Government borrowing in August hit £20.5bn September 21, 2021 Government borrowing stood at £20.5bn in August, down from £26bn the previous year, according to official data. The Office for National Statistics (ONS) said last month’s figure was the second highest August borrowing since records began in 1993. The data shows borrowing so far this financial year has reached £93.8bn since the end of March [...]
Recognise Bank given green light to become UK’s newest bank September 20, 2021 Recognise Bank is to become the country’s newest bank after being granted a banking license. Deposit restrictions on the digitally led bank have been lifted by the Prudential Regulation Authority, according to Recognise parent company City of London group (COLG) The bank will launch its personal and business savings products and start taking deposits with [...]
DWP apologises after delays in pension payments September 18, 2021 Thousands of pensioners have not yet been paid their state pension because of government backlogs. People who have just turned 66 have not been paid on time after backlogs in processing applications at the Department for Work and Pensions (DWP). Officials have apologised and said the delays were a result of the pandemic and staffing [...]
Evergrande executives redeemed investment products in advance September 18, 2021 Six executives of China’s beleaguered real estate giant Evergrande redeemed some of the company’s investment products in advance earlier this year. The executives made early redemptions of 12 investment products, between May 1 and September 7, the property group said in a statement on Saturday. The statement on the group’s website did not identify the [...]
Tax-free savings accounts set to lose thousands as inflation keeps climbing September 17, 2021 The rise in inflation means cash ISAs are set to lose thousands in real terms over the next five years. The average interest rate on a cash ISA rate is currently 0.31 per cent, per the Bank of England on 31 July, while the rate of inflation is now 3.2 per cent. At these rates, [...]
Can tax be simplified? September 16, 2021 | City Talk ICAS supports tax simplification as a vital part of building an effective and trusted tax administration system but making simplification happen isn’t simple. Why simplify tax? The complexity of UK tax legislation is reflected in complex tax administration systems which are difficult to use and do not facilitate compliance. Compliance is also undermined because many [...]
Measuring the real cost of university – and getting ready to fund it September 14, 2021 September is always an emotional month for millions of households – with youngsters leaving the nest to head off to an exciting new chapter of their lives at university. Graduates earn around £10,000 more a year than those who don’t go to university, according to UK government figures1. University students also learn to become independent, [...]
Pension pots: How much is enough? September 14, 2021 As you approach retirement, one of the biggest questions you’re likely to have is, “Have I saved enough?” There’s no golden rule for how much money you’ll need in retirement, as much will depend on when you retire, what you plan to do in retirement, and how long you live. However, having a rough idea [...]
60 Seconds With… Fashion guru and placemaker Yasmin Jones-Henry September 14, 2021 Yasmin Jones-Henry works in the space where fashion meets finance, and where culture meets commerce. She has made her name describing the crucial role culture can play for the new generation of investors, and putting forward the business case for diversity in the fashion and culture sectors. Through her work with Futurecity, a ‘placemaking agency’, [...]
Socially responsible investing and performance: a long-term winner September 14, 2021 | City Talk Companies with stronger ESG ratings outperform, particularly in times of crisis, as we witnessed during 2020, says Coline Pavot, La Financière de l’Echiquier (LFDE)’s head of responsible investment research. Companies that rank well according to environmental, social and governance (ESG) criteria tend to outperform the average and have greater resistance to crises. This was confirmed [...]