vendredi 27 mars 2026

How The Telegraph brought down NS&I boss

Ukraine kills off Putin’s plan to profit from Iran war | The easy switch to boost your Isa
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Friday, 27 March 2026

Issue No. 397

Good morning.

Yesterday, the chief executive of NS&I was forced out over a savings scandal exposed by The Telegraph. Harry Brennan, our Consumer Affairs Editor, takes you inside the story and explains how victims may still lose out on the money they are owed.

Chris Evans, Editor

P.S. Try a whole year of our journalism for just £25 in our Spring Sale. If you’re already a subscriber, make sure you’re logged in to read today’s stories.


 

In today’s edition

How Ukraine killed Putin’s plan to make billions from Iran war

Business owners turn on Labour after fresh attack from Reeves

Plus, the easy switch to boost your Isa

Spring Sale: Enjoy one year for £25

Enjoy full access to our free-thinking journalism for less than 50p per week

 

How The Telegraph brought down NS&I boss

Dax Harkins promised a turnaround for the state-backed bank, but failures have spiralled instead

Harry Brennan

Harry Brennan

Consumer Affairs Editor

 

He is gone. Just two days after The Telegraph ran its front page on the chaos that has unfolded at National Savings and Investments (NS&I), Dax Harkins, its chief executive, was forced out.

It was clear he was in trouble from the start.

On Tuesday, we reported that Britain’s savings bank had been accused of short-changing the families of deceased NS&I savers by losing track of investments, delaying payouts and withholding premium bond prizes.

We found that bereaved families had been forced to hire lawyers to obtain cash that was rightfully theirs, incurring thousands in additional costs because of failures at the taxpayer-backed bank dating back years.

It then became clear that the cost of the failings would run into the hundreds of millions, with ministers furious at the bank’s leadership.

It started to look like a scandal.

Then, yesterday, Torsten Bell, the pensions minister, admitted the truth to the British public for the first time. Up to 37,500 people have been denied £476m that is rightfully theirs, in failings dating back to 2008.

There will now be a monumental effort to trace and return the missing cash, with heavy hitters drafted in to sort out the mess.

Yet, there is more bad news. The families of dead savers face the insult of paying inheritance tax after being reunited with their money, while questions remain about whether separate compensation will be tax-free.

More than that, the reputation of Britain’s 160-year-old savings bank now lies in tatters. A former HMRC boss takes the helm for now, but who will dare to take up the mantle thereafter?
Continue reading

Our exclusive reporting on NS&I victims facing inheritance tax bills is available to subscribers only,
read the full story here

Go deeper with our full coverage of the NS&I scandal:

The boss who led Britain’s savings bank to chaos

...
and his replacement, the career civil servant who failed to fix HMRC’s customer service

‘My father-in-law died, then NS&I locked us out of his savings’

 

Opinion

David Frost Headshot

David Frost

Starmer is just the robotic face of a more dangerous British rot

An obsession with rules and a refusal to see that procedure is not just an algorithm – the PM is a reflection of how the state functions

Continue reading

 
<span style="color:#DE0000;">Sherelle Jacobs</span> Headshot

Sherelle Jacobs

The awful truth is that ‘toxic’ men might just have a point

Continue reading

 
<span style="color:#DE0000;">Sharron Davies</span> Headshot

Sharron Davies

IOC change protects only the elite, what about the rest of us?

Continue reading

 
Matt Cartoon
 

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In other news

Catherine Wieland was caught surfing and zip-lining while on holiday in Mexico

Iran must-reads

How Ukraine killed Putin’s plan to make billions from Iran war

The Kremlin has crowed over soaring oil revenues, writes Antonia Langford. However, Kyiv has struck its oil export terminals across the Leningrad region, sending plumes of smoke into the sky that were visible from Finland and inflicting the most severe disruption to Moscow’s oil supply in modern Russian history.
Continue reading

Go deeper with our full coverage of the Iran war:

Follow the latest updates on the conflict

Roland Oliphant: Trump needs troops to seize the Strait of Hormuz. These are his options

American troops forced to withdraw from Middle East bases

US president: UK aircraft carriers are toys

 

Your Essential Reads

The cult Nineties star on her faith, her struggles with fame and playing ‘catch’ with Elizabeth Taylor’s engagement ring

Patsy Kensit: ‘People have hurt me over the years’

Over Easter, Patsy Kensit will appear in BBC Two’s Pilgrimage, examining her Catholic faith. She tells Claire Allfree that nowadays “I tend to get anxious, and I can be a bit of a loner”. She also reflects on her 54 years in front of the camera and the intense media scrutiny that came with it, admitting she’s wondered if it was “the right choice”.

