Portrait of the week: Bank failures, a ‘Budget for growth’ and a new Duke of Edinburgh

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Jeremy Hunt, the Chancellor of the Exchequer, delivered what he called a ‘Budget for growth’. He abolished the cap on savings for tax-free pensions and promised help with childcare costs. The Office for Budget Responsibility forecast a fall in inflation to 2.9 cent by the end of 2023 and a fall in GDP of 0.2 per cent. Twelve regions for new investment zones were named. Corporation tax would rise to 25 per cent but for small businesses capital expenditure would be tax deductible. Nuclear power and quantum computing would be encouraged; back pain and mental health problems discouraged. The pothole fund would grow. Holyhead Breakwater would benefit. Duty on alcohol went up, but duty on draught products in pubs would be less. Fuel duty remained frozen; subsidy of domestic energy bills would continue to the end of June. Defence spending would be nearly 2.25 per cent by 2025. The nine million cats in Britain must be microchipped by June.