The national statistics institute INE today announced the unemployment rate in Spain is at the highest level since the second quarter of 1997. Spain, which has the highest unemployment rate in the EU, has been hit by a severe slump within its key construction industry, which has led to a significant amount of job losses. [...]
According to a survey conducted by charity, Age UK, two-thirds of people support Government plans to scrap the default retirement age (DRA). The survey, which questioned more than 1,000 people, found 70% wanted to continue working beyond retirement. Currently, an employer has the legal right to terminate the employment of a 65-year-old – something which [...]
The French Government has announced the country’s retirement age will be lifted from 60 to 62 by 2018, as part of a sweeping overhaul to its pension system. The new measures are to be implemented to cut France’s pension costs and reduce public borrowing. However, the shake-up has met with public anger after tens of [...]
The majority of Britain’s workforce will not be able to retire before 70, a pensions expert has predicted. Robin Ellison, partner at Pinsent Masons, said the government will be forced to increase the retirement age at a faster pace than most people expect due to a growing population of older people. “This is just the [...]
According to influential think tank, the National Institute of Economic and Social Research (NIESR), the UK’s out of control debt will result in tax hikes, cuts in spending and a rise in the retirement age. The NIESR believes that the build up of Government debt could reach 93% of GDP by 2015. UK debt is [...]
Everyone in the pensions industry knows the retirement age must be increased to 75 if a pensions crisis is to be averted, an industry expert has claimed. Robin Ellison, pensions consultant at international law firm Pinsent Masons, said the retirement age needs to go up to match an increase in life expectancy. “When state pensions [...]
If the Conservatives win the next election, they will raise the state pension age for men from 65 to 66 from 2016. Furthermore, the Conservatives have not ruled out an increase in the pension age for women towards 66. Under Conservative policy, the state retirement age for both men and women is set to be [...]
As a result of growing life expectancy, a pensions guru is predicting that millions of men and women will have to stay in employment until they are 70. Lord Turner, who 2 years ago said the retirement age would rise to 68 by 2046, believes the state pension age will have to increase further. On [...]
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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