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Savers urged to invest to boost the economy
Under plans designed to boost economic growth, the Treasury will look to encourage savers with cash in low-interest accounts to invest their money in stocks and shares instead. Officials said there would be a “review of risk warnings on investment products to make sure they help people to accurately judge risk levels.” The plan will…
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London among the most expensive cities for the super-rich
The UK has overtaken Hong Kong and is now the second most expensive city in the world for ultra-net worth individuals after Singapore, according to an annual ranking by Julius Baer. Researchers from the Swiss bank said that London has managed to “hold its position as one of the most appealing global cities for the…
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Pubs urge ministers to serve up rate reforms
Pub bosses have called for tax reform, saying that issues with the business rates system mean they are struggling to make profits. Chris Jowsey, the chief executive of Admiral Taverns, said: “On the face of it, pubs are doing really well because people are spending lots of money but none of it is translating to…
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Bank closures surge since 2016
British banks have closed an average of eight branches a week since 2016, according to research from investment platform Lightyear. The analysis shows that almost 3,700 sites closed between 2016 and 2024. Barclays and NatWest led the way, shutting 1,236 and 950 branches respectively. Lloyds closed 855 in the same period, while HSBC shuttered 743…
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Companies plan major overhaul of employee pension provisions
New research from LawDeb Pensions reveals a significant shift in the UK’s defined contribution (DC) pension schemes, with 80% of businesses planning to change their provision type. The study indicates a trend towards consolidation and specialised management, with 63% of firms expecting to transition to a master trust or own trust. Key drivers for this…
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Voters demand spending cuts, not taxes
Voters are increasingly favouring spending cuts over tax increases, according to a recent City AM/Freshwater Strategy poll. The survey revealed that 59% of respondents preferred the Government to reduce spending, while only 17% supported tax hikes. Chancellor Rachel Reeves faces pressure to address a significant public finance shortfall, exacerbated by recent welfare reform U-turns. The…
