The Bank of England raised interest rates at the beginning on this month – how will this affect your finances?

This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

 The Bank of England (BoE) has increased the base rate to 0.5%. This is a 0.25% increase and is the first time the rate has gone up since July 2007.

Banks are not obliged to follow Bank of England interest rate decisions, but they can influence the cost of borrowing, or how much interest you earn on savings so although this recent change is small, it could have an immediate impact on your household finances.

While the decision brings higher costs for those with mortgages and other borrowings, it is positive news for savers, pensioners and some investors. We have looked at the impacts in further detail. Read more

An inquiry into pensions freedoms has been deemed critical with increasing number of scams and potential misspending.

This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

 This inquiry is being led by MPs on the Work & Pensions Committee and it will cover a wide range of issues.

The outcome of the inquiry will deem whether policy changes are required. This work is a follow up to an inquiry undertaken by the Committee shortly after the reforms were introduced by the Chancellor George Osborne in 2015. Read more

Even with the Gender Pay Gap narrowing, there is still a large gender Pension Gap – how can this be addressed?

This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

 Over the past decade or two, there has been a lot of progress in narrowing the gender pay gap. Positive recent reports from the Office of National Statistics (ONS) now say that the within the UK the gender pay gap for full-time employees is at a record low of 9.4 per cent.

To add to this, the government has put it’s support behind redressing this imbalance by introducing new legislation, making it a legal requirement for all businesses with over 250 employees to report data on the differential between what they pay their male and female staff.

However, one worrying statistic from a financial point of view is that there is still a large gender pension gap which is not being addressed at the same speed, or attracting a similar amount of publicity. Read more

The government has avoided big Pension Tax reforms up until now but can it continue to avoid making cuts for much longer?

This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

In a speech made by David Gauke, the new secretary of state for work and pensions, to the ABI conference last month, he announced that the government has no appetite for any major pension tax reforms. Which, on the surface, is good news for the more wealthy savers and investors. But who will affect?

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The rate we are saving within the UK is at it’s lowest ever since records begun.

A recent report from the Office for National Statistics has warned that the savings ratio – which measures how much of their disposable income households put into savings accounts or pensions – fell below 2 per cent for the first time since records began in 1963.

The ratio was down to 1.7 per cent in the first quarter of this year from 3.3 per cent in the final three months of last year.

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The Election 2017 : What will it mean for your money?

Another year, another important vote.  As a country, after Brexit last year and the previous general election only being in 2015, this will be the third year we have been asked to make an important decision about the future of the UK.

The headlines and hype around the campaigns can easily put you off with each media outlet having it’s own agenda. But this election in real terms, could have a powerful impact on your daily finances as it could directly affect you and the money in your pocket.

So what are the pledges and manifestos of each party across the financial matters? Read more