Original Broadcast: This is Money
The Bank of England has cut interest rates again, but this time, the decision wasn’t straightforward. Georgie Frost, Lee Boyce and Helen Crane ask what the division in the Monetary Policy Committee tells us about the state of the economy right now, and what the cut means for our money. We also talk about plans to hit those in wealthier areas with bigger council tax bills. Why is the current system so unequal, and how could your area be affected? Helen discusses a water company who told an elderly couple they needed their pipework replacing at a cost of thousands — when in reality, all they needed was a new water meter (which is given away for free). Finally, Lee explains who can claim from the car finance scandal - and what to do if you can't find the paperwork.
Guests: Helen Crane
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Original Broadcast: This is Money
While the average household pays £16,700 in direct tax on income, our audit shows this is just the tip of the iceberg. We all pay a multitude of other taxes, from air passenger duty to environmental levies on our energy bills. Lee Boyce, Simon Lambert and Georgie Frost discuss what the total sum is - and that our tax rate is more like 57%. And tax rises don't always bring in more cash for the Treasury coffers. As the Government weighs up introducing yet another tax — this time a wealth tax — we explore why despite the allowance being slashed the capital gains tax take is down and what it means for the Chancellor's plans. How much you need to feel wealthy in different areas of Britain? Does £1 million still cut it? The six burning questions everyone is asking financial advisers right now… and their expert answers. And we answer a reader query: 'Could I give £250 gifts to 400 people who then pay them to my daughters to beat inheritance tax on £100,000?'
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Original Broadcast: This is Money
A stark warning has been sounded that the state pension age could have to rise to 74 for those under-30s. The Institute for Fiscal Studies' pronouncement in the same week that the government announced a state pension review set the cat amongst the pensions. But would Labour — or any party — really hike the state pension age that high? Wouldn't it be political suicide and spark protests in the street? The IFS warning hinged around the triple lock and balancing the books, but it's clear that the risk of the state pension age rising from its current timetable's maximum 68 is high. Georgie Frost, Helen Crane and Simon Lambert, discuss what could happen to the state pension, when we might be able to retire and what we all need to do to get there. Pension saving is also under the spotlight and the team discuss how to make the most of your work scheme or a SIPP. Plus, a double tax hit on inheritances is on the way, as pensions are pulled into the net. Does the government need to change tack rather than plough on with a levy that will reach 64% for many affected? The FTSE 100 finally broke through 9,000 this week, is 10,000 on the cards and why is the UK stock market doing well? And finally, 'Buy and Hold' is the traditional investment mantra, so why does one bitcoin expert say you shouldn't do that and should trade it instead?
Guests: Helen Crane
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Original Broadcast: This is Money
How do you solve a problem like high house prices without sinking the economy? That's a conundrum that's kept politicians and central bankers awake at night for years. Now there's a new plan. Rachel Reeves unveiled a push for bigger mortgages this week, with the backing of the Bank of England, financial watchdogs, banks and building societies. Protections in place since the credit crunch-induced crash will be swept away. Are we forgetting the lessons from the financial crisis or adjusting the rules to meet a world that's different? Georgie Frost, Tanya Jefferies and Simon Lambert talk bumper mortgages and what next. Plus, the Chancellor has more plans, to get people investing, support the stock market and fire up the economy — will they work? As the FTSE100 flirts with a close above 9,000, is it time to buy British? And what do you need to know about paying inheritance tax rather than the usual topic of avoiding it?
Guests: Tanya Jefferies
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Original Broadcast: This is Money
The slashing of the cash ISA was considered a nailed on certainty in next week's Mansion House speech, but now it seems Rachel Reeves has had a change of heart. So, has the cash ISA allowance been saved for good, or is this just a victory for now — before the axe falls in the Budget? Georgie Frost and Lee Boyce discuss what next for the cash ISA and whether there was any merit in plans to cut the allowance. Plus, why has Nvidia become the world's first $4 trillion company, is it still worth investing in and have you got any chance of finding the next stock market superstar before it takes off? Should you combine your finances with your partner's and reveal all to them? And finally, it's the polarising question of our times: are you for or against Ring and other video doorbells?
