New state pension due in April 2016


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New state pension due in April 2016

New state pension due in April 2016
The government confirmed yesterday that the new simplified state pension will be introduced a year ahead of schedule in April 2016. The decision to implement the £144-a-week flat payment earlier than planned will mean the government has to provide fewer national insurance rebates on contracted-out pensions, boosting Treasury coffers by around £5.5bn.
City AM London, p. 8

Cyprus in chaos as MPs reject €10bn rescue deal
Cyprus stood on the brink of bankruptcy last night after its MPs voted down a bailout deal that would have taxed ordinary savers. In order to qualify for €10bn (£8.5bn) promised by the International Monetary Fund (IMF), the European Central Bank (ECB) and eurozone finance ministers, Cyprus had to approve the plan. President Nicos Anastasiades had warned that a No vote could lead to financial chaos and an eventual exit from the single currency.
The Independent, p. 4-5

Judge says fugitive oligarch defrauded Kazakh bank BTA
A judge yesterday said oligarch Mukhtar Ablyazov, who has been in hiding since he was sentenced to jail for contempt of court last year, organised a complex fraud to embezzle billions of dollars from Kazakh bank BTA.
City AM London, p. 9

Barclays to cap hiring even if GDP recovers
The mounting cost of regulation means banks will have to bear down on costs for the foreseeable future, Barclays boss Antony Jenkins told a conference of investors yesterday.
City AM London, p. 9

ECB wins role as banking watchdog
The European Union has agreed to let the ECB police Eurozone banks.
City AM London, p. 6

Future of Euribor under scrutiny as UBS quits rate setting panel
UBS said yesterday it would pull out of money market rate Euribor, one of the most prominent banks to do so after a global benchmark rate-setting scandal, in a move that renews questions about the rate’s future.
City AM London, p. 11

Draghi calls for integration to get Eurozone back to growth
Low interest rates in the Eurozone are not being passed through to households and firms, Mario Draghi warned yesterday, hitting economic growth hopes.
City AM London, p. 12

The above articles appeared on 20/03/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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