During a weekend when two stories dominated the financial news, the papers were awash with comment, opinion and analysis on pensions reform and Brexit.
In a climbdown on a radical pensions shake-up which, er, had yet to happen, the Chancellor dropped a plan to scrap up-front tax relief on pension contributions after coming under pressure from business groups and members of his own party. George Osborne’s u-turn was condemned by commentators who had been pushing for an overhaul of the pensions system but welcomed by middle class savers who feared they would lose out.
Meanwhile, Age UK warned that about 70,000 people in their 50s and 60s will miss out entirely on the new state pension – which comes into effect on April 6 – between now and 2030 because they do not have the minimum number of qualifying years of national insurance contributions.
As for Brexit, following the suspension of the head of the British Chambers of Commerce on Friday over his support for a British exit from the EU, John Longworth resigned from his position yesterday citing his need to ‘express my own views freely on the EU referendum debate’.
Also in the weekend Money pages was advice on how to improve your credit rating, find the best savings rates, bag a discount, and guidance on how to make the most of your 2016 Isa allowance.
In a blow to consumers and small businesses, it emerged this morning that the findings of a competition inquiry that could result in a major shake-up of banks’ current accounts and small business banking has been delayed until August. The probe, first proposed in July 2014, is investigating the difficulties customers face in switching banks, the lack of smaller competitors to the big four banks, and lending to businesses.
Looking ahead to today, a new law comes into force which means that senior managers in UK banks, building societies and investment firms could face up to seven years in jail if they take a decision which causes the institution to fail.
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