{"id":1870,"date":"2021-09-08T12:00:00","date_gmt":"2021-09-08T11:00:00","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=1870"},"modified":"2022-07-05T14:11:07","modified_gmt":"2022-07-05T13:11:07","slug":"news-in-review-19","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/09\/08\/news-in-review-19\/","title":{"rendered":"News in Review"},"content":{"rendered":"
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\u201cFollowing the most successful vaccine programme in the world, we\u2019re beginning the biggest catch-up programme in the history of the NHS\u201d<\/em><\/strong><\/p>\n<\/div>\n\n

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On Tuesday,\nBoris Johnson took to the Downing Street podium, following an earlier\nappearance in the House of Commons, to set out the government\u2019s intentions to \u201chelp\nour NHS recover from the pandemic and build back better by fixing the problems\nin health and social care.\u201d<\/em><\/strong><\/em><\/strong><\/p>\n<\/div>\n\n

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The Prime\nMinister continued, \u201cFor more than 70 years, we\u2019ve lived by the principle\nthat everyone pays for the NHS through our taxes, so it\u2019s there for all of us\nwhen we need it\u2026 Following the most successful vaccine programme in the world,\nwe\u2019re beginning the biggest catch-up programme in the history of the NHS.\u201d<\/em><\/p>\n<\/div>\n\n

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A new health and social\ncare tax will be introduced across the UK, aimed\nat supporting social care and tackling the health backlog caused by the\npandemic, including increasing hospital capacity. From April 2022, the tax, expected\nto raise \u00a312bn a year, will initially begin as a 1.25% increase in National\nInsurance, paid by both workers and employers. From April 2023, it will become\na separate tax on earned income, calculated in the same way as National\nInsurance, and ring-fenced as a health and social care levy, which will\nappear as a separate line on payslips. Tax on share dividends is also scheduled to\nincrease by 1.25%, in a move expected to raise \u00a3600m.<\/p>\n<\/div>\n\n

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Over the next three\nyears, \u00a35.4bn of the sum raised will be used to support changes to the social\ncare system. In England, from October 2023, a\ncap of \u00a386,000 will be introduced on care costs over a person’s lifetime. Those\nwith assets under \u00a320,000 will have fully-funded care, whilst people with\nassets of between \u00a320,000 and \u00a3100,000 will be entitled to care cost subsidies.<\/p>\n<\/div>\n\n

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The social care cap will apply only to patients\nin England, but the levy is applicable across the UK. Health services in\nScotland, Northern Ireland and Wales will receive an extra \u00a32.2bn a year.<\/p>\n<\/div>\n\n

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The proposals face an MP vote in\nthe House of Commons on Wednesday.<\/em><\/p>\n<\/div>\n\n

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Triple lock changes for 2022-23<\/strong><\/strong><\/p>\n<\/div>\n\n

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Also on Tuesday, Secretary of State\nfor Work and Pensions, Th\u00e9r\u00e8se Coffey, announced suspension of the \u2018wage\u2019\nelement of the pension triple lock, to avoid a disproportionate rise of\nthe State Pension following the pandemic. For\nthe 2022-23 tax year only, the new and basic State Pension will increase\nby the higher of either 2.5% or the rate of inflation. <\/p>\n<\/div>\n\n

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Autumn Budget and\nSpending Review date confirmed<\/strong><\/strong><\/p>\n<\/div>\n\n

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On a busy day for fiscal news, on Tuesday,\nChancellor Rishi Sunak confirmed that the date of the next Budget, alongside a\nSpending Review setting out UK government departments\u2019\nresource and capital budgets\u202ffor three years, will be 27 October. <\/p>\n<\/div>\n\n

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Summer property\nprice upturn<\/strong><\/strong><\/p>\n<\/div>\n\n

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In August, UK\nproperty prices recorded their second largest month-on-month rise in 15 years,\naccording to the latest Nationwide House Price Index. Prices increased by 2.1%\nlast month, with annual house\nprice growth rising from 10.5% in July to 11.0% in August. With the average\nhouse price now heading towards \u00a3250,000, values are on average 13% higher than before the pandemic. <\/p>\n<\/div>\n\n

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Expectations\nare that in the short-term, underlying demand is likely to remain solid. With\nborrowing costs low, consumer confidence has rebounded, this combined with the\nlack of supply in the market, suggests continued support for house prices.<\/p>\n<\/div>\n\n

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Interestingly,\nhousing energy efficiency has been found to have a modest price implication,\nwith the report outlining that a 1.7% house price premium can be derived for an\nowner occupier property rated A or B, when compared to a D-rated home.\nConversely, properties rated F or G have been found to attract a 3.5% discount,\ncompared to a similar D-rated property. <\/p>\n<\/div>\n\n

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Food production at risk of moving overseas<\/strong><\/strong><\/p>\n<\/div>\n\n

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Staff shortages are causing such strain in\nUK food manufacturing, the British Retail Consortium (BRC) has warned, that\nsome production may be moved to other countries entirely. Speaking last week at a special\nsession of the UK Trade and Business Commission, Andrew Opie, Director of Food\nand Sustainability at the BRC, said shortages of HGV drivers and other supply\nchain staff, mean that the sector is currently “just on the edge of\ncoping.”<\/em>  With many factories\nunable to recruit sufficient levels of staff, he warned the Christmas period\nwould be “incredibly challenging,\u201d<\/em> continuing, “Despite\nevery effort that’s being made by food factories, we cannot recruit enough\nindigenous people here. They just do not want to do those roles for whatever\nreason.”<\/em><\/p>\n<\/div>\n\n

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Here to help<\/strong><\/p>\n<\/div>\n\n

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Financial advice is key, so\nplease do not hesitate to get in contact with any questions or concerns you may\nhave.<\/p>\n<\/div>\n\n

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The value of investments can go down as well as up and you may not get\nback the full amount you invested. The past is not a guide to future\nperformance and past performance may not necessarily be repeated.<\/strong><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

\u201cFollowing the most successful vaccine programme in the world, we\u2019re beginning the biggest catch-up programme in the history of the NHS\u201d On Tuesday, Boris Johnson took to the Downing Street podium, following an earlier appearance in the House of Commons, to set out the government\u2019s intentions to \u201chelp our NHS recover from the pandemic and […]<\/p>\n","protected":false},"author":3,"featured_media":1871,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,112],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/1870"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=1870"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/1870\/revisions"}],"predecessor-version":[{"id":1873,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/1870\/revisions\/1873"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/1871"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=1870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=1870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=1870"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=1870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}