In December, the Group detailed the Governments from Canada and Australia, two countries with among the highest numbers of excluded British retirees, had submitted damning evidence which condemned the policy.
According to evidence examined within the report, both of these governments have confirmed a readiness and willingness to work with the UK Government to end this policy but emphasis was placed on the fact that the issue can be resolved by UK domestic legislation.
It was highlighted both Canada and Australia provide full state pensions to their pensioners who live in the UK, with the UK being the only country in the OECD to pay their pensioners differently based on where they live.
At the time, representatives for the Canadian Government issued the following statement: “Over the years, the Government of Canada has raised, and has sought to address, this issue with the UK, including by proposing the two countries negotiate a comprehensive social security agreement that would provide for the indexation of UK pensions.
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And, for some, it could be their ISAs – which stands for Individual Savings Account and is a way of saving tax-free – are to become increasingly important.
Commenting on the freezes to pension allowances, he said: “For savers at risk of breaching the pensions life time allowance, it is more important than ever to maximise ISA allowances as part of their retirement savings plans.
“Don’t forget that married couples have two sets of ISA allowances that can be used, so £40,000 a year.
“While ISAs don’t offer the upfront tax relief of a pension contribution, they are more flexible and there is no tax to pay when you draw upon them.
This post originally appeared on Daily Express :: Finance Feed
Brussels suggested the EU and its major overseas partner suspend tariffs imposed on billions of dollars of imports for six months, EU trade chief Valdis Dombrovskis told Germany’s main news platform, Der Spiegel.
The measure would go beyond the latest four-month suspension of import duties that the parties agreed in March.
“We have proposed suspending all mutual tariffs for six months in order to reach a negotiated solution. This would create a necessary breathing space for industries and workers on both sides of the Atlantic,” Dombrovskis said.
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Last month, the two transatlantic partners agreed to suspend mutual tariffs that had covered $ 7.5 billion of EU imports of American goods and some $ 4 billion of US products shipped to the bloc. The freeze is set to expire in four months.
The bitter EU-US trade dispute over aerospace subsidies to plane makers Airbus and Boeing dates back to 2004, when Washington challenged European subsidies of Airbus that reportedly had “adverse effects” on the US.
The EU filed a retaliatory complaint against the direct support given to Boeing in the form of regional tax breaks and government grants.
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So far, tit-for-tat duties on various goods have affected nearly $ 50 billion in mutual trade. The list of EU products on which the US imposed taxes came in at $ 25 billion, of which $ 7.5 billion was authorized by the World Trade Organization (WTO). In comparison, the EU’s list totaled a mere $ 20 billion, of which the WTO approved $ 3.99 billion.
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