Continue reading

 

Business owners turn on Labour after fresh attack from Reeves

If Rachel Reeves had been hoping for a constructive meeting with supermarket bosses this week, she would have been disappointed. Following a slew of attacks on businesses, the Treasury was this week forced to postpone its supermarket roundtable when almost every grocery chief executive said they would not be attending. What appears to be a scheduling clash, according to insiders, is in fact a sign of the growing gulf between the private sector and the Government, as frustration grows at being “hauled over the rocks”.

For subscribers only

 

British-born TV personality Kari Wells was assaulted during a raid in her affluent Atlanta suburb

‘I left Yorkshire and found the American dream. Then I was held up at gunpoint’

By 2019, Kari Wells had everything she had always wanted – on paper, at least. She had emigrated from her native Yorkshire to the United States aged 22 to work in the ski industry in Aspen, Colorado, but managed to forge a career in TV. That same year, she was at a beauty salon when armed robbers burst in and hit her in the face with a butt of a gun. Days later she returned to her work on TV but, as she explains, “the aftermath was more traumatising than the event”, and this brutal event forced her to reevaluate her life choices.

Continue reading

 

Dave Davies has been hurt by Moby’s accusations but says he doesn’t bear him any ill will

Dave Davies: ‘The word transphobia didn’t even exist when we recorded Lola’

After trance star Moby branded The Kinks’ 1970 classic Lola as “transphobic”, “gross”, and “unevolved” earlier this week, Nicole Lampert speaks to the band’s lead guitarist Dave Davies. “Who’s Moby?” is his response to the criticism. Davies’s brother, Ray, has an angrier retort. As for Lola, the musician recalls when he first heard his brother’s composition: “It was fun and quite beautiful, about real people and real antics. There is nothing nasty about it.”

Continue reading

 

Seize the day

The easy switch to boost your Isa (and the common trap to avoid)

While you can’t control stock market dips, investors can at least opt for zero-fee providers, potentially saving thousands in the process. However, zero fee isn’t the same as “free”. Platforms need to make money somehow and unless you know exactly what the charges are, you could stumble into unexpected costs.

Continue reading

Here is another helpful article for you this morning:

  • Working out boosts collagen production and reduces inflammation, but without preventative measures, issues can develop. From runner’s face to swimmer’s sunburn, this is how exercise affects your skin.
 

Reviews of the week

Raye’s cinematic concept album is a towering achievement

Raye performs at Ronnie Scott’s

Raye performing at Ronnie Scott’s in London

Pop

Raye: This Music May Contain Hope

★★★★☆

Raye’s new album gives the impression of someone with the luxury of a free rein. If anyone has this gift, it’s the 28-year-old south Londoner. Her first album, My 21st Century Blues, netted her a record six Brit Awards in 2024. She can do what she wants. This Music May Contain Hope elevates her worldview to cinematic proportions. It’s a concept album of sorts: a dazzling jazz-pop odyssey that oscillates between heartache, messiness and optimism.
Read James Hall’s review

Pop

Paul McCartney: Days We Left Behind

★★★★☆

Paul McCartney’s first single in more than five years is a slice of unabashed nostalgia about his childhood in post-war Liverpool. Now 83, the ex-Beatle has returned with Days We Left Behind – a trip down memory lane guiding us through his early years, including his first meeting with John Lennon. Taken from McCartney’s forthcoming album The Boys of Dungeon Lane, which will be released on May 29, it’s more reminiscent of late-career Johnny Cash than prime Beatles. For Fab Four completists, it’s a must-listen.
Read James Hall’s review

