Ten Things You Need to Know Today: Monday 11 Feb 2013

Pope Benedict XVI has sent shock waves through the Catholic faith by announcing he will resign at the end of this month for health reasons. The 85-year-old head of the Catholic Church will step down on 28 February and the Vatican hopes to announce his successor by Easter, which this year falls on 31 March. The last Pope to resign was Gregory XII in 1415.

David Cameron and George Osborne are abandoning a Conservative pledge to reform the inheritance tax system. It was announced today that the £325,000 level at which tax becomes payable will be frozen until at least 2019 to help pay for social care reforms. A promise to raise the threshold to £1m was in the Tories' 2010 election manifesto.

Argo continued its award-winning streak, gaining three Baftas in London last night, including best film and best director for Ben Affleck. Daniel Day-Lewis won best actor for his portrayal of Lincoln, while French actress Emmanuelle Riva won best actress winner for Amour. Skyfall was named outstanding British film – the first Bafta for a Bond movie in 50 years.

English folk rock quartet Mumford & Sons won album of the year at the Grammy awards in Los Angeles yesterday for their second album, Babel. Lead singer Marcus Mumford was presented with the award by Adele, who won pop vocal performance for her song Set Fire to the Rain (Live). Fun took both best new artist and song of the year for We are Young.

A Twitter posting by Rupert Murdoch last night fuelled speculation that he might be ready to end The Sun's tradition of picturing a topless model on its Page 3, the tabloid's best known feature for more than 40 years. Responding to a tweet saying Page 3 was "so last century", the News Corp chief answered: "You may be right".