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UK avoids recession, but living standards plunge, taxes rise - OBR
Britain's economy is forecast to avoid a recession in 2023, but living standards are still set to record their biggest two-year fall in seven decades, while the tax burden also increases for millions of people, the Office for Budgetary Responsibility said on Wednesday.
FTSE 250 movers: Bank, oil stocks Suisse rolled
FTSE 250: 18,602. 02, -2. 76% at 1340 GMT.
Europe midday: Rout in bank stocks as SNB rules out Credit Suisse rescue
European shares turned to a sea of red by midday as Credit Suisse shares plunged after its major investor ruled out any further financial support and trade in other large Continental bank shares were suspended.
UK's Hunt abolishes lifetime pension allowance
UK Finance Minister Jeremy Hunt said he was abolishing the lifetime pensions allowance.
EZ industrial production rises 0.7% in January
Eurozone Industrial production increased by 0. 7% in January, better than the 0. 4% expected, according to data released on Wednesday.
Europe open: Shares lower despite US, Asia rally; Eyes on UK Budget
European shares fell at the open on Wednesday despite strong showings in the US and Asia overnight.
Chemring orders rise, holds guidance
UK defence company Chemring Group reported a rise in orders and said 90% of expected 2023 revenue was now covered as it held full-year guidance.
UK govt u-turns to extend energy bill support scheme by 3 months
The UK government has bowed to pressure from campaigners and u-turned on plans to axe support for household energy bills as another price rise in April threatened to put some families into poverty.
Trainline sales surge as European routes open to competition
Online rail ticket seller Trainline said revenues surged 74% in its last fiscal year, driven by soaring international ticket sales as European routes opened up to competition, offsetting a UK performance hit by rail strikes.
Prudential FY profits rise as China Covid easing boosts sales
Insurer Prudential reported a better-than-expected rise in annual profit on the back of new insurance sales and said China’s relaxation of Covid restrictions had also provided a boost.