How did the budget affect how much you can pay into pensions?
The spring 2023 budget announced some substantial changes to the limits that apply to pension contributions.
Each year individuals can generally invest into pensions the lower of:
-
- Their earned income.
- The annual allowance.
- The tapered annual allowance.
There is also …
UK inflation rate drops to 10.1% in January 2023
The consumer prices index (CPI) measure of inflation fell from 10.5% to 10.1% in January 2023, according to the Office for National Statistics (ONS).
Although inflation has dropped slightly, it is still substantially closer to its recent high …
Bank of England increases interest rates to 4%
The Bank of England has increased interest rates from 3.5% to 4%. This is the tenth consecutive interest rate rise.
The Bank of England’s Monetary Policy Committee (MPC), who set interest rates voted as follows:
- 7 members voted to move