After a week of frantic negotiations UBS agreed to buy Credit Suisse for $3.25bn, the Financial Times reports. The paper says the historic deal followed five days during which the Swiss establishment raced to end a deepening crisis that threatened the country’s second largest lender.
Sources suggest the UK has moved past its technical recession with first-quarter growth surpassing that of the US and Eurozone, a positive development for Rishi Sunak.