Financial News Round Up for the Week Ending 4th May 2012

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Published Friday, May 4th 2012

Welcome to your regular financial news round up from Worldwide Financial Planning. A mixed week for the economy and our finances with inflation up again, while the FTSE100 has made gains. It’s also the week of local elections in many areas and mayoral elections in London, Salford and Liverpool, so expect politicians of all colours to be out and about more than usual!

Auto-enrolment pension scheme – most workers unaware

According to a survey carried out by insurer Aviva, almost 70% of workers are unaware of the auto-enrolment pension scheme which is due to begin on the 1st October 2012 and involves employees being automatically enrolled in a company pension scheme. Source: Guardian

Bank of England Governor backs government’s budget

Sir Mervyn King, the soon to be departing Bank of England governor, backed the government’s programme of austerity during a Radio 4 Today programme while also defending his record during his ten years as governor. Source: Guardian

£3 each compensation for former Rover workers

Former workers at Rover are to receive £3 each in compensation after a 7 year fight for redundancy payments after the collapse of Rover, which was Britain’s last biggest carmaker. Source: Guardian

Osborne rejects bank deal

Chancellor George Osborne has said he will not sign up to the European Union’s ‘watered down’ rules for capital requirement following the Basel III rules because it would make him ‘look like an idiot’. Source: Fundweb

ISA sales fall by almost £2 billion

Sales of Individual Savings Accounts (ISAs) fell by almost £2 billion during the last tax year (2011 – 2012) according to the Investment Management Association. Source: Fundweb

Weetabix bought by Chinese firm

Weetabix, the famous breakfast cereal, which was until 2004 a family owned company has been bought by Bright Foods, a Chinese company. The Weetabix brand also owns Ready Brek and Alpen.

Source: BBC News

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