70 The state pension age is to be the subject of another review. It will be led by John Cridland, former head of the employers’ organisation the CBI, who will not be paid. There is speculation that the pension age could hit 70, though the government said the review would not alter the current plan to raise it to 67 by April 2028.
Watchdog to reveal energy market findings
A long-awaited report on the fairness of Britain’s energy market will be published on Thursday. The Competition & Markets Authority (CMA), which has delayed publication of its report twice, will unveil its findings about whether customers are being overcharged for gas and electricity and make recommendations about improving competition. The CMA found in July last year that customers had been overcharged by £1.7bn a year from 2009-13.
“The chancellor should set a flat rate of pension tax relief. I believe it should be 33%”
— Rachel Reeves , Labour MP and former shadow work and pensions secretary
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Global stocks lifted by rising commodities
The FTSE 100 rose 103 points to close the week at 6,199, as investor confidence was boosted by a surge in commodity prices.
Over a year, the index is down 10.4% (down 7.7% with dividends).
Over three years, it is down 2.3% (up 8% with dividends).
Over five years, it is up 3.5% (up 23.1% with dividends).
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Over 10 years, the index is up 5.8% (up 51.5% with dividends).
Labour MP calls for flat-rate pension relief