Money

Updated: 16:11 EDT

Delayed cut to pension tax relief for  is back on

Over-55s who dip into their pension pots are now only able to put away £4,000 a year and still automatically qualify for tax relief, rather than £10,000. A cut to the tax-free dividend allowance from £5,000 to £2,000 scheduled for April 2018 is also back on track after the Government announced plans to reintroduce the delayed Finance Bill later this year.

Anyone making the UK average wage of £27,000 a year and putting 2% in a pension would get £5,400 from the Government over 40 years. But throw in 5% of your salary, and it would give you £13,520.

Jaguar reveals new E-Pace family SUV with daring stunt

A brand new baby Jaguar leapt into the record books tonight, as the British car maker took the wraps off the E-Pace at a star-studded launch. A record-breaking James Bond-style barrel roll jump was performed, as Jaguar revealed the new E-Pace family-sized SUV - a car designed more for mums and dads on the school run than parking at the golf club.

Commuters should mark 15 August on their calendars. It marks the grand reveal of July's RPI inflation - the amount by which train fares can be jacked up next year by operators.

CAF is ploughing £30m into the plant at the Celtic Business Park in Newport, a former steelworks near Port Talbot. The Welsh government is understood to have offered a grant of around £3m.

Credit card borrowers are likely to be offered shorter periods of zero interest on balance transfer and purchase credit cards and will face stricter credit checks, according to the Bank of England.

House price growth slowed further in June but it is heightened political uncertainty at home that is weighing more on the property market than Brexit fears, research claimed today.

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MARKET REPORT: AstraZeneca sinks on rumours boss may quit

Investors fled after an Israeli newspaper reported that Soriot has met with Teva, the world's largest generic drugmaker, where he could earn twice as much as the firm's former boss and a signing bonus of up to $20m. The City's concern is that Soriot's departure will damage expectations for Astra's drug pipeline and critical upcoming lung-cancer drug trial Mystic.

The lack of a convincing denial from AstraZeneca that its chief executive Pascal Soriot may be on his way to Israeli generics giant Teva will be hugely worrying for investors.

WPP, yesterday acquired German agency Thjnk AG.
The Hamburg-based firm has offices in Berlin, Dusseldorf, Munich, Zurich and New York and employs about 400 people.

The protest saw 31.5 per cent of shareholders reject the pay package for finance boss Julie Brown and ex-chief exec Christopher Bailey (pictured) who is in line for a £5.4m share award.

The Office for National Statistics said 8.3m visits were made to the UK, up 9.9 per cent on the same period of 2016 - the biggest increase for at least five years.

Staff at brokers Panmure Gordon, now controlled by Bob Diamond's African-focused vehicle Atlas Merchant Capital, nervously await the arrival of new chief executive Ian Axe on Monday.

Can Hounslow make me pay for leasehold roof repairs?

Leaseholders claim they have been asked for a huge extra service charge from the freeholders Hounslow Council. They feel £941.67 extra a month for a year is unreasonable and would like to challenge it. We spoke to a legal expert to find out where they stand and asked the council to explain the charges.

Last year, the Royal Mint revealed a set of five coins all based around Beatrix Potter and her popular Peter Rabbit books - and collectors have scrambled to collect the full set.

So how can we possibly plan our finances at a time of such uncertainty and disagreement about what is next to come for British households? I think there are a bunch of things we all can do to prepare.

How to start investing to stop losing out to inflation

Britons are sitting on some £60billion in cash savings earmarked for the long-term but this is declining in real value by £1.5billion per year through not being invested, according to new research by BlackRock. We take a look at why and what you can do to invest easily if you have a chunk of money you've set aside for the long term and don't fancy watching it dwindle in real value

There are three 0.99 per cent mortgage deals on offer at the moment. Skipton's new deal is a two-year fixed rate of 0.99 per cent with a £1,995 fee.

The AA has launched a bumper credit card deal offering 32 months of 0 per cent interest on spending - longer than any other card on the market, or on record.

Tilney Bestinvest's Jason Holland ranks UK fund managers

Wimbledon is in full swing with the most talented players in world tennis taking to the iconic courts of SW19 to vie with their counterparts for the illustrious Grand Slam title. To celebrate the acclaimed tournament - and for a bit of fun - Jason Hollands, managing director at Tilney Bestinvest, has pored over the numbers to reveal the top seeded equity fund managers in the UK.

How hard does your bank account work for you? Here's our pick of the best accounts to make your money work harder, cut down on fees, or get free stuff.

