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Net public sector borrowing hits new record

Public sector net borrowing totalled a record £23.3 billion in November, according to the Office for National Statistics.

Borrowing over the year to date now stands at £104.4 billion, or roughly 7 per cent of GDP.

November’s borrowing total is a new high, according to the ONS, up from the £17.4 billion recorded in November last year.

The rise has largely propelled by a rise in health and defence spending and more money being given to the European Union.

As a result the current budget showed a £19.9 billion deficit in November 2010, compared with a £14 billion deficit in the same month last year.

Meanwhile, public sector net debt stood at £863.1 billion at the end of November, up from £708.6 billion at the end of November 2009.



Britain exempt from future bailout contributions

Britain will be exempt from paying for crises in the Eurozone from 2013. According to Sky News, European leaders have reached a “clear and unanimous agreement” which means Britain will not be expected to bail out Eurozone countries from 2013. On the final day of an EU summit, Prime Minister David Cameron said Britain will […]

UK economic growth revised down

The UK economy grew at a slower rate in the third quarter of 2010, according to revised figures from the Office for National Statistics. The ONS said that UK GDP grew by 0.7 per cent between July and September 2010, down from its earlier estimate of 0.8 per cent. It also lowered its second quarter […]


FSA cancels Hemdale Financial Management’s permissions

The FSA has cancelled the permissions of Hemdale Financial Management for repeatedly failing to comply with regulatory requirements. On April 16, 2009, the regulator issued a warning notice to Hemdale and then issued a decision notice on November 20, 2009, because the firm failed to meet its requirements. Hemdale failed to pay fees owed to […]

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Guide: how to… communicate with your pension members

Effective communication of your pension scheme is a large part of getting auto-enrolment right. Delivering the same message to all employees is not necessarily the way to go. To assist you with the communication of your pension scheme, we have provided some key areas to think about, such as:

  • What to consider when segmenting your workforce
  • How to communicate to pension scheme members at the right time in their member lifecycle
  • What topics you should be discussing with your pension members
  • The new pension freedoms and the importance of communicating them


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