and his supporters. we start with the troubled global banking sector. european markets have closed down more than three percent, spooked by a major sell off of shares in the swiss banking giant, credit suisse. coming days after the collapse of us based silicon valley bank, it s prompted fears of a full blown crisis in the sector. let s take a look at the damage at the close in europe today. shares in credit suisse plunged to a record low, falling 24%. that came after its biggest investor said it could not give the bank any more financial help. here in the uk, the insurer prudential tumbled 10%, and the high street bank barclays, 8%. the plunge by banking stocks left london s ftse 100 down almost 4% at its lowest level this year. it was the index s worst one day performance since the start of the covid 19 pandemic. taking a closer look at credit suisse today was the second day of sharp falls for its shares after the swiss bank yesterday disclosed that its auditor had identif
million limit on how much people can put in their pensions savings over 1.07 a lifetime before paying tax. that cap will now be scrapped. here s sir steve webb, former minister of state for pensions. people are being quite shocked because we got so used to the idea that tax breaks on pensions would be cut every year and prior to everybody, there was speculation of taxing limits and so on, and year after year, this is a screeching u turn. partly driven by the doctors. there is an argument that says senior doctors have been retiring early because of taxes and he seems to have dealt with that problem. here s the bbc s business editor, simonjack, on what the budget means for uk businesses. something they hoped. scheduled from april the 1st. that s the rate of tax paid on profits over £250,000.