One in four people has lost track of at least one pension after changing jobs, a poll for Age UK has found. The pension “black holes” were down to people paying into different schemes for each job, with 25 to 34-year-olds already having had the same number of employers on average as over-65s, the charity said.
The Times, p.5
The financial crisis ravaging Cyprus deepened yesterday after the cost of the country’s bail-out surged from €17.5bn to €23bn – larger than the size of the country’s economy. Cyprus will have to find an extra €6bn to contribute to its own bailout, less than a month after the original EU-IMF deal was agreed, putting the already teetering economy in danger of collapse and further endangering large bank depositors.
Daily Telegraph, Business, p.B1 & elsewhere
Marks and Spencer reported its seventh consecutive quarterly fall in clothing sales but said it could do better and still had the support of shareholders. The chief executive, Marc Bolland, who is under pressure to improve performance at Britain’s biggest clothing retailer, said sales in the general merchandise division fell by 3.8% in the fourth quarter, while food sales rose by 4%.
The Guardian, p.31
The capital’s housing market is booming again, leaving the rest of the UK far behind, data showed yesterday. In London, house prices have soared to an average of £439,379 – an increase of 11.3 per cent on the year, according to LSL Property Services and Acadametrics. The huge leap compares with a rise of just three per cent in England and Wales as a whole, where prices rose £6,701 to an average of £230,078.
City AM, p.3, also Daily Express and The Times
A former tramshed which was the focus of a bidding war between Argentine tango dancer Steve Fox and the late Alexander McQueen has gone on the market for £1,995,000 with the Urban Spaces agency. After three years of renovations by Fox, the result is a mix of huge reception spaces, including a dance studio and rooms and doorways hidden away on mezzanines. Matthew Stanway, sales manager at Urban Spaces, says that interest in the property has come mostly from creative types.
The Times, Bricks & Mortar, p.7
Hundreds more jobs are set to go at HMV – a week after the music chain was saved. Stunned staff were yesterday told that cashiers would be cut from all locations ‘outside’ the top 30 turnover stores. Supervisors will also be axed from every shop outside the top 20 branches.
Sun City, p.42