Stephen Little

Wage growth hits highest level in a decade with record numbers in work

According to the ONS, average weekly earnings increased by 3.3% in the year to October, up from 3.1% the previous month. The figure is now the same including and excluding bonuses. 

This is the highest figure since 2008 and well above the current inflation rate of 2.4%. It is also an improvement on last month, which saw wages growing at 3.2%. 

State pension age rise could cost people up to £8,000

Under plans set out by the coalition government in 2011, people born after 5 December 1953 saw their state pension age rise yesterday as part of reforms designed to cut billions from the UK’s welfare bill.

The state pension age for men and women will gradually increase from 65 to 66 from now until 6 October 2020.

UK house prices drop by £5,000, with former hotspots in the South suffering

Rightmove says that the price of property coming to market fell by 1.7%, or £5,222, the largest November drop since 2012. This took the average price of a property down to £302,023.

Rightmove says that sellers are pricing more realistically in an effort to minimise pre-Christmas “buyer humbug” syndrome fuelled by stretched affordability and Brexit uncertainty.

Pension credits: more than £3 billion unclaimed

According to the Department of Work and Pensions, up to 1.3 million pensioners are failing to claim pension credits worth £2,500 every year – or £3.5 billion in total.

Pension credits are designed to make sure pensioners who get below £163 (or £248.80 for couples) receive a minimum income each week.

House price growth slows to five-year low

According to the Nationwide House Price Index, annual house price growth in October slowed to 1.6%, down from 2% in September – the lowest since May 2013.

On a monthly basis house price growth fell from 0.2% in September to 0%.

Budget 2018: personal allowance to rise to £12,500 in April 2019

Chancellor Philip Hammond announced he was bringing forward tax cuts a year earlier than planned in today’s Budget.

The basic tax-free personal allowance will rise to £12,500 and the higher rate to £50,000 in April next year.

The change means that taxpayers will be able to earn £12,500 before they have to start paying any income tax at all.