Category: Business

Coventry Building Society is relaunching its competitive Limited Access Saver paying an interest rate of 2.85 percent and allowing up to six withdrawals per year. The account offers peace of mind to savers who may need to access their savings pot a few times a year. All three Fixed Bonds can be opened with a minimum of £1 online, by phone, post or in branch. Savers can invest up to £250,000 and choose a term length that best suits them. If someone paid in £1,000 in the Three Year fixed term bond, they would have gained interest worth £158.50. People ... Read more

“We know that good nutrition during the first few years of life is critical for healthy growth and development, so it would be great to see other retailers follow Sainsbury’s lead and boost their support of the Healthy Start scheme.” What can people buy using the Healthy Start and top-up coupons? The schemes allow eligible cardholders to buy certain types of milk, infant formula, and fruits and vegetables – and there are specific criteria to adhere to. According to the NHS, the fruits and vegetables must be fresh or frozen or tinned; whole or chopped; packaged or loose; fruit in ... Read more

However, it is hoped the letter will spark a dialogue between campaigners and the Government. Angela Madden, campaign chair, told Express.co.uk: “As a campaign, we are more concerned than we have ever been before. “We’re concerned that while Number 10 has been operating a revolving door and the Government has been distracted with simply trying to stay in power, our political leaders are showing little consideration for those most vulnerable to an impending recession, namely the elderly. “Despite us constantly seeking to engage with members of the DWP, Rishi Sunak’s government still refuse to meet with WASPI campaigners to discuss ... Read more

“This means that if you receive the full new state pension, you will have £2,942.20 (£12,570 less £9,627.80) of your personal allowance remaining for other taxable income streams such as employment or a private or occupational pension.” With inflation continuing to rise, the state pension may eventually exceed the Personal Allowance. It would mean the 20 percent rate would be due on earnings above this particular threshold. Andrew Tully, technical director of Canada Life, warned: “The frozen personal allowance, and income tax thresholds, are a stealth tax. “This will potentially drag millions more pensioners into paying income tax for the ... Read more

Rarely-seen unrest flared across the country in a critical test of President Xi Jinping’s rule and added to fears for the outlook for the second-largest economy. China’s stock market posted its biggest one-day plunge in a month and by midmorning, the price of Brent crude was down by more than three per cent, to below $81 a barrel. Mining giants on the FTSE 100 index were among other areas hit. Russ Mould, from investment firm AJ Bell, said: “China is a rapacious consumer of global commodities, and signs [that] economic activity is being disrupted by the mounting dissent in the ... Read more

House prices are at the highest they have ever been and most of the time they are the biggest, most expensive asset a person may have. Currently, a person will pay inheritance tax if the value of their estate, which is property, possessions and money, is over the nil rate band threshold which is £325,000. This has remained at this level since April 6, 2009 and will remain the same until at least 2028. If an estate is worth more than this threshold, it will be taxed at a rate of 40 percent, and if it’s below, then inheritance tax ... Read more

The energy price guarantee will rise to an average of £3,000 for typical households in April 2023 for 12 months, meaning millions of households will be stretched further looking for ways to cope with the rising bills. The British Gas Energy Support Fund offers financial help up to £1,500 as well as advice and emotional support for those who need it. Before receiving financial help, Britons are encouraged to speak to their own energy company. This is the first step. The British Gas Energy Trust is an independent charity set up to help families and individuals dealing with financial hardship ... Read more

The Department for Work and Pensions (DWP) has previously admitted that there are systematic errors in state pension calculations. According to data published by the department, the department now estimates that it has underpaid 237,000 pensioners. This is over 100,000 more than was previously estimated. It’s estimated as many as 237,000 pensioners had been undepaid around £1.46billion. The data reveals that the Government department has only paid back around £209million of these underpayments. The issue largely affects women retiring under the old state pension system and there are three groups the DWP has highlighted as being affected. These include married ... Read more

Pension Credit is designed to assist low income pensioners by providing a boost to weekly income. However, a Freedom of Information (FOI) request has revealed almost 60,000 claims made between April and August were waiting to be processed by October 26. Typically, during a tax year, some 85,500 new Pension Credit claims are received. But between April and August of this year, a total of 111,550 claims were submitted – suggesting claims have spiked in response to the cost of living crisis. Out of the 111,550 claims, 37,438 were successful with 15,580 rejected, implying 71 percent of claims are successful.  ... Read more

Frustrated “frozen pensioners” have explained how they were unaware their state pension would be affected by their decision to move abroad. Daily Express :: Finance Feed