Banks and accountancy firms that help people to avoid tax face huge fines under proposals set out by the Treasury. A fine of up to 100 per cent of the tax that was avoided – including via off-shore havens – has been suggested in the new rules, published for consultation. Currently those who advise on tax face
Rail fares have increased at double the speed of wages since 2010, research by trade unions suggests. Fares have risen by 25 per cent in the past six years, while average weekly earnings have grown by 12 per cent, analysis by the TUC and the Action for Rail campaign shows. Meanwhile, official figures released this
Statistics. Like so many things in life, it’s easy to bend facts and figures to support an argument or make a point. Brexit exemplified that and then some. And so it is with pensions data. Following this morning’s publication of the first full year of pension freedom information, the headlines varied from paper to paper
Energy firms have been ordered to refund thousands of gas customers affected by a meter reading mistake. But those people who have been undercharged will not have to pay any extra. The error – caused by companies confusing measurements from older imperial meters with modern metric ones – is believed to have affected several thousand households.
The pound has been in the doldrums this week, and is trading near a one-month low today. Traders are betting on further monetary easing from the Bank of England. According to The Guardian, sterling has fallen nearly 3 per cent since the Bank unveiled a bigger-than-expected stimulus package last week and dropped to $1.2952 this morning,
The UK housing market ran out of steam after the Brexit vote, but could take off again over the next 12 months, according to the Royal Institution of Chartered Surveyors. A Rics survey showed house price rises slowed significantly in the three months to the end of July. The surveyors said new buyer enquiries, home sales and new instructions
A post from a friend pops up on my Facebook page. ‘It’s August 9th and the winter tights are on.’ I feel her pain. Last weekend I bought logs and smokeless fuel, and I don’t mean for the barbecue. Yesterday I went shopping wearing a cardigan, a coat and armed with an umbrella. For the
First-time buyer lending was up 25 per cent in June compared to a year ago, the Council of Mortgage Lenders said this morning. According to the industry trade body, first-time buyers borrowed £5.5 billion, up 28 per cent on May. This equated to 34,300 loans. Overall, homeowners borrowed £12.3 billion for house purchases in June, up
It’s been two years in the making but the Competition and Markets Authority (CMA) has finally published its investigation into the retail banking sector. The watchdog announced this morning that Britain’s High Street banks must launch a technological ‘revolution’ in an effort to promote better competition. The CMA concluded that new phone-based apps should be brought in by
When I was a cub reporter, writing for the paper of record at a time when the economy was booming and weekly personal finance pages numbered more than two dozen, the phrase ‘hardy perennial’ was bandied about on a regular basis. Like the plants which reappear year after year, in this context ‘hardy perennial’ referred
Following the BHS scandal which put the retirement savings of 20,000 people at risk, the Pensions Regulator is facing the prospect of an overhaul as MPs investigate its role, The Times reports. The work and pensions committee will examine whether the regulator should be given new powers to block takeovers if pension schemes are not adequately
Borrowers rejoice, savers despair. The decision by the Bank of England to cut interest rates to a record low of 0.25 per cent dominated the financial news yesterday. The last time rates were cut, back in March 2009, the world was in the grip of the financial crisis. Ah, life was different then. Leicester City were
As was widely predicted, the Bank of England yesterday cut interest rates from 0.5 per cent to 0.25 per cent, a record low and the first cut in seven years. The Bank of England has also signalled that rates could go lower if the economy worsens, meaning that savers and pensioners will be even worse
One story dominates the financial news today: the prospect of the Bank of England cutting the base rate for the first time in seven years. It is widely expected that interest rates will drop to 0.25 per cent at lunchtime. The base rate has stayed at 0.5 per cent since March 2009. Last month the
Some years back, when I announced my decision to return to Manchester, I became the butt of a few jokes from my London pals. They mostly consisted of the usual clichés concerning whippets, flat caps and black puddings. There was also mention of ‘it’s grim up North’ and the weather. I’ll give them that last one.
Millions of pre-pay energy customers will be protected by an interim price cap from next April, Ofgem announced this morning. The cap will save ‘vulnerable’ households using pre-pay energy meters about £75 a year, the regulator said. Ofgem said it would also work with suppliers to help ‘disengaged’ customers on ‘expensive standard variable tariffs’ to shop
Mortgage lending rose last month to its highest level in eight years as homebuyers appeared to shake off uncertainty prior to the EU referendum. The Council of Mortgage Lenders said that gross mortgage lending reached £20.7 billion, 16 per cent higher than the previous month and the highest figure since 2008. In June last year mortgage
Lying on an insurance claim should not necessarily invalidate it, the Supreme Court has said, in a judgement likely to affect all household policies. It said collateral lies – which are untrue, but do not affect the validity of the claim – can be acceptable. The BBC reports that the judges voted by four to one
Pity the savers. With interest rates at historic lows and banks loath to offer anything remotely resembling a decent return, it’s tempting to stash bundles of cash under the mattress and wait for better times. Hardly a day goes by at Spectator Money without a press release lamenting the paltry rates on savings plans. Yesterday, for
The Government’s energy efficiency loan scheme had an ‘abysmal’ take-up rate because it had not been tested with consumers, according to MPs. In a highly critical report, the Public Accounts Committee said projections for the scheme were ‘wildly optimistic’. The so-called Green Deal ended last year after providing just £50 million in 14,000 loans to