Tensions are running high and the prospects of a devastating conflict are rapidly escalating. Joe Biden last night said Vladimir Putin had begun to invade Ukraine and was preparing to advance deeper into the country, potentially bringing "untold suffering to millions of people" in an all-out war.

       The US president announced plans to "cut off" the Russian government from Western financing, but kept the "mother of all sanctions" in reserve - while Donald Trump, the ex-US president, called Mr Putin a "genius".

       As the G7 plots more moves (read the sanctions imposed by the UK so far), Foreign Secretary Liz Truss insisted "nothing is off the table". Follow live updates.

       Western officials increasingly believe that Mr Putin wants to launch a full invasion, but the Russian president said it was "impossible to predict" how far his troops would go into Ukraine.

       On the home front, households are threatened with even higher energy bills after the invasion intensified the inflationary forces worldwide - and house prices could suffer. From cyber attacks to investment volatility, this is what war in Ukraine could mean for you.

       After 20 years in power, Mr Putin appears to be channelling his inner Bond villain to the extreme. Mark Galeotti examines if he is mad, brilliant - or somewhere in between.

       In this fascinating analysis, Senior Foreign Correspondent Roland Oliphant looks at why the Russian leader is obsessed with Ukraine.

       And Guy Kelly explores what three striking pictures tell us about Mr Putin's grip on power.

       PS: Join the conversation on sanctions with our expert journalists on Twitter Spaces directly after Prime Minister's Questions at 12.45pm.

       No student loan for maths and English exam fails

       It will be the biggest shake-up of higher education funding in a decade. Pupils who fail maths and English GCSEs will be banned from taking out student loans, under government plans. Ministers will publish proposals this week, including the return of student number controls, aimed at limiting the cost of universities to the taxpayer and cracking down on low-quality degrees that saddle students with debt but add little to their job prospects. Education Editor Camilla Turner reports that it reflects a rowing back on policies pioneered by New Labour and the coalition governments which sought to encourage students to go to university.

       Move over, Land Rover Defender - a 4x4 fit for today

       When the Land Rover Defender went out of production in 2016, after 68 years, it was due to a lack of demand. Now there is a new offroader in town (and country). When it hits the dirt tracks later this year, the Ineos Grenadier, an eagerly awaited utility 4x4 (as opposed to a "lifestyle" SUV), aims to take up where Land Rover's Defender left off: in the rough, tough world of construction, utilities, agriculture, armed forces and rescue services markets. Andrew English test-drives the ￡48,000 vehicle, which could be the ultimate offroader fit for the 21st century.

       Daily dose of Matt

       View Matt's latest cartoon as he imagines the impact of Russian sanctions... on British B&Bs.

       Also in the news: Today's other headlines

       'Partygate' | Scotland Yard has questioned under caution those who attended Downing Street lockdown parties, a leaked document reveals. It means Boris Johnson could have become the first Prime Minister to be questioned under caution by the police. Crime Correspondent Martin Evans reports the document appears to be a copy of the questionnaire issued by the Met to those accused of attending the gatherings.

       Stand-off | Police car hits gunman who took Apple store hostages Covid | Wuhan lab leak theory 'accepted as likely inside No10' 'Virtual wards' | 25,000 hospital patients to be treated at home Bonuses | Water chiefs 'rewarded for failure' despite river pollution BP | National Portrait Gallery and Scottish Ballet sever links Around the world: Public turn on Ardern

       What began as a spontaneous, hodge-podge attempt to ape the trucker protests seen in Canada has turned into something more organised in New Zealand. Freedom Convoy demonstrations against Covid vaccine mandates have grown into a wider expression of frustration with the country's rules. Read Amanda Sexton's dispatch from Wellington on how protesters are taking aim at prime minister Jacinda Ardern.

       Comment and analysis Nile Gardiner | Putin wouldn't be invading if Trump was in power Philip Johnston | This may be PMs finest hour, before real pain hits Allison Pearson | Hardest thing is to remember who we were before Iain Dale | Starmer can't be forgiven for backing Corbyn for PM Reader letters | West must robustly reverse complicity over Putin Editor's choice 10 days off for a cold? | What would really happen if we changed our approach Alistair Sooke review | Surrealism gets 'uncancelled' at the Tate Modern Lisa Armstrong | The nine most elegant looks from London Fashion Week Sport briefing: League holders on the march

       Kai Havertz and Christian Pulisic hit the net as Chelsea produced a fine last-16 first-leg victory at Stamford Bridge - with club-record ￡98million striker Romelu Lukaku an unused replacement. Read our match report on the 2-0 win over Lille. And, as Uefa looks set to strip St Petersburg of the Champions League final as political pressure on football to take a stand intensifies, Sam Wallace argues why it must move the match.

       Business briefing: Record inheritance tax revenues

       The Treasury has raked in an extra ￡700m from inheritance tax since last April after the housing market boom and Rishi Sunak's decision to freeze thresholds lifted the levy's revenues to an all-time high. The public purse was bolstered by a 16pc increase in inheritance tax receipts in the financial year to January. Tom Rees explains how the Chancellor is expected to raise billions more from people passing on their wealth in coming years. Meanwhile, Britain's new privacy tsar will end the era of "regulations for regulation's sake" in a decisive break from EU data rules.

       Tonight's dinner

       Sweet potato and ginger soup with mint and lime crème fra？che | A sweet, spicy soup by Diana Henry with cooling yoghurt for swirling through. View the recipe. For more, try our Cookbook newsletter.

       Travel: 10 reasons to book a holiday in Australia

       After a two-year hiatus, you can finally visit Australia again. But where to start? With so much on offer, the issue for travellers whose wanderlust has been stirred by the thought that the destination is back on the map is where to go - and when to book. How do you best get a feel for this vast country and its friendly, yet rivalrous locals? Nick Trend has 10 different approaches to making a trip Down Under as memorable as possible.

       And finally... for this morning's downtime

       'It was rotten, it was putrid' | With blistering heat, extremely realistic props and crazed actors, creating The Texas Chainsaw Massacre was an endurance test like no other. Now, 48 years on, Tom Fordy examines how the horror classic almost killed its cast.

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