UK inflation rises to 4.2% in October

CPI inflation rose from 3.1% in September to 4.2% in October, the highest 12-month inflation print since November 2011, according to the latest figures from the ONS. CPI increased by 1.1% over the month, compared with no change in October 2020. CPIH inflation, which includes owner occupiers’ housing costs, rose by 3.8% in the 12 months to October, up from …

Retirement ProfessionalsUK inflation rises to 4.2% in October

FCA proposes ‘significant reform’ of general insurance market

The FCA is proposing “significant reform” of the general insurance market to enhance competition, ensure consumers will receive fair value, and increase trust in the market. The FCA is proposing that when a customer renews their home or motor insurance policy, they pay no more than they would if they were new to their provider through the same sales channel. …

Retirement ProfessionalsFCA proposes ‘significant reform’ of general insurance market

Pension Freedoms age rise confirmed by Gov’t

The government has confirmed that the minimum age for accessing a pension will increase from 55 to 57 in 2028. In a written question to Parliament, Labour MP Stephen Timms asked the Chancellor of the Exchequer what plans he has to increase the minimum age at which people can access their private pension under the tax rules. In response, Conservative …

Retirement ProfessionalsPension Freedoms age rise confirmed by Gov’t

BoE reduces base rate again to 0.1%

The Bank of England (BoE) has cut interest rates further amid the Covid-19 crisis. At a special meeting yesterday, the Monetary Policy Committee (MPC) unanimously voted to cut interest rates from 0.25% to 0.1% and to increase holdings of UK government and corporate bonds by £200bn. The BoE, which has just appointed Andrew Bailey as its new governor, said the …

Retirement ProfessionalsBoE reduces base rate again to 0.1%

Budget 2020 Summary

In this article, we provide a summary of the Budget 2020 content that is of relevance to financial planning. Pensions Tapered annual allowance This measure increases the income limits used in calculating the tapered annual allowance and decreases the minimum tapered annual allowance. • Threshold income, which is broadly total income before tax (less employee/personal contributions), is increased from £110,000 …

Retirement ProfessionalsBudget 2020 Summary

BoE slashes interest rate to 0.25%

In a bid to shore up the economy the Bank of England has cut interest rates back to their lowest ever level, 0.25% from 0.75%. The MPC (Monetary Policy Committee) voted unanimously to slash the bank rate at an unscheduled meeting, which ended yesterday. The rate cut is part of a ‘package of measures to help UK businesses and households …

Retirement ProfessionalsBoE slashes interest rate to 0.25%