Industry News

Survey finds that middle classes are struggling to save

A YouGov survey commissioned by The Times has found that almost a third of middle-class families would be unable to pay an unexpected bill of £500 without borrowing. The study found that 31% of ABC1 workers – which includes professionals and junior managers – would have to borrow to pay a bill of £500, while […]

HMRC’s customer service quality ‘collapsed’, says National Audit Office

The quality of service at HM Revenue & Customs (HMRC) ‘collapsed’ over an 18-month period between 2014 and 2015, according to a report by the National Audit Office (NAO). The report found that average call waiting times tripled in 2014/15 and in the first seven months of 2015/16. Call waiting times for self-assessment tax returns […]

Payment by cheque still proving popular, new research indicates

Over 500 million cheques were written during 2015, new data from Payments UK has revealed. However, this number was 13% down compared to the year before. Payments UK indicated that the latest figures showed that paying by cheque is still a valued form of payment. The research also suggested that cheques provide a secure method […]

Number of multi-generational households set to rise as house prices increase

Up to one million more young people may have to live with their parents instead of renting or purchasing their own home, according to new research by insurance company Aviva. This may be partly due to rising property costs: prices rose by 52% between 2005 and 2015, increasing from an average price of £184,000 to […]

Savers to receive additional retirement scheme protection

Individuals’ retirement savings are set to be better protected under the new Pensions Bill. Some had expressed concerns that those paying into auto-enrolment pensions could potentially lose their funds in the event of their scheme collapsing. The Bill, which was recently announced in the Queen’s Speech, will provide extra supervision for ‘master trusts’. These trusts […]

Property sales plummet after stamp duty changes, says HMRC

The number of UK properties sold fell by 45% between March and April as stamp duty changes came into effect, according to official figures from HM Revenue & Customs (HMRC). Since 1 April 2016, those buying an additional property, such as a second home or a buy-to-let, have been required to pay an additional 3% […]

Queen’s Speech outlines Government’s legislative plans for the year ahead

The Queen has delivered her annual speech at the state opening of Parliament, outlining the Government’s legislative agenda for the upcoming year. This year’s speech announced radical changes to prisons and the adoption and care systems, together with changes to the education and university systems. However, there were some notable amendments to the Government’s plans, […]