In this episode, three things we’re not doing with our money – and why this needs to change. I’m talking about mortgages, pensions and long-term care in later life, and the important actions we’re not collectively taking, along with some tips for making changes in these areas.
Personal finance news
-New research from Direct Line Life Insurance has revealed that more estates in Guildford paid inheritance tax than in any other postcode area of the UK. Analysis of inheritance tax payments by postcode area puts Guildford, with its 658 inheritance tax payments, ahead of South West London in second place with 655 payments.
-The latest household finance update for September 2018 has revealed gross mortgage lending across the residential market was £21.5bn, some 1.2% lower than last September. The number of mortgages approved by the main high street banks in September was 9.1% lower than last September; approvals for house purchase were 10.1% lower, remortgage approvals were 7.4% lower and approvals for other secured borrowing were 9.8% lower.
-Retail chain Debenhams has posted record annual losses and announced plans to close as many as 50 stores, with 4,000 jobs placed at risk. The group lost £491.5m in the year to September, compared with profits of £59m in the previous year.
-Economic growth in the Eurozone has fallen to its slowest rate in more than two years in October. Growth in the Eurozone slowed due to the escalating trade war between the US and China, and economic difficulties in Italy.
-Social media giant Facebook has been fined £500,000 by the Information Commissioner following the Cambridge Analytica scandal and harvesting of personal data from tens of millions of users worldwide. The maximum fine was imposed for “serious breaches of data protection law”.