Just 5% of new fathers and 8% of new mothers have applied for shared parental leave since it was introduced in April 2015, according to research by the Chartered Institute of Personnel and Development. Only one in five firms said they had received requests from male employees.
“This is likely to be the ‘new normal’”
Paul Smee, director-general of the Council of Mortgage Lenders, on the 21% year-on-year drop in buy-to-let lending
£7m The number of people who have joined workplace pension schemes — operated by more than 300,000 employers — since the introduction of automatic enrolment began in 2012. The total is expected to increase to 10m by 2018, as the regulations are extended to smaller companies.
HSBC shuts quarter of branches in two years
HSBC has closed a quarter of its UK branches — a total of 321 — over the past two years, research by the consumer body Which? has found. HSBC said most customers were using the internet, but Which? found that the areas most affected by closures — southwest England, Wales and Scotland — were predominantly rural and had poor broadband coverage.
Exit fee waived for launch of Lifetime Isa
The Treasury is to waive the 25% exit fee for investors in its new Lifetime Isa if they leave in the first year of taking one out, before any bonus is paid. The waiver is for the 2017-18 tax year only. Steve Webb, former pensions minister, said: “The government is still making up the rules as it goes along.”
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Watchdog prowls around mortgage market
The Financial Conduct Authority last week launched a study into competition in the mortgage market, looking at how advice affects borrowers’ decisions on what is likely to be the “biggest financial commitment most people make in their lifetime”. An interim report is due next summer, followed by the full report in 2018.
Rosier US outlook boosts Footsie
The FTSE 100 rose 58 points to end the week at 7,012, its highest daily close since October, on the back of signs that America’s economy is strengthening.
Over a year, the index is up 15.7% (up 20.2% with dividends).
Over three years, it is up 7.5% (up 20% with dividends).
Over five years, it is up 30.2% (up 56.5% with dividends).
Over 10 years, the index is up 12% (up 62.4% with dividends).
Inflation: In November, CPI was 1.2% and RPI was 2.2%.
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