The autumn statement; what does it mean for pensions, benefits and homebuying?
Growth forecasts are down, the state pension age will rise faster and some benefits won't rise in line with inflation.
George Osborne’s autumn statement may have focused on growth (or lack of it) and the UK’s debt figures, but there were plenty of announcements on pensions, tax credits and investments. Some of these had been so widely leaked in the last few days that they weren’t news at all. However, the announcement on the state pension age and child element of tax credits weren’t necessarily expected.
People in the UK who have money in Swiss bank accounts will have to pay tax, for the first time.
If you have money in a Swiss bank account you’ll have to pay tax on it from 2013.
For years Swiss banks accounts have been synonymous with two things; secrecy and the ability to avoid paying tax. But that’s going to change thanks to a historic deal between the Treasury and the Swiss government. From 2013, anyone who has money in a Swiss bank account will have to pay tax on it, although their identity won’t be revealed.
Nick Clegg wants to give all UK adults shares in the banks we rescued. Could it work?
Every adult in Britain could be given shares in RBS and Lloyds and keep some profit when they’re sold. Well, that's the theory.
The idea of giving away free shares in banks was first suggested in March by the Lib Dem MP Stephen Williams (you can read his report into giving away banking shares for the think tank Centre Forum here). Since then, other institutions – and most recently Nick Clegg – have given it their backing.The idea is that when the government sells its shares in Lloyds banking group and RBS/Natwest, we – and not the city institutions (such as pension funds and investment banks), benefit from the profit.
