🏥 First, some background: Boris Johnson has announced a 1.25 percentage point National Insurance (NI) hike to fund landmark reforms of England's adult social care system and a backlog of NHS appointments telegraph.co.uk/tax/income-tax…
👩🎓 It means a graduate earning £30,000 a year will give up 21.5% of their earnings to income tax, NI and student loan repayments – an effective "indirect" levy once the 1.25 percentage point increase to NI rates comes into effect in April…
💷 But someone aged 66+ on a salary of £60,000 will part with just 20.1% under the new system 👇
📈 Critics argue the tax rise is contributing to a growing generational divide – especially between baby boomers (who have benefitted from rising property prices) and millennials, who face being the first generation to be worse off than their parents telegraph.co.uk/tax/income-tax…
💬 Neil Lovatt of @scotfriendly said the Government was "squeezing younger families to subsidise retired millionaires, older homeowners and asset-rich pensioners"…
❓ How will the National Insurance rise affect you?
💷 Taxpayers will pay hundreds more every year in National Insurance contributions under bombshell Government plans to raise rates as a means of funding social care, @Telegraph has revealed.
Boris Johnson is expected to abandon the Conservative manifesto pledge not to raise income tax, VAT or National Insurance, and has plans to raise the main rate of NI by 1 or 1.25 percentage points to ease the care crisis…
💷 Treasury officials are drawing up plans for a pensions tax raid to help pay for the UK's pandemic spending, including reducing the lifetime allowance.
Tax relief is paid at a person's marginal rate of income tax as an incentive to save money, but Rishi Sunak is considering limiting tax relief on pensions contributions to 30%…
💼 This would affect nearly 5m workers who pay 40% or 45% income tax.
Under a 30% flat rate, a 35-year-old earning £60,000 paying 4% of their salary into a pension could be £50,440 worse off by retirement age telegraph.co.uk/pensions-retir…
Economists believe that inflation will rise as Britain comes out of lockdown and pent-up demand in the economy is unleashed.
If they're correct, this could have a big impact on investors…
Bond owners could suffer most.
Investors sell bonds when inflation rises, as it eats into that income.
Higher inflation would also increase the likelihood the Bank of England raises rates – bad news as it decreases the relative value of bonds' payments vs newly-issued ones…
If you're one of the many people who see the pandemic as an opportunity to reboot their career and take it a new direction, then we've got six things you need to consider first telegraph.co.uk/money/consumer…
1️⃣ Which sectors have the most jobs?
Fewer vacancies are being posted everywhere this year, but hiring is picking up in construction, education, logistics, healthcare and property 👇
Finding a job in catering, hospitality and marketing, however, will be more challenging…
2️⃣ The most/least competitive sectors
With a ratio of applicants per job of 62, administration is the most competitive, followed by customer service and marketing 👇
Growing demand for carers, doctors and teachers has meant these areas have become less competitive…