Heathrow's third runway and London 'gold shortage'

"It's boom or bust!" reads the Metro headline as it - like many of Thursday's papers - looks at Chancellor Rachel Reeves' "plan for rapid growth" as laid out in her speech on Wednesday. Her plans include backing for a third runway at Heathrow airport, and creating "Britain's Silicon Valley" between Oxford and Cambridge. The paper also says she have given the "green light" to Premier League's Manchester United's hopes of turning their stadium, Old Trafford, into a mega stadium with 100,000 seats.

The i paper splashes on the chancellor's "vision to ignite" the UK economy, but adds that, as well as tax rises later in the year, more public spending cuts cannot be rule out. According to the paper, sickness benefit cuts are also "likely", while businesses "push to water down" a new workers' rights law.

The Daily Telegraph says Heathrow's third runway will not be ready until 2050, according to Ryanair CEO Michael O'Leary. The paper quotes him as saying the airport will not get a new runway "in my lifetime and certainly not in [Reeves'] political lifetime", and adds his warning that the project would be delayed for decades for a number of reasons, including planning processes, engineering challenges and climate protests.

"Chancellor's Heathrow plan flies straight into turbulence", the Daily Mail says, referring to opposition to a new runway at the London airport. The paper says she faces opposition from a "top Labour donor" and Mayor of London Sadiq Khan, who has condemned the proposal. Like many of Thursday's front pages, the Mail also carries an image of actress Renee Zellweger, saying she "dazzles" in a strappy, floor-length dress at the London premiere for the latest Bridget Jones' instalment.

The Guardian calls the response to the chancellor's backing of a third runway "furious backlash" for reasons including climate obligations. But the paper notes the chancellor says the government will write up a policy in coming months to ensure that the new runway is "in line with legal, environmental and climate obligations". According to the paper, some Labour sources say this means the expansion will never happen as it would "trash" the government's emissions targets.

"The Reeves Revolution," is what the Daily Mirror calls the chancellor's "vision for growth". In her speech on Wednesday, she pledged a £78bn boost to what the paper calls the UK's "battered economy".

The lead story in the Financial Times reports there is a "gold shortage" in London following a surge of bullion shipments to the US, driven by fears of President Donald Trump's tariffs. According to the paper, traders have amassed an $82bn stockpile in New York. One industry executive tells the FT that "liquidity in the London market has been diminished", as the wait to withdraw bullion stored in Bank of England vaults, has risen from a few days to between four to eight weeks, due to the shortages.

Assisted dying campaigners will look at dropping the requirement of having a High Court judge sign off on deciding where or not people should be allowed to end their own lives, the Times says, over concerns for Britain's "struggling" court system. Under plans for England and Wales being looked at by MPs supporting the law change, a panel of experts, and not a judge, would make the decision on approving an assisted death. According to the paper, supporters of the bill say a panel is better suited to provide "proper scrutiny and safeguards" than the current plans.

The Daily Express leads on a poll it commissioned on Sir Keir Starmer and Brexit - saying it suggests that voters believe that the prime minister "can't be trusted". The paper says when questioned on whether the PM would "maximise" on the UK's departure from the EU, about "just 9%" said they trust him "a lot" to do so.

The Sun reports that police are investigating after a security guard was allegedly assaulted at former Manchester United footballer Nicky Butt's 50th birthday party. The paper says police are "questioning witnesses and scouring CCTV footage" from the venue.

The Daily Star focuses on Lord Mandelson - who has been nominated as the UK's ambassador to the US - highlighting his previous criticism of President Donald Trump. Lord Mandelson on Wednesday said his earlier comments about Donald Trump were "ill-judged and wrong".

Most of the front pages focus on Chancellor Rachel Reeves' backing of a third runway at Heathrow airport.

The Guardian and the Daily Mail warn the proposals have not gone down well within Whitehall and among environmentalists, with their headlines suggesting the expansion plans have hit "turbulence" already. The Daily Telegraph says "Heathrow will not be ready until 2050" and Rachel Reeve's flagship plan to revive the economy will face "decades of delays".

The i paper warns of an "economic headache" on the way with a £7bn hit to borrowing costs as a result of the proposals.

The Daily Mirror takes a more optimistic approach, describing the chancellor's announcement as "the Reeves revolution". Its report says the proposals will provide a near £80bn boost to the economy.

According to the Times, assisted dying campaigners are willing to back down on the requirement for a High Court judge to make the final call on whether people should be given medical help to end their lives. It says the move follows warnings from senior judges that the courts do not have the capacity to take on the expected caseload.

The report quotes a source close to the MP behind the bill, Kim Leadbeater, who says MPs were "looking carefully" at possible amendments to it. It notes that opponents consider the judge's decision a "key safeguarding element" of the bill, which affects England and Wales.

The Financial Times leads on an apparent gold shortage in the UK. The paper says $82bn (£66bn) worth of gold is being held in New York due to traders' fears that US President Donald Trump's wide-ranging tariffs could cover bullion. People familiar with the process say the wait to withdraw gold stored in the Bank of England's vaults has risen from a few days, to between four and eight weeks.

The Daily Telegraph says the taxpayer has spent almost £4m on clothing for illegal migrants over the past three years. The disclosure comes from a Freedom of Information request. The papers says the figures have prompted calls for migrants to reimburse the money, if they are granted the right to stay in the UK. The Home Office tells the Telegraph that dismantling criminal people smuggling gangs will save lives and drive down costs.

The Times says that a man it calls the "dozy diplomat" is being lined up to be the UK's ambassador to Nato. The paper says Angus Lapsley left classified documents at a bus stop in Kent in June 2021, showing the locations of British special forces personnel in Afghanistan.

It suggests Mr Lapsley is highly regarded in the Foreign Office, and was due to take on the role years ago before his security clearance was temporarily revoked as a result of the incident. There's no official comment but a government source is quoted as saying "we are pretty good at rewarding failure".

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