The Government was defeated in the House of Lords yesterday by 220 votes to 178 on an amendment on the state pension triple lock. Former pensions minister Baroness Ros Altmann challenged the Government on its decision to replace the state pension 'triple lock' with a 'double lock' for the next financial year.
Gross mortgage lending "increased sharply" to £30.7 billion in September, from £20.9 billion in August, driven by borrowing ahead of the complete tapering off of lower stamp duty from October, according to the latest Money and Credit statistics from the Bank of England.
Sophisticated investors and pension funds are among those who will have access to new types of investment opportunities following changes made by the FCA. The FCA has confirmed that it will be taking forward proposals to create a new type of open-ended authorised investment fund which will help support investment in assets like infrastructure and private equity. Investment in these assets has the potential to generate better returns for investors, including those saving for retirement in defined contribution (DC) pension schemes. The FCA says that currently, some investors are unable, or unwilling, to invest in long-term assets, even though these assets could meet their investment goals.
The price of property coming to market has jumped by 1.8% (£5,983) this month, the biggest rise at this time of year since October 2015, according to the latest data.
CPI inflation rose by 3.1% in the 12 months to September, down from 3.2% in August, according to the latest statistics from the ONS. CPIH inflation, which includes owner occupiers’ housing costs, rose by 2.9% over the year, down from 3.0% in August. Restaurants and hotels made the largest downward contribution to the change in the 12-month inflation rate between August and September.