Bank of England to act if needed on the buy-to-let market December 1, 2015 The Bank of England (BoE) has said it’s ready to act if it feels the booming buy-to-let mortgage market is getting out of control. Threadneedle Street’s Prudential Regulation Authority said it was reviewing banks’ lending criteria. The market for buy-to-let mortgages has ballooned 10 per cent in the first nine months of this year. Although there [...]
Budget 2017: Philip Hammond could raise the pensions Lifetime Allowance to fund social care and end inheritance tax discrimination to improve the nation’s finances March 1, 2017 The weeks leading up to George Osborne’s Budget statements were filled with frenzied speculation. Famed for his tinkering, the former chancellor’s Budgets enshrined a number of eye-catching and popular reforms, including landmark pension freedoms, and some not so popular ones, such as a reduction in the amount an individual can put into their pension and [...]
UK financial services touted worldwide, but Yorkshire and the Northern Powerhouse oust London as stars of the show February 8, 2016 The City of London may be known for its financial prowess but, as government gears up to promote the financial services sector worldwide, it's Yorkshire, not the capital, that is taking the starring role. UK Trade and Investment (UKTI) is adding Yorkshire to its Financial Centres of Excellence initiative, which is designed to promote UK financial services to [...]
UK pensions: More than half would favour a move to a flat rate pensions tax relief scheme, but the pensions industry might struggle to adapt, warns pensions company January 19, 2016 More than half of pensions savers are in favour of a shift to flat rate pensions tax relief. A survey released today by pensions company Aegon discovered that 60 per cent of customers would favour a move to a flat rate of 33 per cent for pensions tax relief, which is currently applied at the same rate people [...]
Budget 2016: As chancellor George Osborne gears up for expected pensions raid, his Budget will serve up a reality check on the deficit February 22, 2016 As Westminster whips itself into a referendum frenzy following a week of thrilling political drama, it is worth remembering that more prosaic and domestic concerns lie ahead. In three weeks’ time, for example, chancellor George Osborne will steal the limelight away from Boris Johnson, David Cameron et al. when he delivers his 2016 Budget. Incredibly, [...]
Deficit bias: The chancellor’s fiscal strategy has worrying shades of Gordon Brown November 30, 2015 At the Autumn Statement 2011, the chancellor bore bad news. The independent Office for Budget Responsibility (OBR) had revised down the growth prospects of the UK economy, and revised up how much of the public deficit would not naturally fall as the economy recovered. George Osborne therefore faced a choice: to cut spending or raise [...]
July Budget 2015 measures have boosted people’s incentive to work, despite proposals to cut in-work tax credits – Institute for Fiscal Studies November 19, 2015 Measures announced in the July Budget strengthened the incentive to work, despite the proposed in-work tax credits cuts, according to a study released today by the Institute for Fiscal Studies (IFS). The report found that the complete package of changes, which included raising the personal allowance for income tax and introducing the National Living Wage, has [...]
Autumn Budget 2017: Chancellor bows to pressure to freeze alcohol duties November 22, 2017 Philip Hammond has bowed to industry pressure to freeze alcohol duties, except on some cheap high-strength drinks. The chancellor announced the move today in his Budget statement, saying that the freeze was in recognition of the role that pubs play in British society as well as the squeeze on household budgets. It comes after repeated [...]
UK house prices: Mortgage lending rose unexpectedly in December February 1, 2016 The rush to sneak that house purchase in before interest rates rise continues apace: figures published by the Bank of England this morning showed mortgage lending jumped unexpectedly in December, beating analysts' expectations. Mortgage lending for house purchases rose to 70,837 in December, up from 70,424 in November. That was against analysts' expectations of a modest fall, [...]
Thousands of Londoners flock to access government’s Help to Buy scheme February 8, 2016 A government scheme aimed at helping Londoners onto the housing ladder has already already been flooded with thousands of requests since its launch last week. Housing minister Brandon Lewis said London Help to Buy – an extension of the equity loan scheme that has been available to buyers around the country since April 2013 – [...]