Recession’s over (for now)

The 1-minute read to get the money news you need with expert adviser commentary.

We bounced back

The UK economy grew 15.5% between July and September, according to the latest figures from the Office for National Statistics. It’s a big bounce back from the recession we had in the first half of the year - but we’re still not back to where we were. UK GDP is still 8.2% smaller than it was before the virus struck.

Double capital gains tax?

A new government report has recommended that capital gains tax should be doubled. The move could raise £14 billion in tax revenues for the government to help cover the costs of the coronavirus pandemic. This tax applies to a lot of people, but is usually only charged to people selling second homes or large amounts of assets not shielded from it.

Housing market slowdown?

London’s property boom is going to run out of steam next year, as government support measures like the stamp duty holiday come to an end. The number of house hunters has been growing for 5 consecutive months, as has the number of homes for sale. But it won’t last, according to a new survey by the Royal Institute of Chartered Surveyors.

Kickstart scheme kicks off

The government-funded work placements scheme has created 19,000 roles for 16-24 year olds, and many are due to start their new jobs this week. The unemployment rate in this age group is currently 14.6% - triple the figure in the population as a whole. The scheme is designed to help people into long-term work.