News Headlines – Tuesday 21st January 2014

Economics
The IMF will today upgrade its growth forecasts for the UK by more than any other nation, cementing Britain’s position as one of the fastest growing major economies. The IMF is expected to revise its UK growth forecast for 2014 to 2.4% from the 1.9% it predicted in October. The IMF’s stance contrasts with its view a year ago, when Oliver Blanchard, its chief economist, said George Osborne was “playing with fire” with his austerity drive. Telegraph p.1,B1; Daily mail, p.2

Personal Finance
Paying into a pension pot should be made compulsory in the same way as paying taxes according to think tank Policy Exchange who have called on the Government to create a “Help to Save” scheme. Amid concerns that people are not saving enough for retirement the scheme would make it obligatory for people to build a pension pot by removing the opt-out in the existing auto-enrolment scheme. Research from PE found that someone earning £27,000 will need to save six and a half times more than they currently do to generate the recommended retirement income of £16,200. The average pension pot is estimated to be £36,000, which on current annuity rates would generate a retirement income of £1,340. Telegraph, p.6

Employment
Nigel Farage, leader of UKIP, has asserted that mothers working in the City are worth less to their employers than their male counterparts. Farage said yesterday that women should sacrifice having a family if they want to get on in the City, arguing that taking extended breaks for child rearing damaged client relationships. FT, p.2; Daily Mail, p.12; Daily Mirror, p.6

Property
Zoopla has ended its sponsorship of West Bromich Albion following the furore surrounding the “Quennelle” gesture made by Nicolas Anelka in a match against West Ham over Christmas. Zoopla have sponsored West Brom since the beginning of the 2012 season. Daily Mail, p.79,80; Daily Express, p.72, 68; Sun, p.27: Daily Mirror, p.61,64

 

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