First-half sales up 54% as higher interest rates boost annuity offering. Pension provider Just Group saw its best six months for annuity sales since the introduction of pension freedoms on the back of rising rates. Half-year results published this morning showed that in the first half of 2023, Just’s guaranteed income for life sales grew by 54% from £305m last …
Bank Rate was last at 5.25% in February 2008. The Bank of England’s Monetary Policy Committee has voted 6-3 to increase Bank Rate by 0.25% to 5.25% – the 14th consecutive rise. Two members preferred to increase Bank Rate by 0.5 percentage points, to 5.5%, and one member preferred to maintain Bank Rate at 5%. Interest rates have increased further …
There is still a high propensity to seek an adviser in the future Nearly half (44%) of people who do not use a financial adviser have said that it is due to a lack of understanding of what they can offer them. This is according to the Intergenerational Wealth Report 2023 conducted by TIME Investments in January 2023 among 500 people – …
Figure breaks down at £22m a day for the government’s coffers A total £2bn was raked in by the government in the form of inheritance tax (IHT) between April and June – £0.2bn more than at this time last year according to HM Revenue & Customs (HMRC). Latest HMRC data today (21 July) confirms the figure for June alone is the highest …
A potential big change made ‘through the back door’ A bundle of complex tax consultations published yesterday contained a potential bombshell for anyone expecting to inherit a pension pot free of income tax, Lane Clark & Peacock (LCP) says. Yesterday (18 July), HM Revenue & Customs launched a consultation on changes to pension taxation that could result in ordinary taxpayers having to …
The core rate of inflation fell by 0.2% to 6.9%. Annual CPI inflation has fallen from 8.7% in April and May to a lower-than-expected 7.9% in June, the latest ONS figures show. Most economists had predicted a fall in inflation, with an average forecast of 8.2%, according to Reuters. On a monthly basis, CPI rose by 0.1% in June, compared …