Nationwide and RBS have revealed plans to cap unauthorised overdraft fees, hot on the heels of Lloyds' move this morning to scrap the charges altogether.

ASK TONY: Virgin has set a debt collection agency on us

I have been a customer of Virgin Media for many years, but when we moved house in May 2014, it was unable to supply our new address. Virgin said we would be charged a £240 disconnection fee, even though it was not our fault. We couldn't afford this, but it set a debt collection agency on us.

The majority of UK adults are anxious they won't be able to pay for their own future care needs, according to a survey by not-for-profit care home provider Anchor.

What questions should I ask at the end of a job interview?

When it comes to a job interview, most serious candidates will have prepared by researching the company to get the best shot at securing the role. But one interview element many do not give a second thought to inevitably arrives, when the interviewer says: 'do you have any questions?' We get 23 expert tips on things to ask.

Lennon's is one of seven historic Rolls-Royce Phantoms belonging to influential figures being brought together to celebrate the launch of the new eighth generation car.

The Jaguar 'baby' E-Pace will be unveiled tomorrow. It is a mid-sized sports utility vehicle costing from £28,500 and will be manufactured at factories in China and Austria.

Gervais Williams' tips to invest in small company shares

Gervais Williams has carved out a reputation as one of the UK's best smaller company stock pickers. But despite his ability to meet with senior company directors and the research resources that he enjoys, Gervais says that he believes private investors, especially those outside London, can have an advantage when investing in smaller companies. He explains why and gives us his tips.

New 'default' income drawdown plans and a cap to prevent people paying 'excessive charges' are being considered after a probe into the radical pension reforms launched in 2015.

In the first detailed appraisal of the £615billion market since the reforms came into force, the Financial Conduct Authority said it is worried that savers face a new threat.

Traps that cost a fortune to use your mobile on holiday

New rules introduced last month mean that if you use your mobile phone for calls, texts or browsing the internet while on holiday within the European Union, it will cost the same as it would in the UK. The European Commission pledged to end punitive roaming charges, saying 'mobile phone users will pay the same price as at home, with no extra charges'.

Eleven years after we launched our Fair Play on Charges campaign, highlighting the iniquities of overdraft fees, the most outrageous rip-off of them all is finally coming to an end.

The Government planned to raise the cost of probate from a £255 admin fee to up to £20k depending on the size of an estate. It was ditched due to the election, but experts say it could be back.

Lloyds to scrap unauthorised overdraft charges

In a major overhaul of its current accounts, Lloyds will be getting rid of all fees for unauthorised overdrafts from November. The changes also apply at Halifax and Bank of Scotland. It comes after years of campaigning for a crackdown on banks that use crippling overdraft fees to fill their coffers.

The seven-bed detached house is worth £1,749,000 and is in an affluent village in West Sussex. It boasts seven bedrooms, four bathrooms and five reception rooms.

In the nine months since the stock listed last September, InnovaDerma's shares have surged by over 300p, or 400 per cent, on the back of the success of its Skinny Tan range.

Top easy-access savings that won't eat into your nest egg

Easy-access deals, which hold £662bn of savers' cash, are meant to be the most straightforward way of putting money aside for a rainy day. But savers are often forced to grapple with complicated terms and conditions to get the advertised rate. One wrong move, such as making too many withdrawals, and your rate may plummet.

Brazilian flip-flop giant Havaianas sold for £850m 

The firm, which counts actress Jennifer Aniston and singer Miley Cyrus as fans, is being sold by the Batista family, who have been embroiled in a series of corruption scandals. Alpargatas, which owns the brand, will be bought by three prominent Brazilian banking groups.

The executive director, who lives in Tattenhall, Chester, co-founded Swift Fire & Security which was acquired by Marlowe for £13m last year.

Telecoms watchdog Ofcom yesterday said it had created a taskforce to oversee the separation of Openreach, which is already due to have its own independent chairman and board.

The Sports Direct chief has made a move into video game retailing by snapping up a 26 per cent stake in struggling Game Digital.

The plus-sized clothing specialist, whose brands include Simply Be, Jacamo and JD Williams, will contact around 150,000 customers following industry-wide concerns.

Overseas buyers push ASOS sales higher

Asos shipped 16.9million orders in the four months to the end of June, helping total retail sales grow 26 per cent to £660million at constant currency, in line with analysts' expectations. Overseas sales saw the biggest rise at 54 per cent to £134.5million, as the weaker pound makes the goods exported cheaper for international shoppers.

