Short summaries of articles we think you will find useful from some of the weekend’s broadsheets.
“Pension Gap looms for tens and thousands”
Pensioners have been forced to pay back money they were overpaid because of long term errors. The FT looks at who is at risk and what to do.
“Millennials opt for Bitcoin over property”
New research shows three quarters of British Millennials would rather put their money in shares, bonds or Bitcoin than property.
“Drawdown investors face up to 44 separate charges”
New research from the Financial Conduct Authority has revealed the extent of hidden or, at best, opaque charges which could significantly erode retirement income.
“Gap narrows between two and five year mortgage fixes”
As speculation on rate rises increases lenders are trying to attract more people to lock into their five-year deals. As such competition on rates has been fierce in recent months, benefiting those looking for longer term fixes.
“UK economic growth revised higher to 0.2%”
While upward revisions are always welcome, the broader story remains the same and official data still highlights continued weakness in the underlying drivers of expansion.
“Bank of England warns of more pain to come”
A cocktail of risks is stirring in the global economy that could be damaging for Brexit-bound Britain, according to Sir Jon Cunliffe, a Bank of England deputy governor.
“Retired hurt: Pensioners opting for drawdown are clobbered by big charges”
People who take their pension pots as cash during retirement face losing more than £25,000 in fees, new analysis has found.
“FTSE clocks up strongest quarter for five years”
Despite fears of an all-out trade war between the United States and China The FTSE 100 closed 21.30 points higher at 7,636.93 on Friday, which took its rise over the previous three months to more than 8%, its best showing since the first quarter of 2013.
“If pensions tax relief is scrapped, how much will I lose?”
After comments made by a Government spokesman in the House of Lords reignited fears valuable “tax relief” on pension savings could be scrapped, the Telegraph looks at the potential implications.
“Britain has a second chance to drive real growth but we must seize it”
An opinion piece urging the UK to lean into Brexit, increasing investment and building inclusive capitalism, not exclusive wealth.
“Renting property: security for tenants”
Landlords will be forced to give tenants a minimum three-year contract – but allow them to leave earlier if they want – under government proposals to give renters more security.
“Brexit: transition could be extended to help firms”
The business secretary, Greg Clark, has suggested the post-Brexit transition period could be extended to allow companies more time to prepare.”
“Financial alienation: the cost of not understanding”
Complex language and impenetrable jargon costs consumers hundreds of pounds a year, with one in four people committed to a financial agreement without fully understanding it.
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As tax year end approaches, there is still time to make use of your available reliefs and allowances.
This tax year end planning checklist covers the main planning opportunities available to UK resident individuals and will hopefully help to inspire action to reduce tax for the 2023/24 tax year and to plan ahead for 2024/25.
As tax rate band thresholds are changing, understanding the impact on high rate taxpayers and the economy is crucial.
It was recently revealed in the media that the amount we need to enjoy a ‘moderate’ retirement has increased by £8,000 per annum, a 38% increase, in just one year.