Business: Funding for Lending scheme launched

A new government initiative to push banks into lending more money to businesses and consumers has started. Under the ‘Funding for Lending’ scheme (FLS) the Bank of England will make it easier for banks to borrow money at below market rates, with the intention that this will in turn, be lent on to businesses and individuals. The banks who receive the funds will be monitored to ensure that their lending increases. Lending to businesses The Bank says that the FLS is "designed to incentivise banks and building societies to boost their lending to UK households and non-financial companies"....

Compulsory retirement at 65 now fully abolished

From 1st October, having been phased out since April, the default retirement age of 65 has now been fully abolished. The Employment Equality Regulations 2011 means it is no longer legal for employers to force employees to finish work at age 65. Employers can still force retirement; however it must be based on other factors, age on its own is not enough. Despite the new legislation research from law firm Norton Rose shows that one in 10 firms will still offer financial incentives or ‘golden goodbyes’ for employees who leave their position at a certain age. Paul Griffin, an employment lawyer with Norton ...