Tel: 01492 593345 | Email: contact@garethhughes.co.uk | The Round House, Glan-Y-Mor Rd, Llandudno Junction, Conwy LL31 9SN
Gareth Hughes & Co is the trading name of Gareth Hughes & Company Ltd, registered in England and Wales, Company number 06248470. Registered Office: The Round House, Glan-y-Mor Road, Llandudno Junction, Conwy, LL31 9SN.
Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details of our audit registration can be viewed at https://www.auditregister.org.uk under reference number C001524264
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BANK OF ENGLAND RAISES BASE RATE
/in Financial /by Matthew WilliamsIt is the ninth consecutive increase and takes the base rate to its highest level for 14 years as the Bank battles to stem soaring prices.
The Bank’s Monetary Policy Committee (MPC) voted 6-3 in favour of putting rates up by 0.5%. The BoE also warned that further increases may be necessary to tackle what it fears may be persistent domestic inflationary pressures from prices and wages.
Commenting on the rise, Alpesh Paleja, Lead Economist at the Confederation of British Industry (CBI), said:
‘Another big interest rate rise from the BoE doesn’t come as a surprise in the face of historically high inflation.
‘However, with global price pressures starting to wane along with the economy set to fall into recession, it is likely that we’ll see smaller interest rate rises for the foreseeable future. Nonetheless, high inflation and weakening activity will continue into 2023, putting strain on many households and businesses.’
Internet link: Bank of England website
AUTO-ENROLMENT HAS HELPED WORKERS SAVE £114 BILLION INTO PENSIONS
/in Financial /by Matthew WilliamsWorkers have saved more than £114 billion into their pension pots since pensions automatic enrolment was implemented ten years ago, according to data published by the Department for Work and Pensions (DWP).
The data showed that more than 10.7 million employees were paying into a workplace pension in 2021. The proportion of young people saving into a pension has more than doubled since the introduction of pensions auto-enrolment in 2012, according to the statistics.
The government says it intends to continue work to further boost the amount of people in a workplace pension. It says it will explore how auto-enrolment can ‘go even further to help more people save more, sooner‘ by abolishing the Lower Earnings Limit for pension contributions and reducing the eligible age to 18.
Laura Trott, Minister for Pensions, said:
‘Automatic enrolment has completely transformed how people save – with staggering results. In the ten years since its introduction, 10.7 million people have started saving for their pensions with this easy-to-use scheme. We have also seen a huge and much needed increase in women and young people being enrolled into a pension.’
Internet link: GOV.UK
MERRY CHRISTMAS AND A HAPPY NEW YEAR
/0 Comments/in Financial /by Matthew WilliamsMerry Christmas and a Happy New Year from all at Gareth Hughes & Co.
Our office will close at 1pm on Friday 23 December 2022 and re open at 9am on Tuesday 3 January 2023.