The Sports Direct chief has made a move into video game retailing by snapping up a 26 per cent stake in struggling Game Digital.

Morrisons is the first 'big four' supermarket to commit to selling only British fresh meat throughout the year as part of a strategy to offer more locally sourced products.

Ex-chairman Nicky Oppenheimer will be most relieved. When the grey-whiskered old Harrovian, 70, sold the family stake in De Beers for £4bn in 2012, he kept his access to the building's helipad.

Bank of England deputy governor Ben Broadbent has said he is 'not ready to raise interest rates' due to there being too many 'imponderables' in the economy.

Beware bungling Extra Energy chasing debts you don't owe

When former flight attendant Sandra Kemball finally got a refund from Extra Energy last July, she thought her troubles with the power firm were over. But then in May this year - more than ten months later - Sandra started getting phone calls and text messages from a debt agency representing Extra Energy.

Families in the UK have endured a decade of spiralling bills according to the Office of National Statistics, who say energy, food, education and insurance costs have all spiked since 2006.

In a boost for families across the UK, motoring groups predicted further falls in the price of petrol and diesel, particularly if the supermarkets unleash a new price war at the pumps to win customers.

The AA is charging me £216 more than a new customer

The AA has said my breakdown premium will go up by £9 a month if I stay with it and this is £18 more than a new customer would pay for exactly the same policy. The price given is just a monthly sum, of £35, which covers my husband and me, but nowhere does it say how much I've been paying for the past 12 months.

Coventry Building Society, Hinckley & Rugby BS, Al Rayan Bank and Together offer deals without early repayment charges. Coventry BS offers the cheapest fixed rate.

Companies are trialling self-driving cars and increasingly using drones to deliver parcels. Last week scientists even predicted sex robots would be commonplace in the next decade.

Macmillan wants banks to help cancer patients by temporarily freezing credit card interest, providing flexibility over mortgage repayments and directing customers to sources of financial help.

The Government consulted on a ban last year, but the measure was not included in the Queen's Speech.

Getting into property development for the first time?

We don't want to use bridging finance as this seems really expensive, but we would be looking to sell the property after we have done the refurbishment - can we get buy-to-let mortgage to do this?

The Financial Conduct Authority's two-year probe into Britain's £7trillion asset management industry resulted in it backing a new 'all-in' fee but the report largely sidestepped performance fees.

Nationwide Building Society is offering 'loyal' members two 'exclusive' savings rates that can be easily beaten in the best buy independent This is Money savings tables.

Which banks are offering the lowest fees, in-credit interest and best free perks? This is Money's five favourite business banks for start-ups

The auto-enrolment initiative begun in 2012 has made it compulsory for employers to sign up eligible staff to a pension and pay in 1 per cent of their salary unless people voluntarily opt out.

Can I take a quarter of my pension tax-free all in one go?

I am in the process of moving a defined benefit pension to another fund with a view to being in control of my money. My question is that I thought when it was moved I could take a chunk of cash 25 per cent tax free leaving the remainder invested? Then I read that for example if I took £20K, £5K would be tax free and £15K taxable, or is this something else that follows later?

Drivers face accelerating car insurance costs with prices rising a whopping £100 in just four months, comprehensive data suggests.

The wraps were taken off the new British-built electric London taxi today as the Chinese-owned firm behind the 'green' cab said first export orders were also in.

HR Owen VIP reveal their collection of luxury hire cars

Think of it as a secret Batcave of high-end cars, but instead of being concealed beneath the grounds of Wayne Manor it's cocooned by high-rise buildings and the M4 motorway. It's the undercover hub of luxury car franchise HR Owen's VIP Services division that allows those with deep pockets to rent anything from a 600bhp Lamborghini to a swanky Rolls-Royce for a day, week or even months at a time. You can even choose the chauffeur that comes with it. Rob Hull paid it a visit.

Dire warning on house market, data shows prices slipping

Fresh signs of a slowdown in the housing market are expected this week when one of the most highly regarded barometers of the sector is released. The UK Residential Market Survey from the Royal Institution of Chartered Surveyors is seen as one of the best lead indicators of house price movement. It is expected to show a dip in the balance of members reporting house price rises.

Dale Vince, the millionaire founder of windmill owner Ecotricity, (pictured with designer Vivienne Westwood) is battling to become a non-executive director of Good Energy Group.

