Go figure

by Donna Werbner on 12 October 2009  |  5 comments
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Welcome to Go Figure, a brand new regular slot where we pick out the most interesting numbers and statistics to rock the world of personal finance.

Welcome to Go Figure, a brand new regular slot where we pick out the most interesting numbers and statistics to rock the world of personal finance.

So what's been making headlines this month?

Going up

• The pension age. At the Conservative party conference last week, the Tories revealed they are planning to increase the pension age for both men and women in 2016. Should David Cameron win the next election, State Retirement Age for men will rise from 65 to 66, a decade earlier than Labour had planned. To me, this just proves how easily the Government can tinker with the pension benefits on offer from the State. Anyone under the age of 50 should take note - what's on offer to pensioners today may well and truly be off the table completely by the time you come to retire. Watch Your Two Pence: Property vs. Pensions
• Energy bills. In the worst-case scenario, energy bills could rise by up to 60% over the next seven years, according to a report by Ofgem, the energy regulator. Scary stuff, but I'm not exactly surprised, considering the same report revealed bills have risen by a crazy 120% over the past nine years. Still, it makes it even more important to constantly make sure you are on the cheapest possible tariff or you will only have yourself to blame if you suffer the worst of the price rises.Compare energy quotes at lovemoney.com 

Going down 

• Mortgage lending. The number of remortgages slumped by 22% from July to August, according to the Council of Mortgage Lenders, a drop of 57% on the year since August 2008. The number of loans for house purchases also fell by 5% in the last month, although overall lending to homebuyers is up 29% on last year. The Council blamed the "low interest rate environment" for the fall in remortgaging levels but claimed house purchase activity was on a "firmer footing". Personally, I'm not surprised many homeowners prefer their cheap, existing rates to the more expensive new deals on offer from lenders out to rip us off. Compare mortgages at lovemoney.com
• MPs' bank balances. Hundreds of MPs have been told to repay their expenses claims this week by Parliament's independent auditor, Sir Thomas Legg. The now undoubtedly unpopular civil servant has been looking at claims going back five years and his findings will leave many MPs facing the need to suddenly repay thousands and thousands of pounds. I'm glad. In particular, I think it's a disgrace that MPs have been flipping second homes to avoid Capital Gains Tax. I hope Legg will force them to cough up any taxes they owe as well.

Go figure!

• £35,730 a year. The UK enjoys the highest net household income in Europe, at £35,730 a year, but the poorest quality of life, according to the latest Quality of Life Index. UK workers earn £10,000 more than the European average but depressingly, work three years longer across their lifetime and die two years younger than their French counterparts. The survey also found that consumers in the UK pay above the European average for fuel, food, alcohol and cigarettes. No wonder we're all so miserable - at last, we have an excuse!

Did you enjoy this round-up or did it bore you to tears? Do you want another instalment in a week - or a month? Let us know your thoughts using the comments box below!