5 Things You Need To Know (28/6/17)
Please note this blog post was published over 12 months ago and so may not include the most up-to-date information, for example where regulation around investing has changed.
Welcome to our daily update, where we summarise the key talking points from the last 24 hours.
1. Grenfell Tower
The first Prime Minister’s Questions since the election has taken place, with Theresa May and Jeremy Corbyn clashing over the handling of the Grenfell Tower tragedy. Mr Corbyn pointed out that local authority budgets have been cut by 40%, but Mrs May highlighted that “The cladding of tower blocks did not start under the Conservative government, nor under the previous coalition. It began under the Blair government.”
Meanwhile, the police have announced the presumed dead is now 80, with an accurate number not expected until the end of the year.
2. Public sector pay
Public sector pay increases are being reviewed, with Downing Street suggesting that changes could come in the autumn budget. A 1% cap has been in place since 2012. Labour are looking to challenge the cap by seeking an amendment to the Queen’s Speech.
3. Retirement gender gap
The retirement income gender gap has widened to £6,400, a report from Prudential has shown. The gap is now £1,000 bigger than last year.
Women retiring this year will average around £14,300 in retirement income, while men will average around £20,700.
4. Trump will visit Paris
French President Emmanuel Macron has invited US President Donald Trump to attend Bastille Day celebrations in Paris on July 14.
The White House has confirmed the President accepted the offer, stating that both leaders will look to build on economic partnership and counter-terrorism co-operation.
5. Bank Of England could raise interest rates
The Bank of England Governor, Mark Carney, has suggested that interest rates could rise if business investment increases. He has previously said it is “not yet the time” for increases.