Business

While pension contributions have reached record highs, there has been a significant increase in the amount being withdrawn by those old enough to access their pensions, new data shows. Private pension statistics published by HMRC this week indicate that pension withdrawals by over 55s reached £12.9billion in the fiscal year 2022 to 2023. This amount has risen from £11.2billion in 2021 to 2022 and £9.3billion in 2020 to 2021. Becky O’Connor, director of public affairs at PensionBee, said: “People are increasingly benefiting from pensions either by choice or because salary increases are resulting in a rise in contributions. “However, the apparent increase in the number and value of withdrawals is concerning – the risk is that people take more out to cover the rising cost of living ...

In 2022, the stock market made sense. The world was going through a rough time, due to war in Ukraine, soaring inflation and rocketing interest rates. Global share prices crashed, as you would expect. The US S&P 500 plunged almost 20%, with New York’s Nasdaq tech index tumbling by a third. Investors expected more misery in 2023 as rising inflation and interest rates continue to drive up business borrowing costs, squeeze margins and make customers poorer. Instead, US markets soared due to a bucket load of hype about artificial intelligence (AI). Wall Street has recovered most of last year’s losses. By contrast, London’s FTSE 100 has been sliding since February, when it briefly hit an all-time high of just over 8,000. Now it’s on the up. The FTSE 100 has just enjoye...

Check out what’s clicking on FoxBusiness.com The espresso coffee market is expected to skyrocket by $4.55 billion in the next four years, a market research firm predicted. The study, which was conducted by Technavio, predicts that the market will grow at a compound annual growth rate of 5.84% between 2022 and 2027. They cited new product launches as a driving force in the market. Work-from-home culture and growing demand for espresso machines in workplaces were also cited as key reasons for the projected growth. The study noted that most consumers have access to an espresso machine, whether at home or through work. “For instance, 79% of consumers owned espresso machines at home in 2021, and vendors are offering a variety of machines to cater to the demand,” ...

Former University of Kentucky swimmer Riley Gaines on media spotlighting transgender athletes, founding the Riley Gaines Center at the Leadership Institute and the ongoing Kappa Kappa Gamma lawsuit. After a legal loss in the fight to protect women’s rights, activist and former University of Kentucky All-American swimmer Riley Gaines warned the alleged “perpetrator” is putting the sorority sisters “in harm’s way.” “I’m very close with several of these girls on this case, I just was with one in Omaha this past weekend. And what they’re going through, what this man, Artemis, what he does to them, what he says to them, again, I won’t list too much because of the litigation process, I wish I could, but you would be disturbed,” ...

Dolly Lenz Real Estate CEO Dolly Lenz and managing director Jenny Lenz analyze the New York, Florida and San Francisco real estate markets on ‘The Claman Countdown.’ The Golden City has been no stranger to the volatile housing market, but one New York City real estate powerhouse led by mother-daughter team Dolly and Jenny Lenz warns San Francisco is now a “disaster” for the industry. “It was once the jewel and the crown. San Francisco was our personal favorite city, our clients’ favorite city. The jewel and the crown is a disaster,” Dolly Lenz Real Estate CEO Dolly Lenz said on “The Claman Countdown” Thursday.  “Several huge hoteliers have given back the keys to the lenders” Dolly added. “They just said, ...

Over 367,000 fixed-rate mortgages are due to come to the end of their five-year deals over the next year, the majority of which have an average outstanding balance of £170,000, Equifax analysis revealed. This will mean an average increase in monthly repayments of around £300 if customers revert to a variable rate.‌ Over the past year, interest rates have continued to rise, causing more homeowners to feel the squeeze. As the base rate rises, mortgage rates have consequently done so too. Experts believe the base rate could rise further in the coming months, potentially hitting highs of 5.5 percent. As a result, hundreds of fixed-term deals have been taken off the market and reintroduced with higher rates as providers reassess their options. ‌A host of major lenders have upped their fixed...

Cela fait plusieurs années que le thème de l’héritage navigue en sous-marin dans le débat public. Des travaux d’économistes apportent depuis au moins le début des années 2010 des éclairages réguliers sur la manière dont le patrimoine s’est progressivement concentré en haut de la pyramide, et documentent les effets néfastes de l’héritage sur l’économie et la cohésion sociale. Pourtant, aucune réforme sur le sujet n’est entreprise. Ainsi, alors qu’en 2017 Emmanuel Macron s’était érigé en Don Quichotte des rentes, il a renoncé un an plus tard à engager une telle réforme. Dans le même temps, la concentration des patrimoines s’accroît inexorablement : l’Institut national de la statistique et des études économiques (Insee) montre que les 10 % des plus aisés ont un patrimoine brut 163 fois pl...

The recommended hike to taxes on wealthier Americans is being brought forward to cover the cost of services such as Medicare and Social Security. However, Joe Biden’s plans have been slammed as an “economic disaster”. As part of President Biden’s proposal, the top marginal rate of income tax would be raised from 37 percent to 39.6 percent. This tax hike would predominantly impact single filers with earnings over $450,000 (£324,000) and couples who make an income of over $450,000 (£365,000) per year. On top of this, the proposed Budget aims to tax capital gains at the same rate of 39.6 percent of Americans earning over $1million (£812,000). As well as this, Biden is also looking to close the “interest loophole” which allows investment fund managers to pay a lower rate. READ MORE: Inhe...