Inflation hits 7%
President Joe Biden has attempted to play down a new annual inflation reading of 7%, the highest level in 40 years, by branding it a ‘global’ issue that his administration is making ‘progress’ with. Persistent supply chain issues have left...Sunak set to boost pensions?
Rishi Sunak, the UK chancellor, is facing calls to revisit his decision last year to suspend the “triple lock” on annual state pension increases, adding to pressure on the government over big cost of living increases. Two former pensions ministers have urged the...Global growth expected to slow in 2022
Following a strong rebound in 2021, the global economy is entering a pronounced slowdown amid fresh threats from COVID-19 variants and a rise in inflation, debt, and income inequality that could endanger the recovery in emerging and developing economies, according to...Help to buy has pushed house prices up
The Government’s Help to Buy scheme has inflated house prices in England, according to a House of Lords report. The Help to Buy: Equity Loan scheme will have cost around £29billion by the time it comes to an end in 2023, according to the report by the...Reduce your income tax bill
You have until 28 February this year to file your tax return without penalty, but, leaving it until the last minute is fraught with problems. If you are not registered with HMRC to complete your tax return online, you will need an activation code, which the website...Is it the end of peer-to-peer lending?
Zopa’s decision to quit its peer-to-peer (P2P) lending business to focus on banking last month prompted headlines asking whether this heralded the death of the sector it had pioneered and created. A finance system built around the idea that stability comes from...Avoiding self-assessment pitfalls
Almost half the 12.2 million taxpayers who are due to file a self-assessment return for 2020-21 have yet to do so. HM Revenue & Customs has given workers an extra month to complete their returns, but you should still try to file by the end of January if possible....Cashflow crisis – Half of adults need help managing money
Almost half of UK retirees fear they will eventually run out of money, with many relying on receiving an inheritance or downsizing to top up their pensions. A study revealed that a quarter of retirees plan to top up their retirement fund with an inheritance from a...Pensions providers must give a stronger nudge to guidance
Anyone who accesses their pension for the first time will be directed to independent guidance from Pension Wise, the regulator has said. From 1 June 2022, the Financial Conduct Authority (FCA) will require pension providers to nudge savers to the government’s advice...