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5 Things You Need To Know, Today, on Tuesday 13th March 2023
5. The shopping habits of clean-living consumers are reflected in changes to the basket of goods and services used to calculate the rising cost of living.
Alcopops have been removed whilst frozen berries, used to make fruit smoothies, and Electric bikes are included, the Office for National Statistics (ONS) has said.
4. A US court has ruled that "gig" economy giants including Uber and Lyft can continue treating their workers as independent contractors in the state of California.
Labour groups and some workers had opposed the measure, saying it robbed them of rights like sick leave.
3. Bank shares in Asia and Europe have slumped, despite reassurances from the US president that America's financial system is safe following the collapse of two US lenders.
The falls come after authorities moved to protect customer deposits when the US-based Silicon Valley Bank (SVB) and Signature Bank collapsed.
2. Jeremy Hunt has announced he would create 12 "investment zones" in England to spur the regional economy outside London, a scaled-back version of a policy announced under former prime minister Liz Truss.
Ahead of Hunt's annual budget on Wednesday, the finance ministry said each of the zones will be backed by 80 million pounds spread over five years that can be directed towards tax relief for businesses, training and infrastructure.
1. HSBC has bought the embattled UK arm of Silicon Valley Bank (SVB UK) for a £1, securing the deposits of more than 3,000 customers worth £6.7bn.
The Bank of England, which had been preparing to bring the bank into an insolvency process, said all depositors' money with SVB UK was safe and secure as a result of the purchase.