UK pensioners worse off in Brexit, says Treasury

first_imgUnder the “shock” scenario, higher inflation would erode the basic state pension by £137 per year in real terms by 2017-18 – compared with staying in the EU – while the “severe shock” scenario would increase this loss to £142 per year, said the analysis.Someone receiving a basic state pension and an average annuity would lose £190 a year in real terms, according to the calculation.The report also predicted declines in house prices and in UK equity and bond prices.It said: “After two years, the total loss of wealth of those aged over 65 would be around £170bn in the shock scenario and £300bn in the severe shock scenario. For a person aged over 65 with the median portfolio of housing and non-pension assets, the loss in wealth is estimated to be around £18,000 in the shock scenario and around £32,000 in the severe shock scenario.”Furthermore, the predicted long-term fall in incomes and profits would mean future pensioners were able to save less for their retirement, and earn lower investment returns, the report said.It calculated that someone currently aged 50 on median earnings, with median defined contribution pension assets, could lose between £3,800 and £5,800 from their pension savings by 2030 under the shock and severe shock scenarios, respectively.Based on current annuity rates, that would mean pensioners losing retirement income of between £223 and £335 per year, compared with remaining in the EU.But former work and pensions secretary Iain Duncan Smith, who supports Brexit, said: “I don’t accept there will be a short-term shock to the UK economy if we leave the EU. When Britain left the European exchange rate mechanism in 1992, instead of being a shock, it was a huge rise in income, and pensions did very well as a result.”Duncan Smith warned of “two big threats of remaining in the EU” for pensions.“They postponed the solvency directive [Solvency II], but it will come back again, and it is estimated their plans will cost UK pensions £400bn,” he said.“Secondly, and even bigger, is the harmonisation directive, which will really do damage.”He also warned that both these directives would be approved under qualified majority voting, so that the UK alone could not stop them. UK pensioners could lose up to £32,000 (€42,050) off their assets if the UK votes to leave the European Union (EU), according to an analysis published by the UK Treasury.But in contrast, a former work and pensions secretary warned that, if the UK stayed within the EU, EU pension directives could inflict major damage on pension funds.The Treasury analysis relies on the conclusion of its own macroeconomic research, which was that “a vote to leave would cause an immediate and profound economic shock creating instability and uncertainty, which would be compounded by the complex and interdependent negotiations that would follow”.George Osborne, chancellor of the Exchequer, said: “That shock would push our economy into a recession and lead to an increase in unemployment of around 500,000, average real wages would be lower, inflation higher, and house prices would be hit compared with a vote to remain.”last_img read more

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Area Girls High School Basketball Scores

first_imgWRBI Area Girls Basketball Scores.Thursday (12-11)South Ripley  53     Shawe Memorial  45Columbus North  65     East Central  52Greensburg  57     South Dearborn  35Lawrenceburg  56     North Decatur  40Hauser  56     South Decatur  45Rising Sun  44     Trinity Lutheran  41Southwestern  53     New Washington  51last_img

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State to receive $3.9 million to aid in COVID-19 testing

first_imgWashington, DC – U.S. Congressman Greg Pence today announced the state of Indiana will receive $3,907,452 from the Department of Health and Human Services. These funds will support increased COVID-19 testing at rural health clinics (RHCs) in Indiana’s Sixth District and statewide. This funding comes from the Paycheck Protection Program and Health Care Enhancement Act, which specifically directed these monies to be allocated to RHCs.last_img

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Salve Regina nips MMA 21-19 in football

