The Papers: 'Don't cap food prices' and '20ft from WW3'

Key developments are emerging from the global stage. 'Don't cap food prices' and '20ft from WW3'12 minutes ago Share Save Add as preferred on GoogleA backlash against the government's floated proposal to cap food prices leads the Daily Telegraph, topping with Bank of England Governor Andrew Bailey's warning it could be "unsustainable" and "risked backfiring". Addressing MPs at a select committee, Bailey says the measure would mean "effectively artificially moving prices relative to costs", creating what another official calls a "highly distorted" economy, the paper writes. A cheering Prince of Wales also appears on the front page under the caption "William wills Villa to victory", as he celebrates Aston Villa's 3-0 victory against Freiburg.

The Times' main story also headlines with the Bank of England chief's "attack on freezing food prices". Meanwhile, the paper features a photo handed out by the family of three sisters who drowned at Brighton beach on 13 May. Their father, who is also pictured with them, says they were his "joy and strength", the paper reports.

The Details

"Supermarkets backlash forces Reeves into U-turn over grocery price caps" is the Financial Times' headline. Citing two people "with knowledge of the situation", the paper says the chancellor backed down on the proposal following fierce criticism. It quotes Marks & Spencer's chief executive, Stuart Martin, who says the supermarket chain "already made losses on milk, bread and bananas".

"Ministers in talks with UK supermarkets to help cut food costs for shoppers" the i Paper writes as the government abandons plans for "voluntary price caps". The Daily Mirror reports on the government's planned cost of living reprieve, writing "shoppers could save on food staples like baked beans, crisps and margarine" after Reeves announced she would "cut tariffs on more than 100 items and kids will get free bus rides throughout August". Andy Burnham, Labour's candidate in the forthcoming Makerfield by-election, "is understood to be supportive of the home secretary's attempts to limit both legal and illegal migration", the Guardian reports, citing those close to his election campaign.

"20ft from World War 3" is splashed across the Sun, reporting that "Russian pilots risked World War Three by flying 20ft from an RAF jet" over the Black Sea. The paper calls it a "near miss" and "close call" on the front page, quoting Defence Secretary John Healey who condemned the "dangerous behaviour from Russia". "Putin jets menace RAF plane with 'crazy Ivan' stunt" is the Daily Mail's take on the incident, apparently referring to a Soviet-era surprise manoeuvre where naval captains would turn sharply and rapidly.

It comes as "Labour was accused of funding Moscow's war machine against Ukraine by watering down sanctions on Russian oil", amid concerns about fuel price rises caused by the conflict in the Middle East. "Cheeky seagull splatters royal" is the Daily Star's caption on a photograph of King Charles III appearing to have bird droppings smeared on the back of his jacket.

The development has drawn wide international attention, with diplomatic circles watching closely.