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 ...

What does the election result mean for your personal finances?

What a few hours it has been! The exit poll has been proved broadly correct, and we now know that the Conservatives will form the next government, albeit with support from the Democratic Unionist Party (DUP). Now that has been confirmed, we can look forward, and ask: How will your personal finances be affected by the result? When the Tories wrote their manifesto a few short weeks ago, they did so in the hope, and probable expectation, of an increased majority. The reality is very different, we can therefore expect some of the ...

General Election 2017: How will it affect your personal finances?

The answer to that question depends on two things; the outcome of the election and how you react to the inevitable instability it will cause. At this early stage, the most likely outcome seems to be a Conservative victory, with an increased majority. At least that’s what a certain Mrs May, of Number 10 Downing Street, has gambled on. Logically, if this is the case, Mrs May, and the Chancellor Philip Hammond, will be emboldened to drive through changes to domestic policy, whilst negotiating Brexit. Of course, even if it looks unlikely right ...

Report recommends State Pension age to rise to 68 earlier than scheduled

A new report has recommended the age that you can start receiving the State Pension should be increased faster than currently scheduled. The in-depth review, conducted by John Cridland, concluded that the State Pension age should be changed to 68 by 2039; seven years earlier than currently planned. The review ran alongside a study conducted by the Government Actuary’s Department (GAD) which estimated that the State Pension age could rise to 70 by 2054. Mr Cridland, former Director General of the Confederation of British Industry (CBI), raised several key points. Titled The ...