60 second news round-up: the top money stories of the week
The four day working week kicked off with the news that the worry concerning most investors at present is not a potential Brexit, but instead slowing growth in China. These concerns might go some way to explain a current cautious attitude among investors, with the Investment Association announcing that fixed income was the top selling asset class in April. Meanwhile it was warned that Axa’s planned removal of its exposure to tobacco stocks could put pressure on the share prices of the largest tobacco firms.
Some 14 months on from their introduction, new research showed that three quarters of people don’t understand the pension freedom reforms. For those in the process of saving for their retirement, and for those who are about to withdraw their pension, we showed the most tax efficient ways of doing so. Worryingly, for those who are set to retire this year, it was revealed that more than 70% believe they won’t be able to afford to leave an inheritance – the highest level in six years.
The week ended with Tax Freedom Day – the day UK taxpayers stop paying government taxes and start earning money for themselves – and it is the first time in 15 years this day has crept into June. Given it is Tax Freedom Day we pulled together a collection of top tips to minimise the amount of tax you pay and push your own Tax Free Day forward on the calendar.