Family finances

UK pay grows at fastest rate since financial crisis – ONS | Business – Business Article

Pay growth in Britain has risen at the fastest rate in more than a decade, as companies keep hiring despite growing fears over Brexit. Average weekly earnings, including bonuses, rose by 3.5% on the year in the three months to February, according to the Office for National Statistics, matching the rate recorded in January and the joint highest level since mid-2008. Basic pay increased by 3.4% on the year, down from an upwardly revised 3.5% in the three months to…

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Council tax debts soar 40% in six years | Money – Business Article

Council tax debts have soared by nearly 40% in six years, Guardian research has found, with charities warning these arrears now rival credit card debts as their biggest concern. Amid warnings that “heavy-handed” collection tactics are putting severe pressure on those already in financial difficulty, households face a fourth consecutive year of above-inflation council tax rises as local authorities attempt to recoup money cut from their budgets by central government. The annual band D bill will rise by an average…

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Millennials being squeezed out of middle class, says OECD | Business – Business Article

Millennials in advanced economies around the world are being squeezed out of the ranks of the middle class, including in Britain, as pay growth stalls and house prices skyrocket, according to the OECD. The Organisation for Economic Co-operation and Development (OECD) said that for every every generation since the baby boom of the 1940s, across 40 major countries, the middle-income group had shrunk and its economic influence weakened. The Paris-based organisation, which represents 36 wealthy nations around the world, but…

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Millennials’ pay still stunted by the 2008 financial crash | Money – Business Article

Millennials who entered the job market during the financial crisis are still suffering “scarring” effects on their earnings as they enter their mid-30s, making it even harder for them to cope with the economic pressures of having a family, a leading thinktank has warned. Their pay has suffered by far the biggest squeeze of any age group since the 2008 crash, according to a study by the Resolution Foundation. While the wages of the over-50s have recovered to levels above…

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UK wages worth up to a third less than in 2008, study shows | Business – Business Article

Wages are still worth a third less in some parts of the country than a decade ago, according to a report. Research by the Trades Union Congress (TUC) found that the average worker has lost £11,800 in real earnings since 2008. The UK has suffered the worst real wage slump among leading economies, the union organisation said. The biggest losses have been in areas including the London borough of Redbridge, Epsom and Waverley in Surrey, Selby in North Yorkshire and…

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Tax return 2019: a stress-free guide to tackling it | Money – Business Article

The weather may have turned arctic, but frostbitten fingers won’t get you out of doing your tax return. HM Revenue & Customs has issued a list of the most bizarre (and unsuccessful) excuses it received from customers who missed last year’s self-assessment deadline. They included “My boiler had broken and my fingers were too cold to type”. If you have been putting off the day when you have to gather up all your bits of paper and sit down and…

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