Television

The Pitt

★★★★★

What was the last TV show you had to wait to watch? A drama that was coming that you just knew was going to knock your sofa-socks off? The Pitt is an American real-time hospital drama that has been winning awards for more than a year, but has only just arrived in this country. One reason for that is that HBO held it back for the launch of its new British streaming service. It’s well worth the wait.
Read Benji Wilson’s review

Theatre
Henry V
★★☆☆☆
Given that the world is on fire, the timing of the RSC’s revival of Henry V looks impeccable. We’re a far cry from the opening salvo of Nicholas Hytner’s regime at the National in 2003, starring Adrian Lester, which made the work richly responsive to the agonies around Iraq. Despite promising work from Alfred Enoch as the valiant king, both he and Tamara Harvey’s production lack essential urgency and vitality.
Read Dominic Cavendish’s review

 

From the fashion desk

Her Majesty’s favourites have done her proud

 

Your say

Airs and graces

Every weekday, Orlando Bird, our loyal reader correspondent, shares an off-piste topic that has brought out the best of your opinions and stories.

Orlando writes...
Well, it’s official: class remains one of the great British obsessions. At least, that’s what the response to The Telegraph’s new survey suggests. People have leapt at the chance to find out where they fit in, me very much included. How did I fare? Let’s just say I have work to do if I want to break into the elite.


 

Readers have been reflecting on their results and the vagaries of class more generally. One writes: “I started out as a working-class child. I attended grammar school but not university, and have had numerous jobs. Because my husband and I worked hard, we’ve gone from a council flat to a four-bedroom detached home with a third of an acre.

“Our joint income is just under comfortable, but I am good at money management, so we can afford two decent holidays a year. I still have a Sarf London accent.”


 

David Ward adds: “I grew up poor, but was something of an autodidact. With wise investment, I have acquired wealth. My speech and cultural interests lead people I meet to assume I am Oxbridge-educated. Now if I want to speak like the East End Cockney I used to be, I find it difficult to do so.”


 

For John Smith, meanwhile, “the class issue in Britain is still a mystery, even though I have lived here for more than 30 years (I’m originally from Down Under). Fancy being judged simply by the work your parents did, or whether you prefer opera to football.”


 

I also enjoyed this, from W L Nichol: “My nine-year-old wanted to do the test. She was delighted to be elite. I can only assume it’s because she is learning to play the violin, plays tennis and has a steady stream of passive income.”

Have you taken the survey? What did you make of your result? Send your responses here, and the best of the bunch will feature in a future edition of From the Editor PM, for which you can sign up here.

Please confirm in your reply that you are happy to be featured and that we have your permission to use your name.

 

Puzzles

Panagram

Find as many words as you can in today’s Panagram, including the nine-letter solution. Visit Telegraph Puzzles to play a range of head-scratching games, including PlusWord, Sorted, and Quick, Mini or Cryptic Crosswords.


 

Yesterday’s Panagram was FLYWEIGHT. Come back tomorrow for the solution to today’s puzzle.

 

Please let me know what you think of this newsletter. You can email me your feedback here.

Thank you for reading. Have a fulfilling day and I hope to see you tomorrow.

Chris Evans, Editor

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Telegraph Media Group Holdings Limited or its group companies - 111 Buckingham Palace Road, London SW1W 0DT. Registered in England under No 14551860.

jeudi 26 mars 2026

Putin profits as two wars become one

The battle to recover a £75m art collection looted by Nazis | Five things the BBC’s new director-general needs to fix immediately
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Thursday, 26 March 2026

Issue No. 396

Good morning.

It appears Donald Trump is finding ending the war more challenging than starting it after Iran rejected his 15-point peace plan last night and issued its own demands. You can catch up on those developments below.

Elsewhere, Adrian Blomfield, our Senior Foreign Correspondent, analyses the parallels between this war and the conflict in Ukraine. The upshot is that it is emboldening one man perhaps more than most: Vladimir Putin.

Chris Evans, Editor

P.S. Try a whole year of our journalism for just £25 in our Spring Sale. If you’re already a subscriber, make sure you’re logged in to read today’s stories.


