All the latest Financial News

We’ll bring you all the latest news from the financial sector, keeping you right up-to-date with everything you need to know regarding loans, financial products and services as well as anything else that might interest you.

What the New Pension Reforms mean for you.

pension pot

April 2015 saw radical new pension reforms, opening up new possibilities for savers over the age of 55. Although savers were always permitted to take an initial tax-free 25% out of their pension pot, now, for the first time, pensioners can take their pension in its entirety in one lump sum. They may also choose to take a series of smaller lump sums. However, any withdrawal over 25% will be subject to tax. Though this may seem like a revolution in finances, many pension experts have said these reforms were inevitable, noting that they were already manifest in the previous system under the banner of ‘phased retirement’ or ‘vesting’.

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June sees a Retail Boom as Consumer Confidence Soars

SHOPPING

Consumer confidence surged to a 15-year high last month, with GFK finding that the public mood was more optimistic than at any point since January 2000. The result of this was somewhat inevitable: people flocked to the high street in their droves.

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How could The National Living Wage affect Consumers?

£9 per hour 2020

The national minimum wage, introduced by Tony Blair’s Labour government in 1999 at a now almost laughably thrifty £3.50 an hour and standing at £6.50 an hour today, up to  fair pay for workers across the United Kingdom and is now pretty much a universally supported idea politicians of all parties.

 

Earlier this month, the Conservative Chancellor of the Exchequer, George Osborne, announced a new national living wage for all UK workers over the age of 25. Starting at £7.20 an hour in 2016, and rising to £9 an hour by 2020, this new legislation will essentially replace the national minimum wage. Read More »


The Real Cost of Living in Britain

Rent or Buy

Many Britons wonder whether it is best to rent property or to get a mortgage. Others do not have the luxury of choosing, because they are not in a financial position to buy – the average age for making a house purchase is now 35. But with current low interest rates and fierce competition in the market, new homeowners today are benefiting from much cheaper mortgages – making possible the seemingly impossible. What’s more, those who privately rent in the UK are paying the highest rental rates in the EU. Here we consider the cost of mortgaging a house compared to the cost of privately renting.

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Students Denied the Right to an Education

Education button on keyboard

For many young people going to university, student loans provide essential financial support to fund tuition costs and maintenance monies during their studies. Low interest rates and good accessibility combine to make student loans a popular and useful resource to enable academically able pupils to complete a further education course. Unfortunately, there are a significant minority of people who are unable to obtain this vital funding through no fault of their own; if a young person isn’t a British citizen and does not have indefinite leave to remain in the UK, they are ineligible for a student loan, following changes to the eligibility criteria in 2011.

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