The Papers: Prison release scheme and the pound surges

The Times leads on government plans to free thousands of prisoners early to ease chronic overcrowding in jails in England and Wales. It says the measure is only expected to apply to those serving less than four years, and after they have served 40% of their terms. It will not include inmates convicted of serious violence, sexual or terror-related offences, as well as some domestic abusers, the Times reports.

The Daily Telegraph also leads on the prisoners-release plans - but chooses to highlight the fact that some prisoners serving terms for violence will be eligible to be freed, so long as they have been jailed for less four years. It adds the prime minister is seeking "exemption categories" for those deemed high-risk.

The Daily Mail opts to focus on the Tory response to the prison plans, accusing the government of "scare tactics". Claims the overcrowding crisis could trigger a breakdown in law and order within weeks were blasted as "shameless scaremongering" by the opposition, it reports.

The Financial Times focuses on the rise in the value of the pound on the foreign currency markets. Sterling surged to its highest level against the dollar in a year after the UK economy grew at double the expected rate in May, it reports, "providing an early boost to the new Labour government" and its "growth agenda".

The i says Sir Keir Starmer is facing a "mutiny" from his backbench MPs on the two-child cap on child benefit payments. The rebels hope to force him into a concession on the measure, it explains.

Politicians and campaigners are condemning proposed water bill rises for England and Wales, reports the Guardian. They have accused the regulator of "showing contempt" to customers affected by poor service, sewage dumping and leaks, the paper says.

The Daily Express is calling for a ban on the sale of crossbows. Its appeal follows the killing of three people in Hertfordshire and comes in a story that suggests its reporter was able to buy one too easily. It is currently legal for adults to buy and own a crossbow.

Metro looks ahead to England's Euro 2024 final against Spain on Sunday - highlighting the personal message sent to the squad by King Charles. "May you reign over Spain," reads the paper's headline.

And the Daily Star's front page carries a photo of a cat it describes as a "lookalike" of England player Phil Foden. It suggests readers rub its paws to bring the Three Lions luck in their Euro 2024 final.