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    Yahoo UK Finance Video

    What are the key takeaways from Rishi's budget?

    Chancellor Rishi Sunak laid out sweeping plans for the UK over the next three financial years in his Autumn Budget and Spending Review speech on Wednesday in parliament.His heavy spending has now put Britain on course for its biggest tax burden since the 50s in a Budget that delivered some £150bn of commitments.Here are the top key takeaways.

  • Business
    Yahoo UK Finance Video

    Why your bank statements might say buy-now-pay-later without you realising

    Buy-now-pay-later has become a fast-growing industry worth £2.7bn, quadrupling in use between 2018 and 2020. It allows customers to pay the full amount for their things at a later date or pay in interest free installments over a period of time. An estimated 14 million people used the likes of Klarna, ClearPay, LayBuy and Afterpay in the UK last year, according to Citizens Advice. But for those who did not select Buy Now Pay Later at the checkout, you may be wondering why these company names still sometimes show on your bank statements or online banking apps. One reason is that some retailers use BNPL to manage their checkouts, so it shows up as the payment method even when you pay up front. You can check with the retailer to make sure it was a normal card purchase if you are worried. Another reason could be fraud, and you may have been a victim of identity theft. In this case you should contact your banks, the BNPL company, and Action Fraud, the UK’s national fraud and cyber crime reporting centre. They also recommend applying for protective registration through CIFAS, a national non-profit fraud prevention community. According to Citizens Advice, of the estimated 14 million users in the UK last year, 39% used buy now pay later without realising, so you might have accidentally opted for it without realising. It may have been pre-selected as the default payment option. Make sure to pay attention when you are about to checkout.

  • Business
    Yahoo UK Finance Video

    Is a UK state pension enough to survive on in retirement?

    A state pension is the money you can claim from the government once you reach state pension age, usually paid every four weeks. You can claim it if you have worked and paid national insurance during your working life, or received national insurance credits while unemployed. Unfortunately, the state pension is not enough to survive on after retirement alone. Currently, the new state pension is £179.60 per week, or £9,339.20 a year. This figure is likely to increase with the triple-lock on pensions, meaning state pensions rise every year in line with inflation, increasing average wages, or 2.5% -- whichever is highest. Due to the government’s concern that not enough people were saving for later life, employers are now required by law to automatically enrol employees into an occupational pension scheme, where both the employer and employee contributes to the pension. Even then, the average UK pension pot only stands at £50,000. To put this into perspective, the average monthly pay in London is £28,776 a year. With a £50,000 pension pot and living at the same standard, you would not have enough to live on for two years. One sensible way to supplement your retirement income is to open a lifetime ISA- a savings account that can be used to save up for pensions with an interest boost from your provider. But you should do this earlier — starting one late in life is unlikely to give you much time to save.