Society

The Government has announced it will scrap the much-criticised 5 per cent penalty fee for those who cash in a Lifetime individual savings account (LISA) during the first year. While it’s good that politicians are listening to criticism of the new product, any extra complexity is always a barrier to consumer understanding. And don’t forget that half of savers in the UK don’t even know what ‘ISA’ stands for*. The LISA – a complex hybrid between a pension and an individual savings account – is due to launch in April, and yet the Government is still making up the rules as it goes along. It could be revolutionary, but the new

It’s not long now until Christmas Day, that cherished time of year when we don our elasticated pants, break the seal on the Quality Street and prepare to eat until we pass out. It’s the one day of the calendar when diets, healthy eating and all thoughts of exercise are banished, to be replaced by cries of ‘just one more helping’, ‘where’s the remote’, and, let’s face it, sheer gluttony. It’s a special time. Like most things, however, this abandonment comes at a cost, and I don’t just mean the suffusion of self-loathing on Boxing Day. There’s a financial price to be paid come New Year, and that takes the

Last week the Joseph Rowntree Foundation released a report, Monitoring Poverty and Social Exclusion 2016, which revealed that more than seven million people in the UK are living in poverty, despite being part of a working family. Among the identifiable factors behind these figures were the rising costs of private renting, stagnating wages and cuts to benefits, with Helen Barnard, head of analysis at the foundation saying that ‘the economy is not working for low-income families’. As a financial education charity, we would offer another important factor – stubbornly low levels of financial literacy, which affect families from across every social stratum. The effects of this are all around us,

One is growing at 2.9 percent, the other at 2.1 percent. In one retail sales are growing at 1 percent, in the other at 7.5 percent. In one wages are growing by 2.4 percent a year, in the other by 2.3 percent. In one, the establishment is coming to terms with a populist revolt against the elite. In the other, the establishment is, er, coming to terms with a populist revolt against the elite. What are they? They are, of course, the US and the UK economies. What is remarkable right now is how similar the economic outlook is in both countries. True, there are some minor differences, with the Americans

In the Conservatives’ 2015 manifesto, there was a plan to reform the care system for the over-65s and introduce a cap on costs. Despite the Tories’ working majority, there has been little action on the issue and the proposals have been put on hold. Meanwhile the care system has come under increased pressure as a result of an ageing population, with the Local Government Association predicting social care faces a funding gap of at least £2.6 billion by 2020. In last month’s Autumn Statement, social care was notably absent. Philip Hammond’s plans to address the problem were blocked by No. 10 over concerns an announcement on extra funding would jar with

‘Are you Charles Moore of The Spectator?’ I answered to that description. ‘Well,’ said my questioner, ‘I am worried that you’re becoming very right-wing.’ We were sitting by the fire in a charming, smoky hut with no electric light and lots to eat and drink. It was a shooting lunch, the sort of occasion where one is seldom held to account for anything. I could have tried to laugh the question off, but my interrogator exhibited high intelligence and class confidence, so I sensed she wouldn’t let me get away with that. Unfortunately, I didn’t know how to answer her. I am not offended by being called right-wing, because I don’t agree