first_imgMIDDLETOWN, R.I. — The Salve Regina Seahawks withstood a last-ditch scoring effort by Maine Maritime Academy to nip the Mariners 21-19 in New England Football Conference action Saturday.The Seahawks got a sack from senior defensive lineman Luke Gambale on fourth-and-11 for the Mariners with 59 seconds left in the game.MMA had earlier converted a fourth-and-one play for what would have been a go-ahead eight-yard touchdown run by freshman Jacob Doolan.But the Mariners were flagged for holding to move the ball back 10 yards to the Salve Regina 18, and the sack followed to dash hopes for a game-winning rallyThis is placeholder textThis is placeholder textSalve Regina jumped out to an 8-0 lead when Sam Pascale ran the ball in from 17 yards to cap a 48-yard drive for the Seahawks on their opening possession, with Mitch Graziano scoring the two-point conversion.The Seahawks fumbled on their next two possessions but the Mariners could not capitalize on those early mistakes.The Mariners got on the scoreboard in the second quarter after a Seahawk punt.Michael Fahey ran the ball six yards for the touchdown, andme on the board, and Doolan ran the ball in for the two-point conversion to tie the game 8-8.The Mariners took the 11-8 lead with a little under a minute remaining in the first half when Johnny Weymouth booted a 41-yard field goal. Weymouth’s field goal was the second longest field goal in Maine MMA history and is the longest Mariner field goal since 1996 when David McQuilkin booted a 41-yarder against Westfield State.The MMA lead proved to be brief.Alex Hulme of the Seahawks returned the second-half kickoff 75 yards to the Mariner 20.Four plays later, Pascale took the ball into the end zone from two yards out for his fifth touchdown of the season, and Jackie Hurley’s kick gave the Seahawks a 15-11 lead.MMA reclaimed the lead early in the fourth quarter when Fahey rushed 18 yards for a touchdown that put the Mariners up 17-15.But the Seahawks answered right back with a 47-yard pass completion from quarterback Steven Wilken to Matthew Traynor that set up a five-yard touchdown pass to Hulme for a 21-17 Salve Regina lead.The Mariners got the ball back with just under 10 minutes remaining in the game, and drove 64 yards before committing a costly fumble at the Seahawks’ nine-yard line.Maine Maritime’s defense held Salve Regina to another three and out, and blocked the punt to reclaim the ball at the Seahawks’ 27-yard line with four minutes remaining in the game.James Ferrar rushed for a first down, putting the Mariners at the 17, but the Seahawk defense held abd forced the Mariners to turn the ball over on downs.Three straight kneel-downs for Salve Regina exhausted the remaining timeouts for the Mariners, but still left five seconds on the clock for a fourth-down play.Wilken took the snap and retreated to his own end zone before being downed for a safety, adding the final two points for the Mariners.Fahey had 164 yards on 37 carries and two touchdowns and Ferrar had 99 yards on 26 carries for the Mariners, who rushed for 343 yards.Defensively, John Doyon recorded six tackles, and picked up a fumble recovery for the Mariners, whose record dipped to 3-4 overall and 2-3 in conference play.The Mariners will be at home Saturday to host MIT at noon on Ritchie Field.last_img read more

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ICC World Cup 1992 World Cup: ‘Cornered Tigers’ Pakistan create glory Down Under

first_img New Delhi: After the first four editions were played in the Northern Hemisphere, the ICC Cricket World Cup shifted to the Southern Hemisphere for the first time. There were several other firsts in this tournament as well. It was the first edition to be played in Australia and New Zealand. It was the first tournament where teams had coloured clothing. It was also the first time that the World Cup was played with the white ball and it was also in this edition that two new balls were used in the match. Significantly, the cricketing world welcomed the return of South Africa back into the fold after 21 years of isolation due to apartheid. This meant that the tournament was played with nine teams and involved a round-robin style of matches.South Africa started the tournament with a bang as they dazzled the world with their pace bowling, batting and fielding, exemplified by Allan Donald and Jonty Rhodes. Australia, the 1987 champions, started disastrously while India also stumbled. New Zealand displayed their might in home conditions but the World Cup was typified by how Pakistan bounced back. highlights Pakistan lost their first three games in the ICC Cricket World Cup 1992.The 1992 World Cup was held for the first time in Australia and New Zealand. Imran Khan won the 1992 World Cup in what was his last game.  Imran Khan considered one of the greatest all-rounders in cricket and who was coaxed out of retirement to lead the side for the 1992 World Cup, had his back to the wall. Pakistan was hammered by the West Indies and they lost to arch-rivals India and South Africa. In Adelaide, they were bowled out for 74 by England but they were rescued by rain. However, