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Bank of England error wipes £13bn off gilt sales

An error by the Bank of England overstated the amount of government bonds it sold by £13.4bn. A notice of error was posted on the bank’s website explaining that a clerical error led to it stating that £28.2bn of British government bonds had been bought by foreign buyers in February when the actual figure was […]

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Labour election win could block cash for annuity plan

Pensioners who want to swap their annuities for cash or drawdown under the Coalition’s plan could find a Labour government blocking their plans, Money Marketing understands. Chancellor George Osborne launched a consultation on creating a secondary annuity market as part of his March Budget, and claimed the reform would allow around five million people to […]

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UK GDP up to 0.4% in April

UK GDP grew by 0.4 per cent in the three months to April compared to 0.3 per cent growth in the three months ending in March 2015, according to the National Institute of Economic and Social Research. The think-tank says it expects “the slight softening” of GDP growth experienced in the first quarter of this […]

How tax relief changes will hit pension contributions

The highest earners in the country would lose out more on pensions tax relief under the Conservatives than the Liberal Democrats. Each of the major parties has indicated cutting the tax relief on higher earners following the general election. Scenarios modelled by Fidelity Worldwide Investment show someone earning £250,000 a year and making gross pension […]

The Merchants Trust PLC – May 2017

Welcome to the latest update for The Merchants Trust PLC from the Trust’s portfolio manager, Simon Gergel. Side Thoughts from Simon Gergel… April saw the first day since the industrial revolution that no coal was used to generate electricity for the UK’s national grid. The Financial Times reported that around 34% of power was generated […]

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