UK retirement age could hit 68 in the 2030s under pension plan

Britons will have to work for longer before claiming the state pension under plans to save the government billions of pounds by raising the official retirement age to 68 sooner than initially planned.

The present threshold of 66 will increase to 67 in 2028 and is due to hit 68 in 2046. However, ministers are looking at bringing forward the change to as early as 2035, affecting those who are 54 and under today.

An announcement is expected by Jeremy Hunt this year. The Sun, which first reported news of the discussions in Whitehall, said the chancellor favoured raising the retirement age to 68 in the mid-2030s but that Mel Stride, the work and pensions secretary, was pushing for 2042.

Last month the government began a statutory review of the state pension age, with findings to be published in May. Ministers believe the changes are necessary to make pensions affordable … Read more

Dow Jumps 250+ to Start Last Full Week of January

Stocks rose Monday as investors contemplated a potential slowdown in rate hikes from the Federal Reserve and braced for a busy week of earnings.

The Dow Jones Industrials climbed 254.07 points to 33,629.56.

The S&P 500 gained 47.2 points, or 1.2%, to 4,019.81.

The NASDAQ Composite leaped 223.98 points, or 2%, to 11,364.41.

Shares of Tesla and Apple gained on hopes that a reopening in China would boost their businesses. Both big tech names recently grappled with temporary shutdowns and blows to production as the country dealt with surging COVID-19 cases.

Investors weighed the possibility that the Fed is preparing to slow the pace of its inflation-fighting rate hikes. Economic data released last week showed a decline in wholesale prices and retail sales, along with commentary from central bank officials, seemed to signal a slowdown.

Remarks from Fed Governor Christopher Waller Friday seeming to favor a quarter percentage point rate … Read more

Michelle Mone’s husband linked to three tax avoidance schemes 

HMRC has added five existing tax avoidance schemes to its online list of tax avoidance promoters, enablers and suppliers – three of which are linked to Michelle Mone’s husband, Douglas Barrowman.

Douglas Barrowman, Lady Mone’s husband since they married on the Isle of Man in November 2020, is the founder and chairman of the Knox Group, a financial services and wealth management firm based on the island, which is widely considered to be a tax haven. HMRC said a Manchester-based company, AML Tax (UK) Ltd, which ran the three newly named tax avoidance schemes was “a part of Doug Barrowman’s Isle of Man-based Knox Group”.

Experts have welcomed HMRC naming these schemes, but urged the government to “take decisive action” and put a stop to these operators “once and for all”.

Fred Dures, founder of PayePass (umbrella company payroll auditor), commented: “The more tax avoidance schemes that are named and … Read more

Potential $1 Trillion Space Travel Could Provide Big Thrust for these Top Stocks

Space tourism stocks are ready for take-off. Should all go well, the industry could be worth up to $800 billion by 2030, says UBS, as reported by Forbes. By 2040, the industry could be worth $1 trillion, added Morgan Stanley. Plus, there’s already a good deal of pent-up demand. According to analysts at Cowen, 39% of people with a net worth of more than $5 million are already interested in paying at least $250,000 for a flight, says CNBC. Even billionaire-run companies, like Amazon (NASDAQ: AMZN), Tesla (NASDAQ: TSLA) CEO Elon Musk’s SpaceX, Virgin Galactic (NYSE: SPCE) are ready for lift-off. Even companies, like Maxar Technologies (NYSE: MAXR) (TSX: MAXR), and Maritime Launch Services Inc. (NEO: MAXQ) (OTCQB: MAXQF) are gearing up for big launches of their own.

Look at Maritime Launch Services Inc. (NEO: MAXQ) (OTCQB: MAXQF), For Example

Maritime Launch Services Inc., owner and operator of Canada’s first … Read more