government will fund the additional defence spending and the rumblings of some unhappiness in the British deep state.

Away from defence, Sam hears of some tensions building between No10 and No11 over the handling of the budget as a formal leak inquiry is launched.

Plus, is the government machine grinding to a halt?

With reports that Nigel Farage expects to do a deal, or even merge, with the Conservatives before the next election – is it game over for the Tories or Reform?

Sam and Anne discuss what this potential pact could mean for the right of British politics and whether the move will be seen as weakness from Mr Farage, in essence admitting that he can’t sweep to power alone.

Away from party politics – Anne has the latest on the seemingly never-ending talks to stop the fighting in Ukraine.