Good evening. The IMF has warned that the global economy is in a "perilous phase" where the threat of a global recession is rising. We also have the latest on the junior doctors' strike, as a union insisted a 35 per cent pay increase is "not a tall ask".
'Severe' banking crisis threatens worldwide recession
The International Monetary Fund (IMF) has warned that rising interest rates could result in a severe banking crisis that could trigger a global recession.
In its latest World Economic Outlook, the Washington-based organisation predicted that the world now faces a one in seven chance of such a fate.
Pierre-Olivier Gourinchas, economic counsellor to the IMF, said: “In such a severe downside scenario, global GDP per capita could come close to falling – an outcome whose probability we estimate at about 15pc."
You can follow the latest news on our business live blog.
Meanwhile, Britain has been given the biggest economic upgrade of any G7 country after IMF forecasters were forced to concede they had been too gloomy.
Melissa Lawford explains why despite this, the UK is still expected to have the weakest performance of any large economy.
And Alexa Phillips has a piece on the tax cut that could help the Tories win the next election.
Junior doctors' 35 per cent pay demand is 'not a tall ask', insists union
Doctors across England began a four-day strike today which threatens to become the most troublesome in NHS history. The British Medical Association (BMA) has insisted that calls by junior doctors for a 35 per cent pay increase are not a "tall ask".
Dr Vivek Trivedi, the co-chairman of the BMA junior doctors' committee, said industrial action could be suspended if Steve Barclay, the Health Secretary, approached negotiations with a "credible offer".
Jamie Bullen has the Government's response to the pay demand here.
NHS chiefs fear that the junior doctors’ union is plotting to cause chaos for the next six weeks by striking after a series of bank holidays. And our Health Correspondent
Lizzie Roberts reports that junior doctors are claiming up to £10,000 tax-free in “life admin” expenses on the NHS - find out what "life admin" they are claiming it on by clicking here.
Tony Blair issues warning as Biden flies into Belfast
Sir Tony Blair has warned against putting "futile pressure" on the DUP to restore power-sharing in Northern Ireland, as Joe Biden flies into Belfast to mark the 25th anniversary of the Good Friday Agreement.
Labour’s former prime minister said the involvement of the US President in getting the devolved government back up and running is "positive", but "you have got to use the American influence on the process with care and with sensitivity".
The US president could be greeted by 60mph winds when he arrives in Northern Ireland this evening amid days of unsettled weather across the UK.
Our Europe Editor James Crisp has a piece on why Mr Biden is not the right man to convince the DUP to end its Brexit stand-off.
Evening Briefing: Today's essential headlines
Politics | Labour’s lead over the Tories has contracted to its narrowest margin since Rishi Sunak became Prime Minister, according to a new poll. Jack Maidment has more details on our politics live blog.
- Anne Keast-Butler | GCHQ names first female director
- France | Emmanuel Macron forces website to delete his ‘frank’ comments on Taiwan
- Net zero | BP backs project to store carbon under the North Sea
- Wigan | Businessman spared jail after seriously injuring young women in crash
- War | Moscow speeds up mobilisation - today's updates
Comment and analysis
- Cindy Yu | China’s super rich are voting with their assets
- Charles Moore | Musk should classify the BBC as the ‘state Church’
- Scyld Berry | If the IPL is so good, why does it need gimmicks?
- Suzanne Moore | Even the trans lobby can’t override biology in sport
- Oliver Brown | Step aside Rory McIlroy, Jon Rahm must carry Europe’s Ryder Cup torch
World news: Kentucky bank gunman was star athlete and finance graduate who turned rifle on colleagues
The man who livestreamed the murder of his colleagues in Kentucky was a finance graduate who had found out he was about to be fired from his banking job, sources have told US media. Andrea Hamblin has more on this story here.
Interview of the day
John Lydon on loving and losing Nora: ‘I don’t have self-pity – all it does is arm your enemies’
As he releases a new album, the ex Pistol reflects on Vivienne Westwood, the 'spiteful' Sussexes and caring for his beloved late wife
Business news: Sacked CBI boss Tony Danker hits back over ‘distorted’ misconduct claims
The former boss of the Confederation of British Industry (CBI) has criticised a decision to fire him as the business lobby group grapples with a "devastating" sexual misconduct scandal. Tony Danker said he only learned of his dismissal this morning and claimed that some of the allegations against him had been "distorted". Matt Oliver has more on this story here.
Editor's choice
Technology | How the great home working experiment fell apart
Road safety | The pothole crisis is a peculiarly British phenomenon
Motor Neurone Disease | ‘I was handed a death sentence – but 20 years on, I’m still here’
Sport news: Why Leicester have hope with Dean Smith in charge
Dean Smith was preparing for a relaxing weekend in Augusta but is now returning to the chaos of a Premier League relegation battle. Though Leicester interviewed other candidates, John Percy explains why there is a sense that Smith will be the calm, assured presence they need.
Three things for you
- TV | Colin From Accounts, BBC Two, 10pm; not NI
- Review | Beau is Afraid puts Joaquin Phoenix through a punishing arthouse endurance test
- AI | Can you spot the ‘fake’ picture? Take our quiz and learn how to beat an AI artist
And finally... for this evening's downtime
Britain’s other heather-filled highlands – without the midges | Don’t keep going north next time you’re on the M6 – turn right to this location and you'll have a miniature Scotland all to yourself
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