UK inflation slides to 2.3%

Inflation fell sharply to a near three-year low in April thanks largely to lower energy prices, according to the Office for National Statistics. UK inflation has fallen sharply to its lowest level in nearly three years. According to the Office for National Statistics (ONS), consumer price index (CPI) inflation fell to 2.3% in April from 3.2% in March. Cooler energy …

Retirement Professionals UK inflation slides to 2.3%

UK economy exits recession on Q1 GDP growth

UK’s gross domestic product grew by 0.6% between January and March. The UK has exited a short-lived technical recession after official figures showed better-than-expected growth in the first quarter. GDP increased by 0.6% between January and March, according to data from the Office for National Statistics (ONS), beating some economists’ expectations of a 0.4% lift. The rise – an estimate …

Retirement ProfessionalsUK economy exits recession on Q1 GDP growth

Bank of England votes 7-2 to hold interest rates at 5.25%

The Bank’s Monetary Policy Committee has held rates for a sixth consecutive time. The Bank of England’s Monetary Policy Committee has voted 7-2 to maintain Bank Rate at 5.25%, with two members preferring to reduce Bank Rate by 0.25%. One more member for a rate cut compared to March’s meeting, where the vote was 8-1. Interest rates have now been …

Retirement ProfessionalsBank of England votes 7-2 to hold interest rates at 5.25%

Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

‘IHT is the tax gift that keeps on giving as record receipts have been banked’ New inheritance tax (IHT) data published today (23 April) shows the government raked in a total of £7.5bn in 2023/24 – a £4m increase on the tax year prior. This represents the highest value ever recorded and continues the upward trend of the last two …

Retirement ProfessionalsInheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

Ex-footballers join pension scam victims in HMRC campaign

Campaigners have called for an end to the taxman’s perceived harsh tax collection tactics as victims of financial misconduct recount ‘sleepless nights’ waiting for brown envelopes. Former Premier League footballers joined forces with fellow victims of financial misconduct yesterday to campaign for better treatment from HMRC. Figures including Andy Cole, Michael Thomas, Craig Short and Martin O’Neil marched from the …

Retirement ProfessionalsEx-footballers join pension scam victims in HMRC campaign

UK inflation drops less than expected to 3.2%

Food price rises are slowing but rate cut decision still several months away if figures remain where they are. UK consumer prices index (CPI) inflation slowed less than expected to 3.2% in March, raising the prospect that a rate cut will take longer than predicted. Although the March figure is the smallest monthly inflation rise for two-and-a-half years, it is …

Retirement ProfessionalsUK inflation drops less than expected to 3.2%