 

In today’s edition

‘I tried to expose Epstein 20 years ago, but was silenced’

Five things the BBC’s new director-general needs to fix immediately

Plus, 12 daily habits to divorce-proof your marriage

Spring Sale: A whole year for just £25

Enjoy full access to our free-thinking journalism for less than 50p per week

 

Trump wants swift end to war – but two conflicts are becoming one

Donald Trump has reportedly told his advisers that he wants a swift end to the conflict with Iran.

The US president is seeking to conclude the fighting before May 14 when he is due to meet Xi Jinping in Beijing for talks that were postponed because of the war, The Wall Street Journal reported.

It comes after the Iranian regime mocked the US president’s proposed peace deal yesterday, prompting the White House to warn that Trump would “unleash hell” if Iran did not accept his terms.

Iran’s Revolutionary Guard Corp write a note on a missile – its ‘present’ for ‘foolish Trump’

In response to Trump’s proposed deal, Iranian negotiators have made a counter-offer, demanding that the US closes all of its bases in the Gulf and pays reparations for the attacks.

Meanwhile, it has emerged that Russia has begun arming Iran with drones, marking the first known transfer of lethal munitions from Moscow to Tehran since the war commenced. Below, Adrian Blomfield, our Senior Foreign Correspondent, discusses the growing link between the conflicts in Ukraine and the Middle East.

Adrian Blomfield

Adrian Blomfield

Senior Foreign Correspondent

 

Residents in Gulf cities once synonymous with stability and prosperity are now getting a taste of what it has been like to live in Ukraine for the past four years.

However, the growing convergence between the wars in the Middle East and Ukraine amounts to more than a shared fear of the skies.

Soldiers test fibre optic drones before using them on the front line in Ukraine

For Russia and China, Iran and Ukraine may be different theatres, but they form part of the same struggle – one pitting an authoritarian alignment against a weakening Western-led order.

A Russian victory in Ukraine, coupled with the chastening of Donald Trump in Iran, would sweep away the last vestiges of Western dominance and confirm the dawn of a new “multipolar” era.

On the battlefield, the overlap is already visible. Shahed drone fragments bearing Cyrillic markings have been found in Dubai while officials believe Russian satellite intelligence has helped Iran strike US bases in six Arab states. Drone swarm tactics honed in Ukraine, and observed by Iranian officers stationed in Crimea, are now being deployed across the Middle East.

Damaged building near Tel Aviv

Security forces and first responders gather next to a damaged building at a site struck by a projectile near Tel Aviv

The spillover is not just tactical. The war is straining Western missile stockpiles and reshaping the economic battlefield in ways that could ultimately favour Moscow and Beijing.

Yet, to mounting frustration in Europe, the US president continues to treat Iran and Russia as separate challenges, the former as a rogue regime to be punished, the latter as a partner-in-waiting to be indulged.

European officials maintain that by refusing to connect the two, Trump risks strengthening Russia even as he weakens Iran – with profound consequences for European security and the future of the West.

This piece of analysis is available to subscribers only.
Continue reading

Go deeper with our full coverage of the Iran war:

Follow the latest updates on the conflict

Iran rejects peace plan and mocks Trump

Russia arming Iran with drones to bolster war effort

Royal Navy allowed to board Russian shadow fleet vessels for first time

 

Opinion

Allister Heath Headshot

Allister Heath

‘Experts’ hate Trump’s war on Iran. They’re making seven fatal errors

It is far too soon to conclude how this war will end, regardless of what Iranian propagandists and other appeasers would have us believe

Continue reading

 
<span style="color:#DE0000;">Michael Deacon</span> Headshot

Michael Deacon

Why is the National Trust so obsessed with race?

Continue reading

 
<span style="color:#DE0000;">Oliver Brown</span> Headshot

Oliver Brown

Premier League’s cupboard of superstars looks alarmingly bare

Continue reading

 
Matt Cartoon
 

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In other news

Your essential reads

A £75m collection looted by Nazis – and the family battling for its return

In March 1944, following Adolf Hitler’s invasion of Hungary, a young Jewish woman fled with her husband and children to the United States. The Herzog family escaped with their lives, but not with their prized art collection of 40 pieces of 19th-century splendour worth millions. Nazi soldiers stole the collection and after the war the pieces were eventually displayed in museums across Hungary. Eighty years later, her grandson David DeCespel is fighting to have the collection returned and he has a reason to believe he may succeed.

