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Good morning from the newsroom of the Financial Times.

Today is Tuesday, June 25th. Good morning from the newsroom of the Financial Times.

Today is Tuesday, June 25th, and this is your FT news briefing.

Calculations from a UK think tank show that Boris Johnson's proposed tax plan could cost as much as

20 billion pounds a year. The head of Instagram says shopping will become a core

part of the app's future and US President Donald Trump hits Iran

with new sanctions. Plus the F.T.'s Laura Patel explains what Istanbul's

repeat mayoral election means for a

Turkey's economy and the future for President Rajip Taip Erdogan.

I'm Mark Filipino and here's the news you need to start your day.

Boris Johnson's tax cut proposals

would cost the UK government as much as 20 billion pounds a year.

That's according to calculations by the Institute for Fiscal Studies.

Mr Johnson is the frontrunner in the UK Conservative Party leadership race,

and his plan would help the 3 million highest paid people in Britain.

The IFS found the tax breaks for high earners would cost about 9 billion pounds a year in reduced

tax revenues. It would also bring the number of high-rate

taxpayers to the lowest level in 30 years. Mr. Johnson has proposed lifting the

national insurance contribution threshold as well.

This would rebalance some of the tax cut.

...