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Ministers forced into U-turn over MPs’ pensions

Ministers last night were forced to backtrack on plans to raise taxpayers’ contributions to MPs’ pensions following pressure from the Liberal Democrats.

In March, Commons leader Harriet Harman put forward proposals to plug a £50m hole in the fund by increasing taxpayer contributions from 26.8 per cent of an MP’s salary to 28.7 per cent.

But the Government now says it may follow a Lib Dem proposal to freeze the contributions from taxpayers, which was also backed by the Tories.

The proposal would have seen MPs’ contributions rise by £60 a month but taxpayers would have paid £750,000 more than last year according to the Lib Dems.


Japanese business sentiment improves

Japanese business confidence improved in the second quarter according to an official survey of business sentiment. According to the Business Outlook Survey (BOS), published by the ministry of finance, the average sentiment level across all industries increased from minus 51.3 to minus 22.4 in the second quarter of this year.Among manufacturers, sentiment rose from minus […]

Reasonable doubt

Risk and cyclically sensitive assets such as equities, credit and commodities have enjoyed a recovery during the second quarter of this year as fears of systemic failure in the financial system are replaced by hopes that the global recession is coming to an end.


Britain's “Forgotten Army”: The collapse in self-employed pension membership – and what to do about it

Pension scheme membership among employees has risen by more than five million in the past four years because of the policy of automatic enrolment into workplace pensions. But Britain’s army of 4.4 million self-employed people, who account for one in seven of the workforce, are not covered by automatic enrolment. Pension coverage among the self-employed […]


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