Inflation falls by 1.1% to 6.8%

Core inflation remained unchanged between June and July. CPI inflation rose by 6.8% in the 12 months to July, down from 7.9% in June, the latest ONS figures reveal. On a monthly basis, CPI fell by 0.4% in July, compared with a rise of 0.6% in July 2022. CPIH inflation, which includes owner occupiers’ housing costs, saw an annual rise …

State pension likely to rise 8.2% to almost £11,500 ahead of election

Another bumper increase in the state pension could follow 10.1% hike last April Wage inflation was 8.2 per cent in May-July in official data released today The full rate state pension could top £220 a week if earnings growth sticks at its current 8.2 per cent, as pundits reckon the Government is highly unlikely to break the triple lock pledge …

Just’s annuity sales at highest since pension freedoms

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 of England raises interest rates by 0.25% to 5.25%

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 …

Lack of understanding the main reason for not seeking an adviser

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 – …

Treasury collects £2bn in 12 weeks as IHT receipts continue to soar

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 …