£4.7 billion black hole in defence | Trump’s crypto billions | Serena Williams out of Wimbledon

Cheat Sheet with Ridge & Frost · Jul 1, 2026 · 10:22

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Funding for the armed forces is set to rise by £15 billion over the next four years- but the Treasury has confirmed that only £10.3 billion of that has been costed for.

Also today… Trump has made more than $1bn last year from business dealings in cryptocurrency, the energy price cap rises, and a Jamaican delegation will travel to the UK seeking slavery reparations from Britain.

And finally, tennis legend Serena Williams has been knocked out of Wimbledon in her first Grand Slam appearance since 2022.

Sophy and Matt have the day's news in just 10 minutes.