Brits paid billions more in taxes over the last year as HMRC ramped up tax collection June 23, 2022 The British population paid more in taxes in 2021-2022 as HM Revenue and Customs collected £718.2bn in taxes, a near 23 per cent rise from the year before. Total HMRC tax receipts for April 2022-May 2022 were £121.9bn, according to HMRC data released today. These were £14.8bn higher compared to the same period last year even as the [...]
100 days to cash in or spend it: Bank of England warns £14.5bn worth of paper bank notes will soon be withdrawn June 23, 2022 The Bank of England has warned people there are just 100 days to use or return £14.5bn-worth of paper bank notes before they’re removed as legal tender. On 30 September, £20 and £50 notes made from paper will be withdrawn from circulation completely, and replaced with new polymer versions. The warning was given because a [...]
MoneySavingExpert guru Martin Lewis turned down ‘again’ by House of Lords June 23, 2022 MoneySavingExpert founder Martin Lewis revealed he was turned down from getting a peerage multiple times. The journalist said he had been rejected by the House of Lords appointment commission “again”, because he’d been “honest” about how often he could attend. Speaking to the BBC’s Nick Robinson, Lewis said he had always had political ambitions and [...]
UK firms risk hamstringing FCA with information overload, former top official warns June 21, 2022 UK firms risk hampering decision making at the City’s top regulator by overloading it with unnecessary information, a former top Financial Conduct Authority official has warned.
Watchdog set to review fees charged by Visa and Mastercard June 21, 2022 The UK’s top payments regulator has set out plans for two wide ranging reviews of Visa and Mastercard’s operations in the UK today amid concerns over soaring card fees.
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 [...]