The Government has announced a major change to the cash ISA allowance and other reforms to the ISA system alongside a hike in savings income tax rates. The changes bring major changes for UK savers contributing cash into the tax-free accounts, with potentially far-reaching consequences. Under the plans announced by the Chancellor, the annual tax-free …
Savers are missing out on millions of pounds in interest after leaving £54 billion in low-interest savings accounts. Analysis from savings provider Paragon Bank has found £52.4 billion is languishing in instant access accounts that pay less than 2% interest, while £1.7 billion is held in fixed-rate ISAs earning 2% or less. Further to that, …
Annuity sales hit their highest level in a decade in 2024, with higher rates tempting retirement savers to swap their pension pots for a guaranteed income for life. Insurers sold 89,600 annuities last year, up 24% on the year before – and the highest level since 2013, according to trade body the Association of British …
Chancellor of the Exchequer Jeremy Hunt recently got himself in a bit of a pickle when he said £100,000 is “not a huge salary” for people in his Surrey constituency. Writing on X, Mr Hunt was recalling a chat with a constituent in Godalming who was concerned about the government’s childcare offer, as it isn’t …
As you move through your working life, it’s easy to get a rosy picture of retirement and dream of the day when you finally step away from the office. But how do you work out when that day should actually be? Well, there’s no simple answer to this question, as there are so many factors …
Striking the right balance between work and other aspects of your life, such as family responsibilities and hobbies and pastimes, can be very hard. But that doesn’t mean people won’t take serious measures to make it happen. According to a study by Travel Counsellors, half of working people in the UK expect to leave their …
Jeremy Hunt’s Spring Budget was a rather unflashy affair, with no big headline-grabbing, rabbit-out-of-the-hat moment. This was a surprise when you consider that we’re in a general election year, but it does explain why the reaction to the entire fiscal event was rather muted and why the Budget hasn’t moved the dial politically. But there …
What do you do with your monthly earnings when they land? Do you leave all the money sitting in your current account? Or do you invest some elsewhere, so you can make your money work hard for you and maximise your returns? Well, a new survey by the Building Societies Association (BSA) reveals that many …
Adjusting to adulthood can be a difficult stage of life, as you strike out on your own for the first time and adapt to huge changes at home and at work. It’s therefore understandable that getting to grips with your finances can get pushed down your list of priorities, in particular, saving for your pension. …
Inheritance tax has long been a controversial levy and the debate over scrapping it completely has been rumbling on for many years. So we note with interest the swirling rumours that the government is considering cutting inheritance tax and potentially scrapping it completely. According to the Sunday Times, Rishi Sunak wants to phase out the …
