Budget Day is threatening to be overshadowed by news from Germany, where Angela Merkel has reportedly told party colleagues that she will not stand for re-election as leader of her ruling CDU party after more heavy losses in regional elections in Hesse yesterday. Merkel has held the post of CDU chairwoman since 2000 – while she will remain as Chancellor for the time being, this will fire the starting gun for the race to succeed her. Against all odds, will May manage to outlast Merkel?

UPDATE: Merkel intends to remain chancellor until her fourth term ends in 2021, her spokesman Steffen Seibert said.