The financial gulf between young and old in society has reached epic proportions.
While retirees are sitting on vast amounts of property wealth, enjoying their gold-plated final salary pensions, and getting off lightly with low taxation, the younger generations can’t afford to buy a home, or smashed avocado on toast.
That is of course an over simplification of the situation. But there does appear to be a great deal of inter generational unfairness in UK society today.
And that’s what a new report from the House of Lords seeks to tackle.
I take a look at the key recommendations in this episode of the podcast.
Personal finance news
-The Bank of England has kept interest rates on hold, again, at 0.75%. During the latest meeting of their Monetary Policy Committee, the Bank raised its growth forecast for the UK economy this year, with growth prospects looking brighter due to an improved global economic outlook.
-The latest official figures show net retail sales of investment funds were negative in March. There were £205 million of outflows from UK authorised and recognised investment funds, while Fixed Income experienced net retail sales of £810 million in March – the highest since January 2018.
-Lloyds Banking Group has earmarked another £100 million to pay compensation to customers who were mis-sold payment protection insurance. The Bank reported pre-tax profits of £1.6 bn in the first quarter, broadly unchanged from a year earlier.
-Four Seasons, one of the largest care home groups in the UK, has gone into administration. Two of the holding companies behind Four Seasons appointed administrators this week, due to burgeoning debts.
-The US Federal Reserve has defined President Donald Trump by keeping interest rates on hold, between 2.25% and 2.5%. Trump had called on the Fed to cut rates to 1% in order to boost the US economy, in his words causing it to “go up like a rocket.”
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