News

The industry has unanimously backed George Osborne's emergency Budget promise to investigate alternatives to the introduction of pension tax relief restrictions for high earners.

Sterling has strengthened against the US dollar and euro on the back of today's emergency Budget, while gilts have also bounced.

UK - Sterling has strengthened against the US dollar and euro on the back of yesterday's emergency Budget, while gilts have also bounced.

UK - The UK government is set to work with business to find "alternative ways" of implementing pension tax relief restrictions - and is considering reducing the annual allowance to as little as £30,000.

The UK's planned gilt sales in 2010/11 have been revised down by £20.2bn to £165bn due to the Government's debt reduction programme outlined in the Budget.

The government will scrap the rule which creates an effective obligation to purchase an annuity by age 75.

South Korea - BNY Mellon Asset Management is to offer discretionary management services in Korea after receiving approval from the country's Financial Services Commission.

Employer tax rate cuts will help offset auto-enrolment pension costs, Hargreaves Lansdown says.

The government is set to work with the industry on "alternative ways" to implement pension tax relief restrictions - and is considering reducing the annual allowance to as little as £30,000.

US - The California Public Employees' Retirement System (Calpers) lost US$284.6m in value as the largest oil spill in U.S. history erased more than US$1.4bn from BP shares held by 42 state retirement accounts, data compiled by Bloomberg shows.