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The famous red briefcase had its annual outing this week when George Osborne announced the UK’s budget for 2012. Osborne was keen to portray Britain as a welcoming home for investors, labelling the budget “unashamedly pro-business” whilst slashing corporation tax by two percentage points and cutting the top-rate of income tax from 50p to 45p. However, it was Osborne’s proposals regarding pensioners that generated the most controversy, with Thursday’s press dominated by criticism of Osborne’s alleged “granny tax” – a controversial freeze on tax allowances for pensioners.

This week George Osborne unveiled his budget; Steve Webb received pensions plaudits; and Andrea Orcel and Jonathan Moulds departed Bank of America.

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David Thomas

Bank of America

Fnality CEO Michelle Neal: ‘Banks are open to integrating blockchain-based payments’  

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Trading Places: Barclays hires new M&A boss, Julius Baer restructures again

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Find out who is on the move in the City and beyond this week

HSBC hands Blackburn top risk role as shake-up continues

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The UK lender has given the leading compliance job to a 20-year veteran

Barclays hires Centerview dealmaker Woeber to lead global M&A

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The UK lender has tapped a veteran dealmaker to head up a key area of growth

Once an heir apparent for Larry Fink, Wiedman now tops the list of potential successors to PNC chief Bill Demchak.

PNC Names Former BlackRock Star Mark Wiedman as President

The European Union has a plan to counteract the swathe of tariffs U.S. President Trump is planning to impose on foreign goods, European Commission President Ursula von der Leyen said.

EU Has Plan to Retaliate on U.S. Tariffs, Von der Leyen Says

The Japanese investment firm is entwining its fortunes with a company that expects to lose billions of dollars for years to come, in the hope that it will emerge as the leader in AI.

How Is SoftBank Funding Its Mega Investment in OpenAI? A Lot of Debt

The BlackRock CEO says he wants individuals to have better access to the menu of private and illiquid investments that have long been core holdings of pensions, endowments and other institutions.

Larry Fink Says Regular Americans Need Private Assets Too

The prospect of a radical escalation in the global trade war in the coming days has nearly doubled the probability of a recession in the U.S. economy in the next 12 months to around 35%, according to Goldman Sachs.

Goldman Sachs Lifts U.S. Recession Probability to 35%

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