Recent Finance News Sep 29th
New Occupational Pension scheme, automatic enrolment.
Starting October 1st all large employers will automatically enrol all staff into a work place pension scheme. This applies to all staff earning more than £8105 and aged between 22 and 65.
Smaller firms will have to start their schemes in the spring of 2013.
Initially employers will contribute 1% of the employee’s salary and the employee will pay in 1%.
In 2017 this will rise so employer contributes 2% and employee 3%.
In 2018 increases again so employer contributes 3% and employee5%, a total of 8% of salary.
Now is the time to fix your energy bills
With winter approaching an Energy companies proposing higher than inflation rate increases, consumers should look closely at their existing arrangements. The advice is not to look for a small short term saving but look for a fixed price scheme that will take you through the next two winters to spring 2013.
Look at the cheapest way to pay, usually monthly direct debit.
Britain’s biggest manufacturer
Did you know that Tata, the Indian conglomerate, is Britain’s largest manufacturer.
Amongst the businesses they own are Jaguar, Land Rover, Tata Steel Europe, formerly Chorus, Brunner Mond, a chemicals company and Tetley tea.
Watch out Domino’s Pizza
Domino’s pizza delivery market is facing a challenge from Papa John’s who are soon to open their 200th store and plan to open 150 new branches over the next 3 years.
Last month the Government announced a package of reforms to help revive the construction industry. At present homeowners are allowed to extend their home by up to 13 feet without planning consent. The government have signalled their intention to allow this right to be increased to 26 feet, but only up to the end of 2015.
However, those living in conservation areas or areas of outstanding natural beauty will still require planning permission.
Pensions could back mortgages
Liberals are suggesting that parents should be able to offer to guarantee a deposit for their children to buy their first home by using their pension lump sum payment as security for their children’s mortgage. However, insurance companies are quick to warn that there are risks and pensions were not planned for this type of venture.
The Government is to put £1bn into a bank designed to increase lending to business.
The Governor of the Bank of England Mervyn King says economic growth is on its way. There are a few signs of recovery, but a lot depends on resolving the Eurozone crisis.
John Major, former UK Prime Minister, says economic recovery may be on its way, falling unemployment and rising stock market indicates Britain was on the slow road to recovery
Get out of Wales now!
We have just heard that one Welsh lady has rented a flat across the border in England so she can receive a cancer treating drug that is not available on the National Health in Wales.
Wales is heading to be the poor relation of England. The Welsh voted for devolution although only a minority of all those entitled to vote actually voted, but what they did was voted for permanent socialist government and divorced themselves for the wealth of London and the South East which is the source of the money.
Policies such as abolishing prescription charges are all very well if you can afford it. If you have to pay for your prescription you will think twice do you really need it? As a result the medicine bill has risen so there is less money available for other medical services.