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UK inflation rises to 3.5%

The UK consumer prices index has risen to 3.5% in March, according to the Office for National Statistics.

The consumer prices index is up 0.1% from 3.4% in February. The retail prices index fell to 3.6%, from 3.7% in February.

The largest upward pressures to CPI came from food, clothing, recreation and culture. The ONS says there were downward pressures from electricity, gas and other fuels and transport.

RPI fell slightly after downward pressures from motoring expenditure, fuel and light. There was also upward pressures from food and clothing.

Inflation has fallen markedly since its high in September 2011, but still remains above the Bank of England’s 2% target.

CPI reached a record high of 5.2% in September 2011 while RPI stood at 5.8% in September 2011, its highest point since June 1991.

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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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