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Last Wednesday, Chancellor Hunt announced the UK’s Spring Budget. The plan announced major changes to pensions, among others, with the Chancellor lifting the limit on tax-free pensions savings, and increasing the annual tax-free allowance from £40K to £60K. He also announced predictions for inflation and growth going forward. His announcement that UK inflation would fall to 2.9% by the end of the year however, was met with much scrutiny.

Last week, the global banking world was rocked after Credit Suisse stocks fell to record lows, creating panic and widening fears of the start of ‘another 2008’. At the end of the chaotic week, UBS, Switzerland’s largest bank, has agreed to buy their long-time rival for over $3bn, following emergency talks between the banks and the country’s regulators. The deal has been praised by many, and the Swiss National bank sees it is a way forward to restore the recently lost confidence in financial markets.

The ECB faced a dilemma last week over its decision to move forward with a large interest rate hike amid fears over the strength of the banking system, after Wednesday’s heavy Credit Suisse sell-off, which wiped more than £75bn off the FTSE 100. The collapse of SVB and CS’ turmoil saw analysts wind back their expectations for the hikes. The bank did however, opt for the expected 50 basis point increase.