Papers reflect on Korea's rocket

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As the Independent says, North Korea sent a "rocket-powered two fingered salute" to the world when it fired its missile through Japanese airspace.

Most of the papers agree it presents President Obama with his first test of nerve on the international stage.

The Times describes how the news was broken to the President in the early hours of the morning in Prague.

The Daily Telegraph warns him North Korea is a part of the world where an appeal to reason will fall on deaf ears.

Forecasting error

Alistair Darling's admission he underestimated the severity of the recession is highlighted on the Daily Telegraph's front page.

The paper says the chancellor's budget will include an indication of the need for tax rises to plug a multi-million pound black hole in public finances.

The Financial Times also casts a critical eye over Mr Darling's remarks.

It says the Budget later this month will lay bare the biggest forecasting error by a Chancellor in modern times.

MPs' expenses

Senior ministers including the home secretary and the transport secretary, are again subjected to fierce scrutiny over their expenses.

There's a detailed list of receipts for fixtures and fittings at Ms Smith's Worcestershire home - including the proverbial kitchen sink.

"Don't forget your toothbrush Jacqui" is the Daily Mail's withering headline.

The Sun says all MPs must be shaking in their boots as they await publication of all of their claims this summer.

Winner

After the excitement of the Grand National, the Daily Express reports that not everyone missed out on a payout from backing a rank outsider.

The 100 to one long shot, Mon Mome, is pictured enjoying his homecoming party in Herefordshire.

The people of Ross-on-Wye are also looking happy.

Local bookmakers said they'd been besieged with bets for the local hero, and the winnings were running into tens of thousands of pounds.