More private sector DB pension schemes in surplus than deficit as UK moves toward economic recovery May 11, 2021 The funding of private sector defined benefit (DB) pension schemes in the last year has become healthier, with the number of schemes in surplus greater than those in deficit. Last month, of 5,318 private sector DB schemes, there were 2,622 schemes in deficit and 2,696 in surplus, according to figures from the Pension Protection Fund’s [...]
Myth-Busting: Money printing must create inflation May 11, 2021 | City Talk London ranks ninth on the UBS Global Real Estate Bubble Index for residential properties. Like in many other countries, property prices in the United Kingdom reached an all-time high in 2020. A global pandemic with sudden mass unemployment should have forced UK citizens to sell their homes, but the furlough policies, stamp duty holidays, and record-low interest rates [...]
Wall Street closes lower on inflation jitters May 10, 2021 Wall Street closed lower on today as inflation fears drove investors away from market-leading growth stocks in favour of cyclicals, which stand to benefit most as the economy reopens. Industrial and healthcare shares limited the Dow’s decline but the blue-chip average reversed course late in the session to snap a three-day streak of record closing [...]
Sterling tops $1.41 for first time in more than two months May 10, 2021 The pound climbed higher than $1.41 today for the first time in more than two months. Sterling was buoyed by economic optimism, a weaker dollar and market relief that a Scottish independence referendum looks unlikely in the near-term. Pro-independence parties won a majority in Scotland’s parliament on Saturday, paving the way for a political battle [...]
FCA proposes structure shake-up to tackle illiquid fund flaws May 7, 2021 Britain today put forward a new long-term asset fund structure to invest in illiquid assets, such as real estate and infrastructure, following a series of high-profile suspensions. Illiquid assets typically offer better long-term returns but come with higher risk. They can be difficult to value or sell in a crisis, making it hard to meet [...]
FTSE 100 ends the day on a high while Dow hits new record May 5, 2021 Heavyweight mining stocks pushed the FTSE 100 higher today while Wall Street opened higher on strong jobs data as the Dow Jones hit a record high. The blue-chip index closed 1.68 per cent higher, buoyed by chemicals group Croda’s shares soaring towards the top of the index after it announced a business review assessment. The [...]
Those in debt to be given 60 days breathing space before enforcement action May 4, 2021 People in debt will be given 60 days to get their finances back on track without debts piling up, worrying letters or enforcement action, under a new government scheme. The scheme – called ‘Breathing Space’ – will give those in debt legal protections from their creditors for 60 days, with most interest and penalty charges [...]
Warren Buffett’s Berkshire bounds back from worst of pandemic May 1, 2021 Warren Buffett’s Berkshire Hathaway has said its results are rebounding from the worst effects of the Covid-19 pandemic, and that it has extended its aggressive stock repurchases with $6.6bn of new buybacks. First-quarter results suggest that the Omaha, Nebraska-based conglomerate that owns dozens of businesses, is through the worst effects of the pandemic, including the [...]
FTSE closes higher as US stocks pause after busy week for earnings April 30, 2021 The FTSE 100 closed higher today as the economic recovery optimism poised the index for its largest monthly gain since November last year. The blue-chip index rose 0.2 per cent, boosted by positive earnings updates from AstraZeneca and Smurfit Kappa. Meanwhile, the mid-cap FTSE 250 also rose by 0.56 per cent. Both indexes have risen [...]
HMRC repays overtaxed pensioners £716m in six years April 30, 2021 Savers overtaxed on pension freedom withdrawals have reclaimed £716m since 2015, when changes were introduced that allowed savers to flexibly access their pensions. The overtaxation occurs when someone accesses their retirement ‘flexibly’ for the first time in a tax year – which can include taking income via drawdown or withdrawing ad-hoc lump sums – HMRC [...]