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Savings rates: As FCA puts banks on war footing what are the best accounts for your cash? April 21, 2023 As interest rates look set to increase, we look at the best and the worst paying savings accounts on offer. Banks and savings providers have come under fire for not passing on interest rate rises to savers This week the FCA said it would be keeping an eye on banks’ first quarter profits to make [...]
Could IFS project help solve the UK’s pensions crisis? April 20, 2023 A two year project which aims to come up with long-term solutions to the UK’s pensions crisis has been launched by the Institute for Fiscal Studies in partnership with abrdn’s Financial Fairness Trust. The Pensions Review will run for two and a half years and “comprehensively assess the consequences of current pension policy, the economic [...]
London rent averages over £900 a month as desperate renters battle over fewer properties April 19, 2023 Private renters in London are faced with the highest costs since 2012 as a sparse and competitive market send the cost of homes in the capital to new highs. Landlords in the capital increased rent by 4.8 per cent in the 12 months to March 2023, up from an increase of 4.6 per cent in [...]
Hunt mulls pension reform amid concern older Brits not getting ‘returns they could expect’ April 14, 2023 The Chancellor has suggested the pension system needs reform to ensure people receive higher returns. Jeremy Hunt said he is concerned that pensioners are not getting “the returns that they could expect”, according to the Daily Telegraph. The Chancellor was speaking in Washington where he is attending the spring meeting of the International Monetary Fund [...]
De La Rue warns of ‘significant uncertainty’ as demand for cash dries up April 12, 2023 Storied banknote-maker De La Rue said profits would slump below expectations today and warned of a “significant degree of uncertainty” as it struggles to cope with a downturn in cash usage.
Klarna and Zilch sound the alarm on planned BNPL rules as key consultation closes April 11, 2023 Klarna and Zilch have sounded the alarm over the scope of planned buy-now pay-later (BNPL) rules today as ministers close a key consultation before bringing the sector into regulation later this year. The government has been sounding out the industry for its input on proposed rules after first laying out plans to clampdown on firms [...]
New tax year: First saver to max out ISA allowance took just six minutes after midnight April 7, 2023 Some savers have already maxed out their new 2023-24 Isa allowances within hours – or even minutes – of the new tax year starting. Fidelity International Personal Investing said the first customer to maximise their new Isa allowance of £20,000 did so at six minutes past midnight on Thursday April 6. Ed Monk, associate director, [...]
A new tax year has started, here’s what you should be doing April 5, 2023 Savers have welcomed in a new tax year, starting Thursday 6 April. These include putting savings into tax free accounts such as Isas; the annual contributions limit for Isas will remain frozen in the 2023/24 tax year, from April 6, at £20,000. Sarah Coles, head of personal finance at financial services provider Hargreaves Lansdown, said: [...]
Capital gains tax allowance changes to hit half a million investors’ profits as tax year begins April 4, 2023 Investors are being warned to be aware of the halving in the tax free amount of profit they can make when selling valuable assets, such as shares or a second home. Wealth manager Nutmeg said investors were likely to be caught out by capital gains tax (CGT) changes coming in on 6 April. After then [...]
Succession – planning that is – and why you don’t need to be as rich as Logan Roy to secure your family’s financial future March 31, 2023 Rivalry and revenge are rife within the Roy family – the dysfunctional clan that returned to screens this week in the Sky series‘Succession’. Camilla Stowell, head of private and commercial clients at Coutts said: “The drama uncovers how emotional conversations about intergenerational wealth and succession planning can be. “However, in reality the process can be [...]