How inflation can be controlled by state bank

Staff at the Bank of England are to demand a major pay rise in the face of surging inflation, despite pleas for restraint on wages from their own Governor. The trade union Unite is consulting staff on Threadneedle Street this summer about securing a “decent pay rise” to cushion the blow of soaring living costs. Staff received just a 1.5pc increase this year, far below the 9.1pc rate of inflation reached in May. Mutiny at the Bank of England over pay would prove deeply embarrassing for Andrew Bailey, the Governor, after he urged UK workers not to demand large wage increases in remarks criticised by unions and politicians. The Bank’s policymakers fear that a surge in pay packets will fuel a wage-price spiral that prolongs painfully high inflation. Unite, which has 600 members at the Bank, said this year’s pay deal was agreed “before inflation started to soar” but that it will demand a bigger boost to help with the living costs crunch. Steve O’Donnell, Unite regional officer, … [Read more...] about Andrew Bailey faces Bank of England mutiny over staff pay rise

Councils will be forced to ditch spending plans and draw up emergency cuts to public services after the highest inflation in 40 years sparks an £800m surge in costs. The Local Government Association (LGA) warned that inflation will force local leaders to make cuts to frontline services and poses a “serious risk to the future financial viability” of some councils. James Jamieson, chair of the body representing local authorities, said funding for social care, bin collections and support for poor households could be at risk as councils scramble to meet their legal requirement to balance the books. Council budgets were signed off earlier this year but soaring inflation has eroded funding for public services in real terms. Analysis by the LGA found surging prices will increase council costs by £800m this year. It estimates that inflation, higher energy bills and increases to the National Living Wage will combine to add an extra £2.4bn in costs this year, climbing to a … [Read more...] about Councils forced to ‘rip up financial plans’ as inflation adds £800m to costs

Martin Lewis viewer says she re-claimed from bank to cover debt Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Martin Lewis frequently offers his insight into a number of money related questions and queries in the quest to help Britons. As Christmas draws closer, the Money Saving Expert explained how sadly debt can prove an issue. The festive period can be a difficult time, and thus Martin had plenty to say to provide support to those who need it most. Trending READ MORE HSBC warning: Bank slashes interest rates on Regular Saver account On Tuesday night, he let one woman named Lisa Marie tell her story concerning how she finally managed to … [Read more...] about Martin Lewis helps Briton to claim £1,600 from bank and pay off 12 years of debt

State pension: Carole Malone criticises rate for OAPs Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info From July 6, the threshold at which a person pays NI will go up from £9,880 to £12,570, making it the same as the income tax threshold. But there are long term implications as well for the changes to National Insurance, in particular how Britons’ state pension will be affected. Related articles National Insurance threshold changes next month - will you save money? Pensioner ‘millionaires’ rise to 3 million - triple lock questioned Alice Haine, personal finance analyst at Bestinvest, said that the changes should “focus minds on the value of the … [Read more...] about Britons urged to ‘take fresh look at state pension’ as National Insurance changes loom

Pension: Parry believes rich OAPs should hand back increase Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Many older workers are now becoming what is known as “economically inactive”, where they are neither in work or looking for work. However, according to Clare Lombardelli, Chief Economic Advisor at the Treasury, this could have major economic implications. Related articles Woman, 64, explains how she makes extra £800 per month Martin Lewis: The one thing everyone aged over 66 needs to know Speaking at King’s College London, Ms Lombardelli addressed the phenomenon known as “The Great Resignation”. She stated this had been significantly … [Read more...] about ‘It’s a problem!’ Britons’ early retirement mass exodus puts strain on inflation

Martin Lewis advises savers on using money saving apps Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Martin Lewis , 48, regularly provides advice on the best banking options available but today he was queried on some of the newer options to hit the market. Digital banking accounts are becoming increasingly popular but the Money Savings Expert expressed a certain amount of caution on using them. Trending READ MORE Negative interest rates: Accounts ‘could go down this path’ On This Morning, Martin was asked if these digital apps are a safe place to put ones money, with a specific focus on Plum. Martin responded: “Plum you don't have … [Read more...] about Martin Lewis provides warning on digital banking firms – are savings apps safe?

Martin Lewis outlines huge cuts to NS&I's saving rates Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Martin Lewis , 48, recently appeared on the Emma Barnett Show to discuss the latest developments with finance and coronavirus . However, from the outset, the Money Saving Expert detailed that he had to alter what he was going to talk about given the dramatic turn of events seen from NS&I . Trending READ MORE Martin Lewis: Best savings and Lifetime ISA rates revealed This week, NS&I announced that a number of cuts to interest rates would be made on its variable rate products and some fixed-term products. Additionally, … [Read more...] about Martin Lewis has ‘big news’ following shocking NS&I decision – bank account warning

Coronavirus to 'wound and scar' global economy says expert Sign up for our news briefing, including a daily special Russia-Ukraine edition SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Research by the European Central Bank (ECB) has revealed the profitability of the banking sector across the eurozone declined for the first time in three years. Analysis of 113 banks supervised by the ECB has found that slow growth and low interests rates for the 19 nations using the euro has caused returns on equity to decrease. In 2019, returns on equity – the difference between total assets and liabilities – slumped from 6.2 percent to just 5.2 percent. Related articles Coronavirus breakthrough: How Europe is planning to lift lockdown … [Read more...] about Merkel on brink: German banks WORST performers across eurozone – even BEFORE coronavirus

This Morning: Martin Lewis discusses top easy access savings Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Savings rates are, broadly, seeing all-time lows at the moment. This is due to a range of economic factors but when examining recent months, it’s clear to see that coronavirus, the recent recession and the Bank of England’s decision to keep the base rate low are having obvious impacts on savings providers. Trending READ MORE Pension: What ‘everyone should be looking to do’ with their savings This has been put into clearer perspective by Moneyfacts, whose “UK Savings Trends Treasury Reports” have been analysing the UK savings market for … [Read more...] about Savings rates: Best rate revealed but you need to act fast before banks ‘pull offers’

Washington — Five years after Neil Gorsuch joined the Supreme Court, nearly four years after Brett Kavanaugh replaced a retiring Justice Anthony Kennedy and 20 months after Amy Coney Barrett was confirmed days before the 2020 election, the Supreme Court's expanded conservative majority exerted its power across a blockbuster term marked by major decisions on abortion, the Second Amendment and religious rights. The term that kicked off in October officially came to a close Thursday, with the justices issuing its final two decisions — one curbing the Environmental Protection Agency's authority to regulate greenhouse gas emissions and a second paving the way for the Biden administration to roll back the so-called "Remain in Mexico" immigration policy — before recessing for the summer. But it was the rulings issued on successive days last week to wipe away the constitutional right to an abortion and expand gun rights for the first time in more than a decade that … [Read more...] about Supreme Court’s conservatives assert control as momentous term comes to an end