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BUDGET 2008: Darling says Britons remain confident in UK economy

Chancellor Alistair Darling says in his maiden Budget that despite the worst financial circumstances in generations confidence in the British economy has been maintained.

Darling says that today the UK is at it’s most stable with fundementals like unemployment ranking lower than other EU nations.

He says the UK is “More resiliant and more prepared to deal with global shocks.”

Darling has reduced the growth forecast 2.25% from 2.75%.

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.

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