Pensions gap wider than feared, data show


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Pensions gap wider than feared, data show

Pensions gap wider than feared, data show
Steve Webb, the pensions minister, has found that Britain’s pensions gap is worse than was thought with up to 13m people heading for a drop in living standards when they retire.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Treasury clashes with Cable over Help to Buy
The treasury opened up a significant rift with the Business Secretary last night over the Government’s controversial Help to Buy scheme, saying that the mortgage support policy would go ahead despite Vince Cable’s concerns that the second stage of the policy should not be launched if fears over a growing bubble in house prices proved correct. “We should certainly think about how it should come into effect. Indeed, whether it should come into effect in the light of changing market conditions. We don’t want a new bubble,” he told Sky News.
The Daily Telegraph Business, p. 1
Also appeared in : Independent i, p.5, The Times, p.3

CML pours cold water on hot house prices
Mortgage lenders waded into the debate over the state of Britain’s housing market yesterday, as the Council of Mortgage Lenders (CML) claimed that talk of a new boom was “premature”.
The Independent, p. 54
Also appeared in : Independent i, p.41

Barratt builds momentum as Help to Buy delivers gains
Since Help to Buy was announced, mortgage approvals have risen consistently, from 54,205 in March to 60,624 in August. This was the highest level since March 2008, before prices collapsed at the beginning of the crisis.
The Daily Telegraph Business, p. 5

Help to Buy needs some tweaking before it does any damage
The Telegraph claims Help to Buy could become the Tories’ second HS2 – a grand project on which they risk losing the argument. The Council of Mortgage Lenders said yesterday that suggestions of an incipient boom are premature.
The Daily Telegraph Business, p. 2

EU approves ‘crackpot’ new mortgage legislation
New EU mortgage rules which the Telegraph claims will bombard borrowers with “useless and confusing” information have been given the green light by the European Parliament. Under the rules, lenders across Europe will be forced to display worst-case scenarios to borrowers taking on a loan. This involves each lender listing the maximum interest rate it has charged over the past 20 years.
The Daily Telegraph Business, p. 3

Lloyds ordered to boost TSB profits by £200m
Lloyds Banking Group has been told to provide support to new lender TSB to boost its profits by £200m over the next four years. The 631-branch lender was spun out of Lloyds and launched on the high street on Monday. However, the Office of Fair Trading said Lloyds must continue to support TSB to ensure it becomes a proper competitor.
The Daily Telegraph Business, p. 1
Also appeared in : City AM London, p.4, Financial Times Companies and Markets, p.18, Independent i, p.40, The Guardian, p.31, The Independent, p.54

Banks’ UK focus pays off as the recovery begins
The recovery in the UK and the slowdown in emerging markets mean banks focusing on Britain offer increasingly good value to investors, a top analyst said yesterday.
City AM London, p. 11

As UK unemployment falls, does Mark Carney’s policy of forward guidance look unsustainable?
The Bank of England will consider raising interest rates when the unemployment rate reaches 7 per cent – but this is unlikely to happen in late-2016 as was forecast last month.
City AM London, p. 25

HSBC & StanChart eye Shanghai
HSBC and Standard Chartered are tipped to become the first two foreign banks to set up in Shanghai’s planned free trade zone, the first of its kind in China, sources said.
Independent i, p. 41

payday lenders take cash with no warning
Hard-up consumers are being exploited by payday lenders who take money directly from their bank accounts using continuous payment authorities (CPAs).
The Independent, p. 12
Also appeared in : Independent i, p.2

Treasury ‘triumphs in French battle over Libor control’
The UK Treasury has won a key battle over France by retaining control of Libor supervision, according to reports. Initial drafts of regulation from the European Commission called for authority over the interbank lending rate to be moved from London to Paris.
The Daily Telegraph Business, p. 5

Banks may have to raise extra £50bn under emerging ‘Basel IV’
Britain’s major banks could have to raise £50bn in fresh capital as international regulators “gold-plate” the new industry standards. Banks have until 2019 to meet Basel III, which requires lenders to maintain a minimum capital ratio of 10pc and a 3pc common equity leverage ratio requiring shareholders equity equal to 3pc of total assets. That could mean new capital requirements of between £40bn and £260bn.
The Daily Telegraph Business, p. 5
Also appeared in : The Times, p.39, Financial Times Companies and Markets, p.17

Jobless boost puts markets on alert for early rate rise
The pound rose yesterday to its highest level against the dollar since January as investors bet that the Bank of England will lift interest rates sooner than expected. The sharp drop reported by the Office for National Statistics points to further declines in the headline rate of unemployment, which fell from 7.8 per cent to 7.7 per cent in the three months to the end of July.
The Times, p. 37

Sterling surged against the dollar on the rapidly improving jobs market. The number of benefit claimants dropped to 1.4 million in August, the least since early 2009, the Office for National Statistics reported.
The Times, p. 38

The above articles appeared on 12/09/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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