Budget Impact, 4% Brexit Hit & Wall Street Capital Win

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Chancellor Jeremy Hunt has handed millions of British workers a £10 billion a year tax cut paid for by stealing Labour's flagship policies and squeezing public services as he drew political battle lines for the upcoming election. (2) Britain's budget watchdog said a hit to the economy from leaving the European Union is unfolding as it expected. The Office for Budget Responsibility says its long-running prediction is "broadly on track" to show a 15% fall in trade and a 4% reduction in the UK economy's potential productivity compared to if the UK had stayed in the EU. (3) Wall Street banks are on the cusp of a sweeping regulatory victory after Federal Reserve Chair Jerome Powell signaled officials would scale back plans to make them hold more capital. (4) A missile strike on a commercial ship in the Gulf of Aden resulted in the first confirmed deaths of crew members since Houthi militants began a wave of attacks against commercial shipping in one of the world's busiest sea lanes. (5) Deutsche Bank has cut the bonus pool at its investment banking division by more than 10% after a slump in deals and a slowdown in trading last year. See omnystudio.com/listener for privacy information.