HMRC ‘cannot tell’ number of MPAA breaches

HMRC has not been collecting data on how many individuals are breaching their money purchase annual allowance (MPAA), stoking fears many over 55s will unknowingly have pension contributions limited to £4,000. In a freedom of information request, the pensions firm...

Treasury considers recovery loan scheme extension

The deadline for the recovery loan scheme (RLS) could be extended past 31 December 2021, reports suggest. According to The Daily Telegraph, officials are consulting with banks to reach a decision on the future of the scheme. Possible plans include cutting the...

Furlough scheme ends after 18 months

The furlough scheme closed on 30 September 2021 after seeing 18 months of the Government paying part of the wages of millions of workers. Chancellor Rishi Sunak said he was "immensely proud" of the near £70 billion coronavirus job retention scheme, to use its formal...

Borrowing between April and August less than expected

The UK public sector borrowed less than expected in the financial year to August 2021, official figures show, although the amount borrowed is the second highest on record for the month, after August 2020. Data from the Office for National Statistics (ONS) shows the...

Average UK house price growth slows to 8%

The UK's average house price increased by 8% over the year to July 2021, down from 13.1% in the year to June 2021, data from the Office for National Statistics (ONS) shows. The average house price was £256,000 in July, £19,000 higher than the average price seen the...