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Following a dramatic week in Downing Street, which saw Lee Cain quit Number 10, Dominic Cummings confirmed on Thursday evening that he will also be looking to step down at the end of the year. Boris Johnson could soon be without the Vote Leave backbone that helped steer him to a stonking majority in 2019. For Dominic Cummings, his exit will be just as divisive and controversial as his time working at the heart of Mr Johnson’s Government. But what next for the architect of the Vote Leave campaign? What legacy does Mr Cummings leave behind and how will Number 10 cope without its Machiavellian advisor? Telegraph readers have had their say on all of this below. Share your own opinion in the comments section at the bottom of this article. ‘Hopefully there will be a return to grown-up government in 2021’ @David Cain “A sad indictment of UK politics when the advisors become the story. Hopefully there will be a return to grown-up adult government in 2021. “The Cabinet needs a huge shakeup and an injection of experience and real talent – so much of it sitting on the backbenches.” ‘His departure will damage Brexit beyond recognition’ @William Beesley “Now the ‘hard men’ are leaving, watch out for the concessions to the EU by the backsliders and the Remainers. Our only hope is that it might be all too late in the piece but for all that, but this could damage Brexit beyond recognition.” ‘I’m not sure what this version of the Conservative Party stands for’ @The Cruel Sea “Beyond Brexit, and that somewhat hangs in the balance, I’m not even sure what this version of the Conservative Party stands for – and I voted for it. “It seems like one all-encompassing amorphous fog of beige mediocrity.” ‘Cummings has done nothing useful since Boris became PM’ @John Davies “Dominic Cummings has done nothing useful since Boris became PM. He’s achieved nothing. “It’s time for Boris to put together a strong cabinet, the last thing Michael Gove and Dominic Cummings wanted when they were trying to run the show.” ‘Cummings is doing a damned good job at shaking up the civil service’ @Ivor Stuart “It was reported some time ago that Cumming declared his intention to leave once Brexit was done. A great shame. All this enmity is because he’s doing a damned good job shaking up the civil service. “If he goes, Boris Johnson has had it. It was Cummings who guided him through the dark days of 2019 when Brexit was in trouble all round, and who got him is 80-seat majority.”
November 13, 2020Read More
Two Charlotte men have been arrested and face felony charges, police say.
November 13, 2020Read More
European Union interior ministers pledged Friday to beef up border security, boost the powers of the bloc’s police agency and crack down on hate speech and online propaganda in response to a wave of extremist attacks, most recently in Austria and Franc…
November 13, 2020Read More
Susan Rice, Michele Flournoy, Doug Jones, Lael Brainard, Vivek Murthy and Heidi Heitkamp are some of the most frequently mentioned in WashingtonCabinet appointment speculation is a time-honored tradition in Washington DC – and despite everything else g…
November 13, 2020Read More
A BBC journalist on the fears for her family in Ethiopia’s Tigray region following an outbreak of fighting.
November 13, 2020Read More
Ousted Nissan Motor Co chairman Carlos Ghosn’s legal woes deepened on Friday with the start of a civil trial in Yokohama, Japan, where his former employer is seeking 10 billion yen ($95 million) in damages. “The legal actions initiated today form par…
November 13, 2020Read More
Antiviral remdesivir should not be used as a routine treatment for COVID-19 patients in critical care wards, the head of one of the world’s top bodies representing intensive care doctors said, in a blow to the drug developed by U.S. firm Gilead . Remd…
November 13, 2020Read More
A facility set up by the World Health Organization (WHO) and the GAVI vaccine group has exceeded an interim target of raising more than $2 billion to buy and distribute COVID-19 shots for poorer countries, but said it still needs more. The GAVI allian…
November 13, 2020Read More
Dublin, Nov. 13, 2020 (GLOBE NEWSWIRE) — The “United Kingdom (UK) Post – Retirement Pensions Market 2020” report has been added to ResearchAndMarkets.com’s offering. This report explores trends in the way individuals fund their lifestyle in retirement. It examines pension decumulation and provides details on the way pension plans are accessed for the first time, exploring differences by pension pot size. Current and historical data on the size of common retirement income products is provided. The report also discusses to what extent individuals are confident that their lifetime investments will last through retirement. In addition, it explores consumers’ attitudes and behaviors with regards to obtaining financial advice on pensions. Typically, retirees supplement the state pension with other sources of income, such as workplace and private pensions. Pension freedoms rules enable over 55s to access their pensions flexibly, but many are inadvertently putting their long-term savings at risk. The majority of adults will access their pension funds as soon as they can. In fact, more than half of all pension pots are withdrawn fully when they are accessed for the first time. Unexpectedly, withdrawals from pension pots fell in the first half of 2020 despite fears that COVID-19 would prompt individuals to take more funds. As economic uncertainty continues, a rise in unemployment among older adults could push some into early retirement. Scope * Nine in 10 individuals state that their lifestyle in retirement is as expected or better. * Income drawdowns totaled 9.3bn pound in new premiums in 2019, almost double the size of the annuities market at 4.3bn pound. * 91.9% of retirees are confident that their pension funds and/or savings will last their entire lifetime. This belief is broadly unchanged by the outbreak of COVID-19.Reasons to Buy * Learn how individuals access their pension plans for the first time. * Understand the size of income drawdowns and the