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Retiree income drops by two thirds

Retirees can expect to see their income drop by 66% when they leave the workplace, according to research from LV.

The annual State of Retirement report reveals that the average annual income for private and state pensions is £8,774, a third of the average annual salary for people over 60 (£25,480).

This suggests that the average retiree will earn almost 24% less than the minimum...

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Business lending continues to fall

The annual rate of growth in lending to UK businesses decreased by £0.5 billion in the 3 months to February 2014, according to the Bank of England.

However, the fall was not as large as the £3.3 billion decline in the preceding 3 months.

Key findings:

  • the stock of lending in the real estate sector - which has the biggest stock of business loans - fell by 8.1% in the...
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28,400 jobs for Northern Ireland economy

The Northern Ireland Centre for Economic Policy (NICEP) has predicted that 28,400 jobs will be created in Northern Ireland by 2018.

The NICEP economic outlook indicates that the administration services sector will experience the largest job growth, with 4,200 jobs expected to be created.

Key data:

  • 3,700 jobs will be created in the retail sector 
  • the...
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Saving not important for 1 in 10

More than 1 in 10 UK adults do not see the value of saving money for the future, according to a survey by thinkmoney.

The survey revealed that though the majority of people (88 per cent) see the benefits of putting money aside, 12 per cent of people do not think it is important.

Key findings:

  • 24 per cent of respondents said they plan to save but end up spending their...
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Unemployment rate falls to 6.9 per cent

The unemployment rate fell by 77,000 to 2.24 million between December 2013 and February 2014, according to figures from the Office for National Statistics (ONS).

The official unemployment rate now stands at 6.9 per cent, the lowest since February 2009.

Key employment data:

  • 30.39 million people were in work between December 2013 and February 2014
  • This is 691,...
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