In today’s newsletter: ​The local tax remains based on property values from 1991. Now, with services stretched, ministers face the near-impossible task of rewriting the rulesGood morning. Britain’s fiscal outlook is bleak. The chancellor, Rachel Reeves, faces the daunting task of closing a £40bn black hole in the public finances.There is intense speculation over how she intends to, as runs that oft-used phrase, balance the books. This week, my colleagues have reported that the chancellor is considering a new “proportional” property tax. It would mark a radical overhaul of stamp duty and council tax.Ukraine | Donald Trump ruled out the deployment of American troops in Ukraine in his first interview after yesterday’s White House meeting with the Ukrainian president, Volodymyr Zelenskyy, and European leaders.UK news | Keir Starmer’s asylum plans have been plunged into turmoil after a high court ruling blocked people seeking refuge from being housed in an Essex hotel.Gaza | Israel has said it will deliver its response to international mediators by Friday over a new Gaza ceasefire plan accepted by Hamas amid mounting pressure for