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5 Things You Need To Know, Today, on Thursday 16th March 2023
5. The US government says TikTok should be sold or else face a possible ban in the country.
The video-sharing app, owned by Chinese company ByteDance, is accused of posing a national security risk through data gathered from millions of users.
4. Stock markets across Asia fell this morning as troubles at international banking giant Credit Suisse intensified fears of a wider bank crisis.
Major indexes in Japan, Hong Kong and Australia fell by over 1% amid heavier losses in bank shares.
3. Troubled banking giant Credit Suisse says it will borrow up to 50bn francs ($54bn; £44.5bn) from the Swiss central bank to shore up its finances.
The lender said it was taking decisive action to strengthen its liquidity as it looked to become a simpler bank as it's shares fell 24% on Wednesday.
2. The lifetime limit on tax-free pensions savings will be abolished, the chancellor has announced. In addition, the annual tax-free pension allowance will rise to £60,000 from £40,000.
Jeremy Hunt said the changes would "stop over 80% of NHS doctors from receiving a tax charge" and incentivise "our most experienced and productive workers to stay in work for longer".
1. People face their biggest fall in spending power for 70 years as the surging cost of living eats into wages.
The government's independent forecaster said that household incomes - once rising prices were taken into account - would drop by 6% this year and next & living standards won't recover to pre-pandemic levels until 2027, it warned.