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Original Broadcast: This is Money
Georgie Frost, Simon Lambert and Lee Boyce consider how your money has been impacted by the first 12 months of the Labour Government: the good, the bad and the ugly. It's now looking almost inevitable that the limits on Cash ISA investment will be cut, and the team look ahead to the prospect of more tax rises on the way. Meanwhile, the IFS plans to sort out the state pension, and they discuss a key question for those looking to move home: what's putting people off buying your house?
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The nation's favourite savings product has just got a little less generous. The prize rate on NS&I's supremely popular Premium Bonds will be slashed from 3.8% to 3.6% from the August draw — the fifth cut since March 2024. Helen Crane, Tanya Jefferies and Georgie Frost discuss why Premium Bonds are the Marmite of the savings world, and ask whether the latest cut will prompt devotees to jump ship. We also look at where else they could stash their rainy day fund - and keep the tax-free benefits. Elsewhere, the team ask why a Lloyds Bank customer was turned away from the counter when they asked to withdraw £600 in cash - and told they could only do it at the machine outside. We also hear from a reader who has a moral dilemma. They are having £40,000 of work done on their home, and the builder has asked them to pay in cash. It seems there may be some creative accounting at work — but our reader hasn't been told that in so many words, and it could of course be perfectly above board. Could they get in trouble if it does turn out the builder is evading tax? Will the bank ask questions? And can you even take out that much money in one go? Next, Tanya discusses the latest number crunching which reveals that opting out of your work pension in your twenties, even for five years, could leave you £40,000 poorer at retirement. With younger people's budgets stretched in many directions, paying into a pension isn't always a priority. So how can they ensure they save enough for a comfortable retirement, and is it possible to make up for lost time? Finally, we look at what most people would spend the money on if they received an inheritance — or at least, what they say they would spend it on.
Guests: Helen Crane,Tanya Jefferies
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Original Broadcast: This is Money
Georgie Frost and Simon Lambert go back to basics in this episode, steering clear of all the heaviness in the news. They set out some thoughts to help with reviewing your finances: to name some of the areas they cover — budgeting, savings, investing, tax, and Wills.
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What would you do with £208 million? Ahead of another Euromillions rollover, This is Money spoke to an adviser to those fortunate few who have scooped a jackpot to get some practical tips on what to do if you win big…just in case! Would friends and family be top of your list when it comes to how to spend it... or something else? Lee Boyce, Simon Lambert and Georgie Frost discuss. Simon turns his focus on The Big Winter Fuel u-turn and the spending review – 'pray for Rachel and all of us', he says. We borrowed too much to buy our home - what can we do about our huge mortgage? And an auction expert revealed the four types of property that savvy buyers are snapping up right now.
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Original Broadcast: This is Money
Tax is an increasingly taxing subject for many people who feel hard done by as Britain’s complicated system catches them out. From quirks of the system, such as the 60 per cent tax trap and child benefit removal, to the childcare cliff edge, frozen thresholds, and pensions soon to be dragged into inheritance tax, there’s a whole host of things to drive us mad. And, it’s getting worse. The Tories and now Labour have both chosen to ratchet up the things that trip people up to raise money, rather than sort out a tax system that most economists say is a total mess. So how far would you go to avoid your personal tax raid? And is tax changing people’s behaviour? Lee highlights how. Georgie Frost, Lee Boyce and Simon Lambert dive into how the British tax tail is wagging the dog. Plus, as the Switch 2 arrives and the video game industry goes from strength to strength, should you invest in video game firms? How much do you need for a comfortable retirement – and what does that get you? And finally, you put up an eight foot fence for privacy, your neighbour has gone from non-plussed to threatening to call the council over a planning breach, what do you do? The team have some answers. Are we allowed an eight foot fence? Our neighbour says we've broken planning rules.
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