The interest rate cuts announced by the Bank of England earlier in March could lead to reduced pension pot value. Steve Cameron, of pension provider Aegon, said that the rate reduction would result in a “double whammy” for pensions as annuity rates are also likely to be cut. The outgoing BoE governor Mark Carney slashed interest rates by half a percentage point to a record low of 0.25pc in response Read More….
If you’re approaching retirement and have concerns that you’ll outlive your savings, then you might be right. A recent study by the World Economic Forum found that British pensioners will on average outlive their pension savings by about 10 years. Investing in (and for) Our Future revealed that men retiring in the UK were expected to run out of money 10.3 years before they died. The outlook is worse for Read More….
Before the former Chancellor of the Exchequer Sajid Javid resigned from his post, he was reportedly considering plans to limit tax relief on pension contributions to 20pc. Treasury insiders told the Financial Times that cutting pensions tax relief would be revealed at the 11th March Budget in a bid to help fund Boris Johnson’s plan to “level up” the economy. It remains to be seen whether Rishi Sunak, the UK Read More….
The UK retail industry suffered its worst year on record in 2019, with sales falling for the first time in 24 years. The British Retail Consortium (BRC)/KPMG Retail Sales Monitor showed a 0.1 per cent decline in total sales last year compared with growth of 1.2 per cent in a tough climate in 2018. The BRC said the performance was the weakest since comparable records began in 1995. The downturn Read More….
According to Bank of England Governor Mark Carney, central banks might not be able to stop a sharp economic downturn as ever since the global financial crisis, they have used up much of their usual monetary policy arsenal. “It’s generally true that there’s much less ammunition for all the major central banks than they previously had and I’m of the opinion that this situation will persist for some time,” Carney Read More….
According to a report by consumer reporting agency Experian, credit scores across the UK have improved year-on-year. People living in the South East have the highest average credit scores of 795 in the country, which falls into the ‘fair’ category. This was followed by the South West at 788 and London at 784. In contrast, the North East has the worst credit score in the UK at 727. What’s more, Read More….
QuickQuid, the UK’s largest remaining payday loan provider, is set to close even though thousands of complaints about its lending have not yet been resolved. US owner Enova said that QuickQuid will leave the UK market “due to regulatory uncertainty”. The collapse means that thousands of borrowers who said they were missold unaffordable loans will only get a proportion of the payouts they would have been due. In the first Read More….
Regardless of how much money you have in the bank, from £1 to £1 million, it makes sense to earn as much interest as possible on every penny by opening up a savings account. Basic-rate taxpayers can earn £1,000/year tax-free and higher-rate taxpayers £500 with a savings account. What’s more, up to £85,000 per person is protected in UK-regulated financial institutions, meaning that your money will be safe if your Read More….
According to the latest figures from the Office for National Statistics (ONS), UK wage growth slowed down in the three months to September. The figures also showed the biggest annual drop in the number of job vacancies in nearly 10 years – it was the ninth consecutive monthly fall in available work, with advertised positions dropping by 18,000 to 800,000. During this three-month period, there were 32,75 million people in Read More….