Good evening. Ahead of tomorrow's Budget, we have analysis of the Chancellor's pension shake-up, as he seeks to encourage over-50s to return to the workforce.
Hunt plans to increase lifetime pensions savings cap
The number of people forced out of the labour market because of long-term sickness has hit a new record, as Jeremy Hunt prepares to unveil his “back-to-work” Budget. The Chancellor is planning to announce an increase to the lifetime pensions savings cap in Wednesday's Budget to between £1.5m and £1.8m. Tom Haynes explains how it could net retirees an extra £3,600 a month. Mr Hunt is also expected to announce an increase in the annual £40,000 savings cap and will tweak rules to encourage over-50s to return to the workforce, in a bid to boost the economy. Read this piece from Melissa Lawford for eight predictions for tomorrow's Budget.
Entire US banking system downgraded after Silicon Valley Bank chaos
The outlook for the US banking system is "negative" after a "rapid deterioration" in conditions for the institutions, Moody's has warned. The credit ratings agency downgraded its forecasts for the year following the collapse of Silicon Valley Bank and its peers Signature and Silvergate. The change in outlook comes despite a huge bounce back in regional lenders's share prices and Joe Biden attempting to reassure Americans that the banking system "is safe". Follow the latest news on our business live blog.
Day and Night Nurse among cold and flu medicines recalled over health risk
Common cough and cold remedies are being urgently withdrawn from the market and recalled on the orders of drug regulators. Our health editor Laura Donnelly reports that twenty products including capsules of Day Nurse and Night Nurse, as well as a host of medicines manufactured by Boots and other brands are being recalled because of concerns about a risk of anaphylaxis.
Evening briefing: Today's essential headlines
Gary Lineker | Ofcom has appeared to back Gary Lineker, calling on the BBC to balance impartiality with “freedom of expression”.
- Ukraine | Ukrainian army 'not strong enough for a spring offensive'
- Health | Mutation in bird flu virus moves it a step closer to humans
- TikTok | Minister orders GCHQ review over national security fears
- Crime | Eleanor Williams jailed for eight and a half years over rape and grooming lies
- BBC | Staff should avoid comparisons with Nazis and the Holocaust, say anti-Semitism groups
Comment and analysis
- Alan Cochrane | My verdict on the SNP leadership debate? A pretty desperate affair
- Ross Clark | Donald Trump looks set to shock the world again
- Petronella Wyatt | The Oscars are a bore – it’s all been downhill since 1929
- Matthew Lynn | The Tories’ latest blunder is about to devastate household finances
- Jeremy Warner | SVB collapse heralds end of free money tech boom
World news: Donald Trump vows to ban ‘critical race theory’ being taught in US schools
Donald Trump, who is running for president again, pledged to ban the teaching of so-called critical race theory in schools and keep transgender athletes from competing in girls’ sports.
Interview of the day
The new Hay Festival chief on booking Stormzy: ‘Why should anyone say it’s dumbing down?’
Julie Finch explains why pop stars are lending Hay stardust, the event’s ‘Left-wing’ reputation, and reinventing the literary festival
Sport news: Constitution Hill wins at Cheltenham
Constitution Hill demolished his Champion Hurdle rivals to register a quite brilliant success on day one of the Cheltenham Festival, writes Tom Ward. You can follow the latest action from the Festival on our live blog.
Editor's choice
Ukraine | The harrowing war crimes that may never be prosecuted
Money | What is the lifetime allowance, exactly?
Racing | 'If you own a horse and hit the jackpot – the rewards can be substantial,' says late Queen's godson
Business news: Heat pumps won’t work in old homes, warns Bosch
Heat pumps will not work for older UK homes which lack the necessary space and insulation, the UK boss of one of the largest makers of the devices has warned. Read the full story from Howard Mustoe here.
Tonight starts now
What this gut-health expert does every day to stay healthy | Top tips for better gut health, from daily walks to giving the probiotics a miss
Three things for you
- TV | The Holy Land and Us: Our Untold Stories, BBC Two, 9pm
- Health | The diet that could cut your dementia risk by nearly a quarter
- Cars | The £25,000 Tesla is already here: this is how to buy a good one
And finally... for this evening's downtime
Cunard: the most genteel cruise line at sea | Everything you need to know about Cunard, the luxury cruise line that harks back to a bygone age, including three classic voyages for 2023
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