Legal challenge over retail price index changes could cost taxpayer $40bn, analysts warn June 21, 2022 The government could be forced to fork out as much as £40bn in compensation if a legal challenge launched today over the Treasury’s move to recalculate retail prices succeeds, analysts have warned.
Missing out on £142 per week: More older Brits slide into poverty after rise of state pension age from 65 to 66 June 20, 2022 Roughly around one in seven 65-year-olds were in income poverty in late 2020 as a direct consequence of the state pension age rising from 65 to 66, according to the Institute for Fiscal Studies (IFS). Between late 2018 and late 2020, the state pension age for men and women rose from 65 to 66, leaving [...]
Money Spotlight: The reasons your real pay is dropping like never before June 19, 2022 Britons saw their basic pay fall at the fastest pace on record in April due to soaring prices. More pain is in store for UK households as inflation is set to hit further eye-watering peaks later this year. The Office for National Statistics (ONS) said yesterday that regular wages excluding bonuses plunged by 4.5 per [...]
DWP: Decades old IT system errors over ‘successive governments’ meant millions paid wrong pensions June 17, 2022 IT system failings over “successive governments” led to millions of people getting the wrong pensions for decades. The department for work and pensions (DWP) is investigating how to rectify the situation to ensure ‘every pensioner receives the financial support to which they are entitled”. The discrepancy was revealed by the BBC this morning, which cited [...]
Population of High Net Worth Individuals in the UK grew to 609,400 in 2021 as wealth rose globally June 14, 2022 The number of people in the UK with investable assets of $1 million or more, called High Net Worth Individuals (HNWI), rose 6.3 per cent to 609,400 in 2021 as wealth increased globally. The 2022 World Wealth Report by Capgemini on Tuesday revealed that the global HNWI population grew 7.8 per cent in 2021, with [...]
JP Morgan wins £1.4bn court battle against Nigeria June 14, 2022 A High Court judge today ruled in favour of JP Morgan, after dismissing Nigeria’s $1.7bn (£1.4bn) lawsuit against the bank, over claims it acted negligently by transferring $875m to an account linked to convicted money launderer and former Nigerian oil minister Dan Etete. The ruling comes after Nigeria first sued JP Morgan in 2017, over [...]
Terrible Tuesday for Bitcoin as crypto tumbles 20 per cent in just two days with investors fleeing risk June 14, 2022 The price of bitcoin fell by another 10 per cent overnight, hitting an 18-month low of $20,834.70, before recovering to trade around $22,700 by 9am UK time this morning. In sterling terms, bitcoin is now trading around £18,665. Discussing the violent movements with City A.M. this morning, Adrian Lowery, financial analyst at DIY investing platform [...]
Crypto plummets as Binance pauses Bitcoin withdrawals and Celsius stops redemptions June 13, 2022 Major cryptocurrencies plunged on Monday after Binance halted Bitcoin withdrawals and Celsius suspended all redemptions. Bitcoin dropped over 18% while ether fell more than 20% on Monday afternoon after Binance , the world’s largest crypto exchange, suspended Bitcoin withdrawals. The suspension came after crypto lender Celsius announced it would halt withdrawals, swaps, and transfers between [...]
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Exclusive: Brits slapped with £571m in HMRC fines in crackdown on tax avoidance and late payments May 31, 2022 Penalties imposed by HMRC on taxpayers have jumped by nearly a third, from £445m to £571m in just one year, according to fresh HMRC data, shared exclusively with City A.M. today. The primary reason behind this jump is HMRC increasingly clamping down on tax avoidance as part of its efforts to make up for revenue [...]