Weekly Digest – 29 March 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

UK economy impacted by Brexit as severely as the pandemic

According to the Office for Budget Responsibility chairman, Richard Hughes, leaving the EU impacted the UK economy as badly as the COVID-19 pandemic, reducing output by around 4%. He also suggested that it’s comparable to other recent economic shocks, such as the energy crisis.

First Citizens Bank to buy US$72bn of Silicon Valley Bank assets at a discount

First Citizens Bank will acquire US$72 billion in assets from the recently collapsed Silicon Valley Bank, resulting in a 47% rise in First Citizens Bank shares. The deal includes 17 former Silicon Valley Bank branches, which opened their doors as First Citizens Bank branches on Monday.

Twitter source code posted on GitHub likely put there by ex-employee

Twitter is demanding that GitHub reveal the identity of the user who posted its source code on its platform and has filed a Digital Millennium Copyright Act (DMCA) takedown notice. The user with the username “FreeSpeechEnthusiast” posted the source code, which had been public for at least several months.

Crypto prices drop as CFTC sues Binance for violating trading rules

On Monday, the biggest crypto exchange in the world, Binance, was sued by the CFTC for violating trading rules, leading to a 3% drop in bitcoin and ether prices to $27,001.05 and $1,708.73, respectively.

Barclays increases Bank of England rate forecast to 4.5% and predicts ‘minimal recession’

Barclays has increased its forecast for the Bank of England’s benchmark policy rate to 4.5% following last week’s 25 basis points hike to 4.25% and unexpected inflation figures. They also raised their GDP forecast for the first three quarters of the year, indicating a “minimal recession” with a 0.3% year-on-year contraction in 2023.

British Airways cancels 300+ Easter flights due to Heathrow security staff strikes

British Airways has announced the cancellation of over 300 flights to and from Heathrow during the Easter holiday period due to strikes by airport security staff, which amounts to 5% of its schedule. The affected customers will either be booked onto alternative flights or fully refunded, while the strikes, over a pay dispute with Heathrow, will occur between March 31 and April 9.

Chair of Saudi National Bank resigns for ‘personal reasons’ after Credit Suisse controversy

The Saudi National Bank (SNB) chair, Ammar Al Khudairy, has resigned for “personal reasons” following his comments that sparked investor panic over Credit Suisse. The SNB, which was the largest shareholder of Credit Suisse, immediately replaced Al Khudairy with its chief executive without providing further details on the swift replacement.

Financial changes coming in April: tax and utility bill increases, benefit rule alterations, and more

Starting in April with the new tax year, various changes will affect your money, including benefit rule alterations, payment and wage increases, and utility bill hikes in gas, electricity, water, and broadband. Taxes, such as income tax and council tax, will also be impacted, with direct effects on individuals’ finances. Learn more here.

Almost half the honey in the EU is fake

An EU probe has revealed that almost half of the honey imported into the EU, mainly from Turkey and China, is suspected of being adulterated with sugar syrups, which violates the EU Honey Directive

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