annuities market. * Explore the gender gap in state and private pensions. * Discover to what extent over 55s and retirees use financial advice on pensions. * Understand the impact of COVID-19 on the post-retirement market.Key Topics Covered: 1\. EXECUTIVE SUMMARY 1.1. Many individuals are putting their long-term savings at risk 1.2. Key findings 1.3. Critical success factors 2\. RETIRING AND CLAIMING THE STATE PENSION 2.1. Most adults retire once they can access the state pension 2.1.1. The SPA has risen to 66 and there are plans to increase it further 2.1.2. Most wait until they can access the state pension before they retire 2.1.3. COVID-19 could force older individuals into early retirement 2.2. The state pension is insufficient to live comfortably on and there is a gender pay gap 2.2.1. The UK’s state pension is not enough to live comfortably on 2.2.2. The gender gap has narrowed but still exists 2.2.3. COVID-19 has brought the state pension’s triple-lock mechanism into the limelight 2.2.4. Some individuals saw their pension reduced following the end of the ADI 2.2.5. Single individuals need at least 10,200 per annum at retirement to cover all expenses 2.2.6. On its own, the state pension is at least 2,062.26 pounds per annum too low to enable retirees to pay all their expenses 2.3. Brexit uncertainty and COVID-19 create a dilemma for individuals planning to retire abroad 2.3.1. Individuals are having second thoughts about retiring abroad owing to Brexit and COVID-19 2.3.2. Brexit negotiations will affect UK pension eligibility 3\. FUNDING RETIREMENT AND LIFESTYLE 3.1. Retirement income typically comes from several sources 3.1.1. The state pension is key to funding retirement, but personal pensions are common 3.1.2. More than half of all individuals with retirement incomes in excess of 50,000 per annum live on private/company pensions only 3.1.3. Women have lower incomes in retirement than men 3.2. Retirees have confidence that their funds will last through retirement 3.2.1. Lifestyle in retirement is as expected for the majority of individuals 3.2.2. Most retirees do not review their budget frequently 3.2.3. Individuals are confident that their pensions/savings will last through retirement 3.2.4. Confidence that pensions/savings are enough to last an entire lifetime has been broadly unaffected by COVID-19 4\. TRENDS IN PENSION DECUMULATION 4.1. Retirees typically have DB pensions, but DC schemes are becoming more common 4.1.1. DB schemes are the most common type of workplace pensions among over 40s 4.2. Pension freedoms give DC scheme members flexibility in how funds are accessed 4.2.1. New plans are underway to increase the pension freedoms age to 57 4.2.2. DB to DC transfers have been common as individuals take advantage of pension freedoms 4.3. Most over 55s have sizable pension pots, but the majority will access funds as soon as they can 4.3.1. Most over 55s have sizable pension pots 4.3.2. Only a minority of individuals defer taking their pension so it pays more later, while most access their pots as soon as they can 4.4. Accessing pensions for the first time 4.4.1. Full cash withdrawal is the main way of accessing pension pots for the first time 4.4.2. Full cash withdrawals are linked to small pension pots while drawdowns are linked to larger pots 4.4.3. Most pension withdrawals are invested into savings accounts 4.5. Income drawdowns and annuity sales have stabilized 4.5.1. The impact of pension freedoms has faded 4.5.2. The value withdrawn from pensions fell in the first half of 2020 despite fears that COVID-19 would result in a possible spike 4.5.3. Annuity rates reached a historic low in September 2019 5\. FINANCIAL ADVICE IN THE POST-RETIREMENT MARKET 5.1. Retirement is a common reason for seeking financial advice, yet uptake is mixed 5.1.1. Retirement is one of the main reasons prompting consumers to seek financial advice 5.1.2. Half of all pension plans are accessed without advice 5.1.3. Uptake of the Pensions Advice Allowance is low 5.1.4. Retirees are less likely to seek financial advice on pensions than other adults 5.1.5. Non-retired adults tend to engage with their advisor on pensions more often than retirees as they explore their options 5.1.6. Reputation and an existing relationship with the advisor are key considerations among over 55s seeking financial advice 5.2. Risks behind pension freedoms and lack of advice remain a concern 5.2.1. Enhanced guidance on pension drawdowns and transfers amid COVID-19 5.2.2. Early drawdowns mean pension funds could last less and limit future contributions 5.2.3. PLSA launches call to improve pension freedoms guidance 5.2.4. Previously, the FCA had introduced several remedies to improve retirement outcomes 5.3. The industry is working on improving awareness of pension income at retirement 5.3.1. The Pensions Management Institute launched Retirement Matters to provide financial education on pensions to individuals exploring their retirement options 5.3.2. The Money Advice Service released a beta income drawdown tool 6\. APPENDIX Companies Mentioned * Canada Life * Prudential * Standard Life * LV= * Aviva * Hodge Lifetime * JUST * Legal & General * Scottish Widows * Pension Wise * Wealth at Work * Money Advice ServiceFor more information about this report visit https://www.researchandmarkets.com/r/93ps2pResearch and Markets also offers Custom Research services providing focused, comprehensive and tailored research. CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
November 13, 2020Read More
British Prime Minister Boris Johnson’s top adviser plans to step down at the end of the year after a bruising battle for influence at the heart of the British government fueled by tensions over Brexit and the COVID-19 pandemic. Amid speculation that h…
November 13, 2020Read More
Just as the remnants of Eta finally blew out to sea on Friday, another storm was brewing that could follow its path of death and destruction into Central America this weekend, and Tropical Storm Theta was moving closer to Europe. Hurricane experts wer…
November 13, 2020Read More
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