Lack of financial management skills widespread

40% of adults are not in control of their personal finances, research by The Money Advice Service suggests. 20% are unable to read a bank statement while 40% have less than £500 in savings. 1 in 3 are unable to calculate the effect that a 2% annual interest rate will...

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SMEs driving job creation

Small and medium-sized enterprises (SMEs) have been responsible for creating 15.6 million jobs this year, up from 15.2 million, analysis by the Forum of Private Business (FPB) shows. Figures from the Office of National Statistics show an estimated turnover of £1.8...

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Over generosity risks parents finances

Parents who lend money to their children are at risk of compromising their own financial position, according to a survey by Investec Wealth & Investment. Of the 1,000 adults surveyed, a third of those aged over 55 either plan or give money to their children at an...

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Employees miss out on pension contributions

£535 million of pension contributions have been lost over the last 3 years, due to employees opting out of auto-enrolment, according to new research published by NOW: Pensions. Employees earning £26,500 have lost £1,247 of possible contributions with £624 being paid...

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Insurance industry pays out £77 million a day

Insurers paid out around £77 million a day in insurance claims, statistics released by the Association of British Insurers (ABI) show. The UK has the largest insurance and long term savings industry in Europe and the third largest in the world. As well as paying out...

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Businesses fail to invest in people and technology

Businesses are not investing in the staff, technology and equipment needed to boost productivity, says a new report by the Chartered Institute of Personnel and Development (CIPD). The survey of 1,000 businesses found that despite 2 years of improving economic growth,...

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Avoidance crackdown nets record collection for HMRC

The government has now collected a record £1 billion in tax payments from individuals using tax avoidance schemes as a result of new collection rules, according to HMRC. The new rules for accelerated payments, which mean that disputed tax is now paid upfront by...

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Awareness and uptake in Government investment schemes uneven

The system of claiming tax relief on investments should be used by the government to make investment easier and fully realise the potential of existing schemes, a new report by the Institute of Directors (IOD) argues. The report focuses on the Enterprise Investment...

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Business confidence cools

Small business confidence is slowing down, according to the Federation of Small Businesses (FSB). The survey of more than 1,500 businesses found that 58% expect to grow in the next 12 months compared to 65% a year ago. In addition, 22% of firms plan to invest this...

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