Tuesday evening news briefing: Hunt prepares back-to-work Budget

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 the share prices of regional lenders 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Common cough and cold remedies are being urgently withdrawn from the market and recalled on the orders of drug regulators.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”.

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