Fifth of British public are failing to save any money


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Fifth of British public are failing to save any money

Fifth of British public are failing to save any money
One in five people have no savings, according to a Scottish Widows report. Scottish Widows’ annual Savings and Investment Report
shows that almost 15mn people in the UK are not making any efforts to save for the future, while 8mn have no savings at all.
The Independent, p. 47
Also appeared in : Daily Mail, p.8, Daily Mirror, p.18, Daily Star, p.14, Independent i, p.1, Independent i, p.4, Metro
London, p.40, The Times, p.34

Pension schemes push back debt reduction by 18 months
UK pension schemes have been forced to push back their timescales for clearing their debts by one and a half years, a study out
today shows. Pension plans now expect to reach their long-term objectives – commonly the stage when they are out of deficit and
into surplus – in 12.8 years, up from 11.3 years in 2009.
City AM London, p. 11

Pension changes will make it much more expensive for firms to hire staff
The UK currently has the eighth lowest employment costs in the world for employees earning $75,000 (£46,849) but under new
automatic enrolment pension rules – currently being rolled out across the country – the UK will fall to thirteenth behind countries like the US, Canada, Ireland, Denmark and Israel by 2018.
City AM London, p. 1

RBS to offload US banking business
The Royal Bank of Scotland is planning to cave in to the demands of its regulator and outline plans to put its American retail arm, Citizens, on the market next week. The Financial Services Authority has been pressing RBS to offload Citizens for some time and to use the proceeds to boost its capital buffer.
The Independent, p. 49
Also appeared in : Daily Mail, p.62, Financial Times Companies and Markets, p.22, Independent i, p.40, Daily Express, p.36

Osborne could sell RBS stake in a year’s time
The Government could start selling chunks of RBS as soon as next year under a plan to recoup some of its investment in the bank.
RBS hopes to complete its postbailout shake-up by early 2014, which would allow investors to see it in action in its new, slimmed
down form. The reforms may also see cuts to its investment bank operations.
City AM London, p. 3
Also appeared in : Metro London, p.41

Taking a pop at CoCos may prove costly, RBS is warned
Investors and policy experts have warned Royal Bank of Scotland not to bow to pressure from regulators to raise money using a
costly form of convertible debt. The 83 per cent taxpayer-owned bank will unveil a series of steps alongside its annual results on Thursday to increase its capital base and address concerns raised by the Bank of England and the Financial Services Authority.
The Times, p. 33

RBS staff to be laid off as part of India wind-down
Royal Bank of Scotland is to lay off staff in India as a part of its plan to wind down its retail and commercial operations in the country. The bank confirmed its decision yesterday, though declined to say how many employees would be affected.
The Daily Telegraph Business, p. 4

State–backed lenders likely to remain loss–making
Royal Bank of Scotland and Lloyds Banking Group will announce 2012 full–year results this week, which are expected to show that
both state–backed lenders remain loss–making.
The Daily Telegraph Business, p. 7

Lloyds to claw back bonuses on soaring PPI mis-selling claims
Lloyds directors are set to cut bonuses from 2010 because of the ever-rising PPI compensation claims. The group of senior staff and non-executives is also likely to award chief executive Antonio Horta-Osorio a £1.4mn bonus for 2010 on the back of a rising share price and progress in reforming the bailed-out bank.
City AM London, p. 3

UK banks bounce back in brand rankings
The latest survey by Superbrands indicates that British banks are rebuilding their corporate reputations after a series of
scandals, including the rate-rigging of Libor.
The Daily Telegraph Business, p. 1

Barclays plans to issue more bail-in bonds
Barclays is preparing to issue more contingent convertible bonds – cocos – in the coming months to shore up its balance sheet and
satisfy regulators that it is following their orders around bail-in bonds, it emerged over the weekend.
City AM London, p. 3

Asian banks win record share of corporate debt deals
Asian banks have more than doubled market share of corporate debt activity in the US and Europe over the past year.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

£645m recovered from lost accounts
Up to £645m of cash sitting in forgotten bank accounts has been returned to its owners over the past five years through a free
tracing service run by the financial industry.
Independent i, p. 42

The above articles appeared on 25/02/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.