Canada Life shuts personal pension and onshore bond products

Provider to focus on offshore bonds and annuity business Canada Life has closed its onshore bond and personal pension operations with immediate effect with its wealth division’s focus now shifted to offshore bond products.The provider said the closed products represented about 1% of its customer base and it remained committed to the UK market where […]

UK Special Situations Fund Under Review After ‘Disappointing’ Departure

Whitmore is not the first Jupiter manager to leave for a new venture in the last few months Morningstar has today placed Jupiter Asset Management’s £2.15 billion Special Situations fund under review following the resignation of lead portfolio manager Ben Whitmore. Whitmore will leave the firm in July this year to launch his own value […]

Earned income taxed twice as heavily as capital gains for some in UK, study finds

Thinktank says increasing capital gains tax rates to same as employment tax would raise £10bn extra A graduate earning £35,000 a year pays almost double the average tax of someone with the same income from rent on property, according to a study of inequality in the UK tax system. The combined effect of income tax […]

Why lower inflation should cause the Bank of England to tread carefully

And breathe. The City and Bank of England have waited a long, long time for the Office for National Statistics to provide some good inflation news. It is the first time that headline inflation has undershot analysts’ expectations in ages. The Bank, after months and months of people slamming its economists for being so wide […]

Jeremy Hunt to sign ‘milestone’ financial services agreement with EU

Chancellor Jeremy Hunt will today sign a long-awaited deal with the European Union on improving regulatory cooperation for financial services, in a move that Hunt said will boost the City as a “global financial services hub”. Hunt and EU financial services commissioner Mairead McGuinness will sign a Memorandum of Understanding (MoU) at the European Commission […]

Long-term sick: How record number is changing UK economy

“I was very independent. I climbed Mount Kilimanjaro. Now I need help washing my hair,” says Flic, who contracted long Covid whilst working as a children’s physiotherapist in the NHS. She is among the two and a half million people who are not working due to health problems – a new record in the UK. For […]

Budget 2023: enhanced tax credit for R&D intensive businesses welcomed

A new enhanced tax credit for R&D intensive small and medium sized (SME) businesses is “excellent news for R&D intensive businesses across the UK,” a tax expert has said. Penny Simmons of Pinsent Masons said that the Budget 2023 announcement of an enhanced tax credit for these businesses was a “huge relief” for those operating […]