Rightmove's most expensive homes for sale

Imagine having an unlimited budget to buy a property anywhere in the world. What house would you pick? These homes revealed in exclusive research by property website Rightmove could be yours if money really was no object, including, clockwise from top left, a six-bed house in Australia, a seven-bed villa in Thailand, an eighteen-bedroom mansion in Italy, a ten-bed villa in Morrocco, a six-bed house in Brazil, and a eleven-bed house in California, USA.

I.T. writes: In November 2015, I received a cold call from Imperial Collectables Limited, which I have regretted answering ever since. They persuaded me to invest my savings in art.

Get up to speed with the best fibre broadband deals

Woefully slow broadband is the bane of many households. A recent report from consumer group Which? identified 11 local authorities where broadband speeds do not reach a proposed legal minimum of ten megabits per second. But for many, there is an answer. It is called fibre optic broadband, the latest evolution in broadband technology. Where it is available, prices for this kind of superfast broadband are coming down while speeds are going up.

Financial watchdogs are spearheading a clampdown on reckless car finance firms and may force them to stop ordering the installation of controversial 'kill switches' in new vehicles.

How to make money and great music from vintage hi-fi

Equipment that was thrown away as obsolete junk just a few years ago can fetch hundreds - sometimes even thousands - of pounds. Renewed sales of vinyl passed three million for the first time in 25 years this year. Enthusiasts keen to find something suitable to spin their new discs on are turning to old players that were previously just cluttering up the house or collecting dust in the attic.

The gig economy is going to get some regulation, and it should do. But there is a real danger it will get the wrong sort and end up damaging the interests of the very people it is supposed to support.

Millions of holidaymakers booking self-catering accommodation rely on property owners to stick to promised arrangements. Elaine and Sean Feast's booking was cancelled six months after it was made.

EDITOR'S SAVINGS DEALS OF THE WEEK
For current account rewards and interest rates conditions may apply eg. using provider's full switching service, min monthly deposits and direct debits. For savings, access maybe limited, min/max deposits may apply. Always check T&Cs.;

50 ways to save money....

To clear the average national household debt of ?13,000 at 6% interest with a monthly repayment of ?100 will take around 17 years. There are, however, plenty of simple ways to make significant savings on your regular spending that could clear your debt - or boost your savings - in less than a year. This is Money's top 50 - updated - money-saving tips may appear light-hearted but are deadly serious.

Pick the best (and cheapest) investment Isa platform

Choosing the right DIY platform is crucial but a wealth of choice and changes to charges have left many investors scratching their heads. We pick some of the best. We also highlight why investing in an Isa makes sense, as it should protect your hopefully growing investments from tax forever.

We asked trusted experts to recommend the best funds that cover different investment sectors - and included This is Money's selection of active and passive options too.

Rightly or wrongly, some people simply want a quick, straightforward route map to investing in an Isa. To that end, this is our distilled guide to getting started.

How much money do I need to save for my pension?

The amount you can save into a pension ultimately depends on what you can afford - but the longer you leave it the more you will need to save. We tend to put ambitious targets on our hoped-for income in retirement and then underestimate how much we will need to set aside to achieve that. So how much should you save?

Old people / couple (figurines) - sitting on a pile of money coins - savings / bills / financial / investment / pensions concept.
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Making the most of a pension is your best chance of securing a decent income when you retire. We explain what you need to know.

Even at a time when we are stretching our finances further to afford a home, moving less, and pushing mortgages beyond 30 years, we still remain captivated by two-year fixed rate deals.

When will UK interest rates rise?

Worries over debt in the economy have been raised in the latest bank Financial Stability Report in the wake of fresh speculation that interest rates may rise sooner than most expect. The latest MPC meeting led one investment bank, Nomura, to suggest a rate rise could come as soon as August. Economist George Buckley said comments from Bank chief economist Andy Haldane's and the 5-3 split made an early move more likely.

What next for mortgage rates?

Borrowers are being offered a raft of cheap fixed rate mortgages as lenders attempt to lure them into remortgaging or buying a home. But HSBC has decided to buck the trend and launch a new rate mortgage that is a tracker instead. We pick out the best fixed and tracker rate mortgages and look at what next for rates.

Ten tips for buy-to-let

For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Climbing house prices, rising rents and improving mortgage deals are tempting investors - although they will need a big deposit. Read This is Money's top ten buy-to-let tips

Best paid jobs and biggest pay rises of 2016 revealed

Compare your pay to the national average and see whether your employer treated you to a pay rise in line with the the rest of your profession. Farmers, care and air travel assistants were big winners on the pay scales in 2016. Travel agents, careers advisers and probation officers lost out.

   

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