It has been announced that the Government is to reduce the annual amount of pension tax-free income in order to save £4 billion a year, to reduce the spiralling budget deficit. The tax-free amount is being slashed from £255,000 a year to £50,000 from April 2011. High earners will continue to be paid tax relief [...]
As part of the coalition Government’s welfare crackdown, Iain Duncan Smith, Work and Pensions secretary, has today announced that those on incapacity benefit will be forced to undergo medical tests. The tests, which will be trialled in Burnley and Aberdeen from today, will be rolled out throughout the country from next April. The move, which [...]
Ahead of the Conservative Party Conference in Birmingham today, Chancellor George Osborne has revealed that child benefit is to be scrapped for higher rate taxpayers from 2013. Currently, child benefit is paid at £20.30 a week for the first child and £13.40 a week for any other children. For example, a mother of three would [...]
As part of the coalition Government’s welfare crackdown, announced in June, it has been revealed that winter fuel payments and child benefit, face severe overhauls. The massive overhaul of the system comes as part of the Government’s plans to reduce public spending. There is speculation that ministers are reviewing the provision of child benefit for [...]
As it continues with its priority of cutting Britain’s budget deficit, the coalition Government has indicated that incapacity benefits will be targeted in a welfare crackdown. Chancellor George Osborne has already announced tough austerity measures to cut the £155 billion deficit but has now made it clear that sickness benefits will be targeted, as they [...]
Today’s budget, currently being delivered by Chancellor George Osborne, has bought with it many painful cuts. Firstly, VAT will be increased from 17.5% to 20% from 4 January, 2011 – this is expected to raise £13 billion a year, according to Osborne. However, “essentials” such as food, newspapers and children’s clothing will remain exempt from [...]
At today’s Pre-Budget Report, Chancellor of the Exchequer Alistair Darling unveiled measures to claw back money in order to pay off the UK’s spiralling debt. Mr Darling confirmed there would be a one-off 50% tax on bankers’ bonuses paid above £25,000. The Chancellor said the banks, rather than the bankers, will pay the tax and [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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