Under existing rules, savers can draw on their private pension from age 55, 11 years before the state pension age, which is due to rise from 66 to 67 this year. Up to a quarter of a private pension, capped at £268,275, can be taken tax-free from that point. In a new intervention, the think tank said ministers should consider limiting access to private pension wealth before state pension age, either by raising the minimum access age or by reducing the amount that can be withdrawn tax-free.
Austria's economy is set to grow again in 2026, but new forecasts suggest many households will see their incomes fall despite the recovery. After months of recession warnings and gloomy outlooks, Austria's economy is finally showing signs of recovery. New forecasts from the country's leading economic institutes, the Austrian Institute of Economic Research (WIFO) and the Institute for Advanced Studies (IHS), suggest growth is picking up again in 2026.
Britain is at risk of an "economic inactivity crisis" as the number of sick and disabled people out of work continues to rise, according to a government-commissioned review led by Sir Charlie Mayfield, the former John Lewis chairman. The report warns that 800,000 more people are now out of work due to health conditions than in 2019, costing employers £85 billion a year in lost productivity, sick pay and staff turnover. Without intervention, a further 600,000 workers could leave the labour market by 2030.
The number of job ads offering work-from-home perks is on the decline, but there are some industries still holding onto the pandemic-era arrangement. The labour market is tough for job seekers across much of the country and employers in some sectors have realised they don't have to offer the same level of flexibility to attract the best talent. New SEEK data has revealed only 9 per cent of ads now mention WFH, which is down slightly from a 2023 peak of 10 per cent per cent.
Bear markets, let's remember, are caused by recessions and, so far, the US economy keeps ticking along...even with a government shutdown the stock market made new highs. Partly that is because markets usually do look through shutdowns, partly it's because this remains a late-cycle grind up with momentum and FOMO driving prices higher. No nonfarm payrolls later due to the government shutdown, so it is kind of tricky for the FX traders and bond markets.
When asked about their plans for the rest of 2025, just under half (48%) of SMEs leaders revealed they are looking to upskill their current team, by far the most popular answer. This compares to 29% who plan on expanding their leadership team and a quarter (25%) who plan to hire new staff. This strategic focus on developing internal talent reflects wider concerns about recruitment challenges.
The US dollar steadied on Thursday, as traders weighed signals of a softer labour market and awaited further releases. Job openings fell to a low in July, undershooting expectations, while factory orders dropped for a second consecutive month. These indicators reinforced the view that the economy is cooling, even as attention now shifts to today's ISM Services index, expected at 51, and to Friday's payrolls.
BDO's Optimism Index rose to 91.96 in July, up from 91.58 in June, driven by a strong rebound in manufacturing optimism, which rose sharply from 93.74 to 96.50.
