Surprise ‘triple lock’ U-turn announced as DUP signs deal with Conservatives

The Conservative party has scrapped a manifesto commitment to drop the State Pension ‘triple lock’, along with plans that would have seen the Winter Fuel Payment means-tested in the future. Announced earlier today, the news comes at the same time as a confidence and supply deal, with the Democratic Unionist Party (DUP). The DUP has agreed to back the Conservative Government on key votes. The ‘triple lock’ means the State Pension increases by whichever is the highest out of: The rate of inflation as measured by the Consumer Price Index (CPI) Average ...

The Queen’s speech: How will it affect your personal finances?

The 2017 Queen’s speech was delivered after a General Election that has left the Conservative party without a majority. This has forced Theresa May to drop many of the big manifesto promises. So, what stays? What has been cut? And how will your personal finances be affected? Brexit Unsurprisingly, Brexit dominated much of the Queen’s speech, with eight of the 27 bills being brought forward covering subjects such as: Repeal Bill Introduced to convert EU law into UK law. Customs Bill Ensures that the UK has a standalone UK customs regime on exit, flexibility to accommodate future ...

Credit Unions: An alternative to a traditional savings account?

Interest rates for traditional savings accounts haven’t been very interesting lately. Many savers are bored, miserable and getting gloomy returns. There are a few exceptions to the rule, of course, but most accounts struggle to beat the current rate of inflation. It’s therefore no surprise that many savers are considering an alternative. One little known and used option are accounts offered by credit unions, for example, the new Interest Bearing Deposit Account from RetailCURE. It offers a fixed interest rate of 3% over a period of 12 months with a maximum deposit ...

Nearly one in four people have no savings – are you one of them?

According to new research by Legal and General, the average UK employee only has enough money saved to maintain their lifestyle for a month if their income suddenly stopped. The results from a survey of 2,000 people suggest that the nation is ill-prepared for a financial emergency, with many having only enough savings to last them a week, and some having none at all. How does it differ by region? As a general rule of thumb, it is recommended to have enough money saved to last you three months. As with all rules of ...