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10 Sep
❓ Are you a recent graduate?

Then you'll lose more of your salary to taxes than working pensioners who earn twice as much, thanks to Boris Johnson's National Insurance levies.

Here's a #thread of what you need to know 👇…
🏥 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…
👩‍🎓 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…
Read 8 tweets
3 Sep
💷 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.

But how much will you pay?

Here's a #thread 👇…
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…
The table below details how workers with various incomes would be affected 👇…
Read 6 tweets
21 Jun
💷 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.

❓ How will it affect you and how can you beat it?

Here's what you need to know (a #thread 👇)…
1️⃣ A raid on pensions tax relief

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…
Read 9 tweets
10 Jun
❌A retirement crisis is set to hit over 5 million older workers.

Nine in 10 workers will not be able to afford a comfortable retirement - as they will fall short of an “adequate” income once they leave work.

~ Thread 🧵…
🔺Millions of over-50s planning to retire could be pushed into poverty and financial insecurity - a situation that has been worsened by the pandemic.

🔺Over 90% of private sector workers will not be able to afford a comfortable retirement, according to Pensions Policy Institute
The report showed key factors included:
⬇️A low state pension
⬆️Increasing unemployment

A large number of over-55s were forced into early retirement during the pandemic.

The full state pension pays just 24% of the national average income
Read 8 tweets
2 Mar
❓ How can you protect your money from rising inflation?

Experts believe once lockdown is eased, a wave of consumer spending could send inflation soaring.

High inflation can have a devastating impact on people's finances, so what to do?

~ a #thread 👇…
Savings boomed in 2020 👇

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…
Read 12 tweets
3 Nov 20
~ a #thread 👇

Thinking about changing jobs?

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…
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…
Read 8 tweets