Budget 2020
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In this live blog, Professional Pensions' sister title Investment Week collates all the breaking market news, analysis and opinion on equity, bond and currency movements as well as the impact of trade wars, tightening monetary policy and the Brexit negotiations....
Are tapered allowance changes enough?
The chancellor missed an opportunity to be bold on reforming the pensions tax relief system, say Hadassah Shulman and Angela Sharma.
Five stories you may have missed this week
This week’s top stories include Aon’s $30bn purchase of Willis Towers Watson, and the tapered annual allowance thresholds increasing by £90,000.
No 'across the board good scenario' for pension schemes with RPI reform
There is “no across the board good scenario for pension schemes” in the reforms to the Retail Prices Index (RPI) proposed by the Treasury, according to Isio actuary John Hodgson.
Treasury launches consultations on RPI reform and the net-pay anomaly
The government has launched consultations on overhauling the Retail Prices Index (RPI) methodology and addressing the net-pay anomaly.
Treasury confirms increase in NI threshold
The government has confirmed it has increased the National Insurance (NI) threshold from £8,632 to £9,500 from April.
Sunak commits £30bn fiscal stimulus in face of coronavirus
First budget of this parliament
Tapered allowance thresholds confirmed to rise by £90,000
The government will raise the two tapered annual allowance thresholds by £90,000 in a bid to reduce the tax impact on high-earning NHS staff.
Government launches review into UK funds regime; consults on overseas fund rules
The government has launched a review into the UK funds regime in a bid to ensure the ongoing competitiveness and sustainability of the sector.
Bank of England cuts interest rates by 50 basis points
The Bank of England (BoE) has implemented an emergency cut in interest rates by 50 basis points in an attempt to stave off the “economic shock” of the coronavirus.
Budget confirmed for 11 March after Javid's departure
Chancellor of the Exchequer Rishi Sunak has confirmed the government will go ahead with its Budget on 11 March, despite Sajid Javid’s resignation.
Chancellor contemplates cuts to higher rate pensions tax relief
Speculation is growing that chancellor Sajid Javid is seeking to raise revenue by cutting the tax relief on pension contributions for high earners from 40% to 20%.
Scottish health secretary demands 'decisive action' on NHS pensions
Scottish health secretary Jeane Freeman has written to chancellor Sajid Javid demanding he find a solution for heavily-taxed senior NHS workers in his upcoming Budget.
Government announces March Budget
HM Treasury has confirmed that the government will hold its Budget on 11 March.
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