Continue reading

 

Vicky Ward, 56, wrote the famous profile The Talented Mr Epstein, which ran in Vanity Fair in March 2003

‘I tried to expose Epstein 20 years ago, but was silenced’

In 2002, British journalist Vicky Ward was commissioned to profile Jeffrey Epstein. Investigating the mysterious financier, she soon uncovered early allegations of sexual abuse from artist Maria Farmer and her teenage sister, Annie. As Ward dug deeper, Epstein’s chilling intimidation campaign began: he threatened to put a curse on her unborn twins and have her husband fired. When the magazine piece finally went to press, the sisters’ testimonies had vanished...

Continue reading

 

Five things the BBC’s new director-general needs to fix immediately

Matt Brittin

Matt Brittin, 57, has worked at Trinity Mirror, Sainsbury’s and Google

Matt Brittin, the former Google chief, was announced as the next director-general of the BBC yesterday. Clearly the corporation hopes that Brittin, who has never run a broadcasting company, will bring an outsider’s perspective on how to steady the ship. Melissa Twigg runs through the five things he needs to do to fix the Beeb.

Continue reading

 

Yehudis Fletcher, 38, had been suppressing feelings about her sexuality since puberty

‘I was an ultra-Orthodox Jewish wife living a secret life as a lesbian’

Yehudis Fletcher was a strictly Orthodox wife and mother living in Stamford Hill when she first kissed a woman on the dancefloor of a lesbian club in Soho. For the next 10 years she lived her traditional life by day, and secretly frequented gay clubs by night. Here’s how her two worlds eventually collided…

Continue reading

 

Thames shipwreck loaded with explosives is ‘sitting duck’ for drone attacks

1. Piloted sabotage drone approaches sunken vessel in the Thames Estuary’s no-fly zone
2. Drone detonates, toppling mast into ship’s cargo that could trigger explosives

In Ukraine and the Middle East, drones have revolutionised warfare. Now they represent a threat to a sunken Second World War ship packed with explosives in the River Thames. Last year, a no-fly zone was imposed over the SS Richard Montgomery amid fears that it had become vulnerable to possible sabotage by unmanned aircraft. The damage from a strike would be devastating.

For subscribers only

 

Tim Coles with his mother, Freddi, who died shortly before her 94th birthday after being diagnosed with Alzheimer’s 20 years earlier

‘I never told my mother she had dementia. She lived with it for 20 years’

According to my mother’s death certificate, she died last year aged nearly 94 of a respiratory tract infection and dementia, writes Tim Coles. Though I did wonder if dementia really had anything to do with it. One thing’s for sure: Mum had been diagnosed with Alzheimer’s 20 years before, yet she never knew. I never told her; her doctors and nurses, hearing specialists, eye consultants and, latterly, care home staff, not to mention friends and family, all played ball too. Despite not having met anyone else who has taken this approach, I’m sure that for my mother, Freddi, it was the right one.

Continue reading

 

Seize the day

How to buy and wear: High-street jeans

The Telegraph’s Fashion team reveal the cuts, washes and details that separate great denim from the rest

The search for the perfect pair of jeans can feel endless, with the right cut, fit and wash often proving surprisingly elusive. The Telegraph’s Fashion team has scoured the high street for the most flattering, premium-looking jeans this season – including plenty of alternatives to tempt you, even if you rarely stray from your go-to pair.

Continue reading

Below is one more article for you this morning:

  • From the best way to resolve an argument to rebuilding physical intimacy, a couples therapist shares 12 daily habits to divorce-proof your marriage.
 

Inexplicable

‘Was the perfect line of lights I saw in the night sky UFOs?’

Every week, Sarah Knapton, our Science Editor, and Joe Pinkstone, our Science Correspondent, demystify your supernatural experiences. From ghoulish encounters to bizarre coincidences, there’s always a scientific explanation and nothing is as strange as it seems.

