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Private sector pensions in seismic collapse, says ACA |
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There has been a "seismic collapse" in private sector pensions, and the gap between private and public pensions is widening, a report warns.
The Association of Consulting Actuaries (ACA) says that nine out of 10 private sector defined benefit schemes are now closed to new entrants.
The ACA wants bold government action to reinvigorate workplace pensions.
Automatic enrolment, set to begin later this year, would enable millions of people to save, the government said.
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Unemployment surges to 17-year high as eurozone crumbles |
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Total unemployment is now higher than at any point during the recession causing industry experts to warn the private sector jobs market recovery has "stalled".
In a series of grim figures delivering a pre-Christmas blow to the Government, the jobless toll for all age groups rose by 128,000 between August and October to 2.64m, the highest total since 1994.
The unemployment rate was 8.3pc, up 0.4pc on the previous three months, said the Office for National Statistics.
The number of women out of work surged by 45,000 on the quarter to reach 1.1m, the highest figure since 1988.
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UK unemployment increases to 2.64m |
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UK unemployment rose by 128,000 in the three months to October to 2.64 million, the highest level since 1994.
The Office for National Statistics (ONS) said the jobless rate was 8.3%, up from 7.9% in the previous quarter.
Youth unemployment rose to 1.027 million, the highest since records began in 1992, beating the previous record set only last month.
The number of people out of work and claiming Jobseeker's Allowance rose by 3,000 to 1.6 million in November.
However, the rate of increase in the claimant count showed signs of slowing down.
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UK inflation eases to 4.8pc as petrol and foods costs fall |
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The Office for National Statistics said the official measure of annual inflation - the Consumer Prices Index - fell to 4.8pc from 5pc in October, in line with expectations.
"Today's data confirmed that inflation has passed its peak and is now on a downward track," said Victoria Cadman, economist at Investec.
Falling transport and food costs, as well as retailer discounts for clothing, partially offset increases in the cost of domestic heating, alcohol and tobacco.
The ONS said that prices of electricity, gas and other fuels rose at an annual 20.9pc, the fastest pace since February 2009.
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Barratts administration puts 3,840 jobs at risk |
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Bradford-based chain of 191 Barratts and Priceless Shoes stores goes into administration for the second time since 2009.
British shoe shop chain Barratts has collapsed into administration, becoming the latest victim of a downturn in consumer spending and putting 3,840 jobs under threat.
Deloitte, the business advisory firm, said on Thursday it had been appointed joint administrators over the Barratts Priceless Group.
"Barratts and Priceless Shoes have faced a downturn in trading as a result of the difficult economic conditions. This has been exacerbated by the unseasonably mild weather in recent weeks which resulted in fewer sales across new winter lines," said Daniel Butters, joint administrator and partner in Deloitte's restructuring services practice.
The Bradford-based firm has 191 shops in Britain trading as Barratts and Priceless Shoes and operates 371 concessions.
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