Crimea

If you had asked board directors at the beginning of last week which of two situations – the stand-off between Russia and Ukraine in Crimea, and the forthcoming British Budget – was politically riskier, they would have chosen the first. But for a few insurers involved in the lucrative business of offering annuities to pensioners, Britain turned out to be the more perilous place after George Osborne, the UK chancellor, astounded them by announcing reforms that could cut the size of that market by 90 per cent.