Macron's Gamble: Snap Elections, Labour's Pension U-Turn, and Port Talbot Deal

Britain's Labour Party has scrapped plans to reintroduce a pensions lifetime allowance, favoring wealthier savers. Shadow Business Secretary Jonathan Reynolds plans to propose a better rescue deal for Tata Steel's Port Talbot site. French President Emmanuel Macron has called for snap parliamentary elections following Marine Le Pen's EU election win.

The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines

- Labour abandons plans to bring back lifetime cap on tax-free pensions savings - Labour to pledge better deal for Port Talbot steelworks

- Macron gambles on snap French election after Le Pen victory in EU vote Overview

- Britain's opposition Labour Party has abandoned plans to bring back the pensions lifetime allowance, in an 800 million pounds ($1.02 billion) U-turn which will be welcomed by wealthier savers including hospital consultants and headteachers. - British shadow business secretary Jonathan Reynolds will visit Tata Steel Ltd's Port Talbot steelworks in south Wales on Monday where he will claim that a Labour government would cut a better rescue deal for the site.

- French President Emmanuel Macron on Sunday called snap parliamentary elections after his centrist alliance was trounced by Marine Le Pen's far-right movement in a European parliamentary vote. ($1 = 0.7858 pounds) (Compiled by Bengaluru newsroom)