Industry News

Over 230,000 savers have taken money from their pension pot, reveals HMRC

232,000 individuals have withdrawn an overall total of £4.3 billion from their pension pots since the introduction of new pension rules over a year ago, HM Revenue & Customs (HMRC) data has revealed. In the initial three months of 2016, 74,000 people withdrew a total of £820 million from their pension savings. The latest figures […]

House price growth slowed during April, reports building society

UK house price growth experienced a slowdown in April, according to the Nationwide Building Society. The pace of growth slowed to 4.9% in April, following growth of 5.7% during March. House prices rose by just 0.2% during April – representing the lowest monthly increase since November 2015. The slowdown could be attributed to the fact […]

Chancellor warns businesses not to cut perks to compensate for National Living Wage

Chancellor George Osborne has issued a warning to businesses that choose to cut perks for their employees in order to compensate for the additional costs generated by the implementation of the National Living Wage (NLW). A significant number of businesses have reduced overtime pay and other work-related benefits in order to fund the rise. Commenting […]

TUC study finds significant wage gap between working fathers and childless men

A report by the Trades Union Congress (TUC) has found that fathers working full-time get paid a fifth more than childless men with similar jobs. The study revealed that fathers earn, on average, a 21% ‘wage bonus’ compared to men without children, and that those with two children earn on average 9% more than those […]

Significant rise in individuals switching current accounts

The latest figures from the Current Account Switch Service (CASS) have revealed that a total of 309,678 Britons changed their current account during the first three months of this year. 124,615 individuals switched their accounts during March. This figure represents the highest monthly total since the launch of the service in 2013, and represents a […]

Business group welcomes Bank of England’s unanimous vote to hold interest rates

The British Chambers of Commerce (BCC) has welcomed the latest decision from the Bank of England’s Monetary Policy Committee (MPC) to keep interest rates at 0.5%. All nine members of the MPC voted to hold rates at the record low figure, where they have remained for over seven years. David Kern, BCC Chief Economist, said: […]

Chancellor defends Treasury’s gloomy Brexit forecasts

Chancellor George Osborne has defended an analysis of how the British economy would fare in the event of a referendum decision to leave the EU, after Leave campaigners branded it as ‘spurious’. The analysis, carried out by HM Treasury, claimed to consider three alternative arrangements for international trade, post-Brexit: membership of the European Economic Area […]