HSBC Holdings have announced plans to cut 700 jobs including 460 financial planning managers across the UK.
Having seen a 25% share price drop in the four months since Antonio Horta-Osorio became Chief Executive, Horta-Osorio has announced plans to cut 15,000 jobs by 2014 with the aim of saving £1.5 billion per year.
A recent study by Scottish Widows, UK reports that 6% of people earning over £50,000 are not saving anything towards their retirement and only 17% are saving between 6 and 12% of income.
Government figures confirm that the UK economy grew at a rate of 0.5% for first quarter 2011. Oxford Economist Andrew Goodwin stated that he was “deeply suspicious” about the figure and its accuracy.
Prime Minister, David Cameron told public sector workers at the annual conference of the Local Government Group that ‘more people claiming their pensions for longer has a real-life impact on our ability to pay for pensions’.