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53% Of Brits Unaware Of State Pension Reforms

53% of the UK population, including 27% of people over the age of 55 are not aware of State Pension reforms, according to new research from Prudential, a British life insurance and financial services company.

Insolvency At Lowest Rate Since 2006

According to official figures from The Insolvency Service, insolvency is at its lowest rate since before the Financial Crisis in 2008. The rate of insolvency has fallen over the past year from 0.6% in 2013 to 0.22% in the 12 months to September 2014.This is the lowest rate since the spring of 2006, the figures show.

UK Living Wage Rises By 20p Per Hour

The UK living wage has risen by 20p per hour to £7.85. The rate in London will rise from £8.80 an hour to £9.15.The UK living wage is an hourly rate based on the amount needed to cover the basic cost of living, but it differs from the UK minimum wage.

Ministers Consider Employment And Support Allowance Cuts

Internal documents found by the BBC have shown that ministers are considering severely cutting the main Employment and Support Allowance (ESA) sickness benefit. Claimants who are judged to be suitable for work with support may only receive 50p a week above the current Job Seekers Allowance (JSA).

Bank Of England To Hold Biggest Ever Review Of UK Markets

The Bank of England are set to launch the biggest ever review of the financial markets in history. They are looking to restore consumer trust in the financial industry, after several investigations uncovered a number of rate-rigging scandals.

Lloyds Confirm 9,000 Job Cuts

Lloyds banking group have confirmed it will be axing 9,000 jobs and will close 150 branches in the next three years. The bank have already made 43,000 cuts since the financial crisis in 2008, and the further 9,000 cuts will mean the bank will lose about a tenth of its workforce

24 European Banks Fail Financial Health Test

A total of 24 European Banks have failed a financial health check, which was carried out by the European Banking Authority (EBA). The test measured the financial strength of 123 European Banks, as of December 2013. However, some of the banks have taken action to raise extra capital since then.

Record Numbers Of People In Britain Are Low-paid

The number of people earning less than £7.69 per hour has rose by 250,000 to 5.2 million this year. The UK living wage, promoted by the UK Living Rage Foundation, is set currently at £7.65 per hour and £8.80 per hour in London. The current UK minimum wage is £6.50.

Tesco’s Profits Fall By 92%

Tesco have suffered a 92% fall in pre tax profits this year, resulting in Tesco chairman Sir Richard Broadbent stepping down from his role in the firm. Tesco have also announced that they overstated their profits by £263 million, more than the £250 million originally thought.

Consumers Are Winners In Supermarket Price War

The supermarket price war has lead to deflation in the grocery market, and like for like prices have declined by 0.2%. Extensive price cutting now means consumers are saving more and more money on everyday items like vegetables and milk.

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