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

Spring Budget 2024:  New British ISA to launch with extra £5k allowance for UK assets

Jeremy Hunt is aiming to invigorate UK public markets with an additional £5,000 ISA allowance. Jeremy Hunt has introduced a new British ISA in his Spring Budget, which will allow an additional £5,000 ISA allowance for investment in ‘promising UK businesses’. The new ISA allowance will sit alongside the £20,000 that can be invested across other ISA wrappers currently available. …

Retirement ProfessionalsSpring Budget 2024:  New British ISA to launch with extra £5k allowance for UK assets

Spring Budget 2024: Government cuts National Insurance by further 2p

The latest reduction follows a cut from 12% to 10% announced at the Autumn Statement last year. Chancellor Jeremy Hunt has announced a 2 percentage point cut to the the main rate for employee National Insurance from 10% to 8%. The move to take another 2p off the Class 1 rate, expected to cost the government around £10 billion, doubles …

Retirement ProfessionalsSpring Budget 2024: Government cuts National Insurance by further 2p

Autumn Statement: Hunt cuts NI by two percentage points

The change will come into effect from 6 January 2024. The chancellor is to cut the rate of national insurance (NI) by two percentage points for employees. The change will take effect from January 2024. Employees will pay 10% in NI contributions on earnings between £12,570 and £50,200, rather than the current rate of 12%. The rate remains at 2% …

Retirement ProfessionalsAutumn Statement: Hunt cuts NI by two percentage points

Autumn Statement 23: Jeremy Hunt sets out ‘pot for life’ pension reforms

Chancellor pledges to give workers the legal right over where employers pay contributions Chancellor Jeremy Hunt has announced he will consult on “pot for life” pensions reforms. In the Autumn Statement today (22 November) Hunt said the government would consult on giving pension savers a “legal right to require a new employer to pay pension contributions into their existing pension”. …

Retirement ProfessionalsAutumn Statement 23: Jeremy Hunt sets out ‘pot for life’ pension reforms

Autumn Statement: State pension to rise 8.5% as triple lock confirmed

Chancellor decides to keep triple lock in place. The state pension is set to rise by 8.5% from April 2024, as chancellor Jeremy Hunt confirmed the triple lock remains in place in today’s Autumn Statement. ‘We honour our commitments to the triple lock in full,’ said Hunt. In the run-up to the Autumn Statement, there were reports that the government …

Retirement ProfessionalsAutumn Statement: State pension to rise 8.5% as triple lock confirmed