The amount of money put into cash Individual Savings Accounts (Isas) has fallen by a third year-on-year, as low interest rates and tax changes make them less attractive to savers.In the 2015-16 financial year, cash ISA holders paid £58.7bn into them. But in 2016-17, only £39.2bn of new money went in, according to latest figures issued by HMRC.Since April 2016, savers can make £1,000 a year in tax-free interest, reducing the tax advantage of Isas. Isas have traditionally offered the perk of being exempt from both income and capital gains tax.At the same time, savings in general have been seeing a decline.According to the Office for National Statistics (ONS), the savings rate - the amount that households save out of their income - fell to just 1.7% in the first quarter of 2017, the lowest r
The UK government formally announced a more-than-£100m investment in the space sector on Tuesday. It is putting £99m into the Harwell science campus near Oxford to extend its satellite test facilities. A further £4m is going to Wescott in Buckinghamshire where rocket motors are built and tested. "It's a fast growing sector - 8-10% per year; and it's clearly important that the UK maintains a strong position," said science minister Jo Johnson. "It's government's role to create the environment in which we can stay at the cutting edge of developments. All the market analysis suggests there are going to be many thousands of satellites launched into space between now and 2025, and we've got a good prospect here in the UK of being right at the very heart of it all." Harwell, which has become a ma
U.S. banks made it through the latest round of stress testing relatively unscathed, setting investors up for news next week of payouts from the industry's biggest names.Testings results released Thursday by the Federal Reserve show that the 34 institutions under scrutiny have enough capital to make it through the two scenarios regulators posed — one akin to the financial crisis and another entailing a shallower downturn.Under the scenarios, the banks tested "would experience substantial losses." However, in total, the institutions "could continue lending to businesses and households, thanks to the capital built up by the sector following the financial crisis."The tests marked the third straight year the banks all met the Fed's standards for health and could boost arguments from Republican
The owners of Blackpool, the Oyston family, have been accused at the High Court of treating the football club as "the family's personal cash machine".Lawyers for Latvian millionaire Valeri Belokon, the club's president, were launching what could prove to be one of British football's most expensive legal actions.Andrew Green QC alleged on Monday at the start of a five-week hearing that Owen and Karl Oyston, owner and chairman of the Lancashire club, had "improperly" extracted millions of pounds from its funds following promotion to the Premier League in 2010 and used the money for their own benefit.Belokon's company VB Football Assets, a minor shareholder in the club, was excluded from key decisions, information and any share of profits, said Green.VB Football is pursing a claim against the...