Work and Pensions secretary Esther McVey adds to growing list of Brexit resignations November 15, 2018 Esther McVey, secretary for the Department of Work and Pensions, has resigned this morning over the government's proposed Withdrawal Agreement from the European Union. McVey's exit follows the departures of both Brexit secretary Dominic Raab and Northern Ireland minister Shailesh Vara this morning. Additionally, junior education minister Anne-Marie Trevelyan and Brexit under-secretary Suella Braverman have stepped down. [...]
Barnardo’s loses pension scheme appeal in Supreme Court November 7, 2018 The Supreme Court ruled yesterday that children's charity Barnado's can not change the index it uses to protect pensions from inflation. In a unanimous verdict judges ruled the charity may not switch the measure of inflation used on its pension scheme from the retail prices index (RPI) to the consumer prices index (CPI). The move to [...]
This Living Wage Week, step up to make sure work always pays November 6, 2018 This week marks the anniversary of the campaign for a Living Wage – a cross-party movement of independent businesses, organisations, and people who believe in making work pay. I had the pleasure of speaking at the Living Wage Foundation’s parliamentary reception last week, which celebrated the extraordinary work that has been done so far and [...]
Chancellor Philip Hammond’s Autumn Budget contained tricks and treats for your personal finances October 31, 2018 The move of this year’s Autumn Budget to Monday this week rather than its traditional Wednesday slot was ostensibly to give MPs more time to debate the chancellor’s proposals before the House of Commons rises for recess on 6 November. But presumably Philip Hammond also hoped to avoid some Halloween-themed headlines, which he himself alluded to [...]
New business jumps as Just Group hails ‘buoyant market’ October 31, 2018 British pensions provider Just Group posted a surge in new business sales in the third quarter of 2018, sending shares up by more than six per cent in early morning trading. Total new business sales hit £765m in the three months to the end of September, rising from £656m in the third quarter of 2017. [...]
This Budget was a masterclass in dishonesty and manipulation October 31, 2018 So what was it? A cautious Budget? An astute Budget? A get-me-through-the-day Budget? Did you feel the earth move – or the need to change your financial affairs, for better or worse? Was there more than a zzzzz from the markets? It certainly was not the tax reform Budget that our economy desperately needs to put [...]
The City helps fuel economic growth right across the country, so be wary of those who want to clip its wings October 28, 2018 One of the most pernicious elements of Labour's current economic platform is the idea that the City is entirely distinct from (and damaging to) the so-called real economy. Jeremy Corbyn and John McDonnell's stump speeches routinely contain attacks on predatory bankers, fat-cats and financial speculators. The labour leader also seems to have a personal vendetta against [...]
Lloyds Banking Group could face £150m pensions hit after court ruling October 26, 2018 Lloyds Banking Group could have to pay out up to £150m after the High Court ruled today that it should equalise payments for male and female members of its pension scheme. Three female members of the pension scheme had complained they were being discriminated against as their pensions increased at a lower rate than that [...]
The FCA cannot afford to focus on Brexit alone October 25, 2018 It has been a mixed few months for the City's watchdog. On the one hand, the Financial Conduct Authority (FCA) has delivered long-awaited reforms to the asset management industry, while its chief Andrew Bailey has made several strong interventions in the Brexit debate, such as pointing out the absurdity of EU negotiators attempting to rule [...]
What can we expect from a pre-Brexit Annual Budget? October 24, 2018 | City Talk The Budget is the biggest date in the UK’s financial calendar where the Chancellor, Philip Hammond, will deliver the government’s plans for tax and spending for the 2019/2020 financial year, starting in April next year. The Budget is a little unconventional this year as it usually falls on a Wednesday, but all you trick-or-treaters will [...]