“Walking home one evening a few years ago I spied what looked like a perfect line of lights far away in the sky.

“It almost looked like planes were flying in the sky in tandem. I joked to my husband that they might be UFOs and didn’t think much of it until I saw someone recently on social media saying they believed in UFOs because they’d seen something exactly the same in the skies over Arizona as a child.

“Now, I’m pretty sure it wasn’t a line of UFOs preparing to invade earth, but I’d love to know what it actually was. I don’t think they were drones as they were really really high up in the sky – as high up as an aeroplane – and appeared to be moving very slowly in a perfect line.

“Can you help? Many thanks!”

– Bianca

 

 

Sarah and Joe answer...
The timing of these two sightings is interesting, because it suggests that there are actually two separate things going on here.

Bianca’s line of lights moving across the night sky in tandem is almost certainly a Starlink satellite train, launched by SpaceX.

The first Starlink train was spotted by amateur astronomers on May 24, 2019 following SpaceX’s first internet constellation launch, which means that what Bianca saw cannot be what the social media user saw, unless they are extremely young.

So what else might cause a line of lights in the sky over Arizona?

The most famous incident of a similar phenomenon occurred in 1997, and is known as the Phoenix Lights case.
Read the full answer here

Plus, send in your questions for Sarah and Joe here

 

Your say

National distrust

Every weekday, Orlando Bird, our loyal reader correspondent, shares an off-piste topic that has brought out the best of your opinions and stories.

Orlando writes...
The National Trust hasn’t had an easy ride on the Letters page of late. I doubt anyone wanted it to come to this. It’s one of those institutions – the Church of England and the BBC also spring to mind – that has played an important part in many readers’ lives for decades, so the criticism comes from a place of care.


 

However, Alan Phizacklea, did not mince his words after reading Charles Moore’s article on the Trust’s latest ad campaign: “I have been concerned for some time that it is moving away from its core function and was prevaricating over whether to remain a member. Now see just how far it has strayed. I shall not be renewing my membership in June.”


 

Francis Charig added: “After several decades of membership, my wife and I feel increasingly distanced from the National Trust. Hilary McGrady, the director-general, asserts that the organisation is ‘here for everyone’.

“In practice, it often appears to be here only for those who subscribe to a revisionist interpretation of Britain’s past and view the country through a lens of suspicion or disdain. Longstanding members who value the conservation of our historic buildings, landscapes and traditions – without ideological overlay – are left wondering when the Trust ceased to be a custodian of heritage.”


 

Another concern is the treatment of volunteers and, again, readers speak from experience. “Four weeks ago,” wrote John Davenport, “my wife retired from her role as a tour guide at the Birmingham Back to Backs houses in the city centre.

“In addition, she was one of the founder members of a group of volunteers who made arrangements for people living with dementia and their carers to visit the site, for which they received a national award. Nobody from the management has taken the time to telephone or email my wife to thank her for her contribution over the years.”


 

Meanwhile, Judith Miers said: “years ago, the National Trust wished to make a promotional video. The late-lamented Clandon Park House was chosen. My mother and her friend were room stewards. They were cast as visitors, and a more glamorous woman was to ‘show’ them the treasures they already knew so much about.”

Is the National Trust losing its way? Send your responses here, and the best of the bunch will feature in a future edition of From the Editor PM, for which you can sign up here.

Please confirm in your reply that you are happy to be featured and that we have your permission to use your name.

 

Puzzles

Panagram

Find as many words as you can in today’s Panagram, including the nine-letter solution. Visit Telegraph Puzzles to play a range of head-scratching games, including PlusWord, Sorted, and Quick, Mini or Cryptic Crosswords.


 

Yesterday’s Panagram was CONNECTED. Come back tomorrow for the solution to today’s puzzle.

 


Thank you for reading. Have a fulfilling day and I hope to see you tomorrow.

Chris Evans, Editor

P.S. I’d love to hear what you think of this newsletter. You can email me your feedback here.

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Telegraph Media Group Holdings Limited or its group companies - 111 Buckingham Palace Road, London SW1W 0DT. Registered in England under No 14551860.