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MPs back pay rise of 1.9%

MPs have accepted a below-inflation pay rise of 1.9 per cent after pressure from Government and Opposition leaders.

As the decision to accept a lower raise was backed by both the Tories and Liberal Democrats, it was approved by the House of Commons without a vote.

A report from the SEnior salaries review body recommended an increase of 2.56 per cent which would see annual salaries rise from £60,277 to £61,820 in 2007/08.

Commons leader Harriet Harman said: “The issue of MPs’ pay, pension and allowances is a thorny one, I hope there will be agreement across the house on at least four things – that MPs should be properly paid for the important work they do, that MPs should be reimbursed for what they spend doing their job, as are people in any other line of work, that as MPs are paid from the public purse we should show the same discipline in our pay increases as other public sector workers, and that we should not decide on our own pay and should not vote on our pay increases.”


Whelan to join Fidelity Intl for European multi-manager

Fidelity International has appointed of Dermott Whelan to its multi-manager team as portfolio manager.Whelan has been at US investment firm Morgan Stanley for 18 years and has a 10-year track record in investment management. He will run Fidelity’s European equity portfolio when he joins in March.As well as running European equities at Morgan Stanley, Whelan […]

Investment matters – Bullion for you

A $1,000 gold price may have looked to be an optimistic forecast not long ago but today it seems close to reality.Gold hit a record high price of more than $900 an ounce earlier this month and while it has since fallen back, there are those insistent it has further to climb before its bull […]

Funnell defends fund fee

GLG, the outsourced manager of Virgin Money’s new climate change fund, has responded to adviser criticism of the product by claiming it is a progressive step in the market.Advisers have questioned the fund’s green credentials and the 20 per cent performance fee for beating bank base rate.Fund manager Ben Funnell says the fund focuses on […]

Is volatility dead? No, sell credit

There are several arguments that one could currently make for why credit markets look unattractive. These include signals that the US economy is in late cycle, the fact that corporate leverage has been increasing (with 2016 setting a record for the amount of global bond issuance), and that US high-yield default rates have risen considerably […]


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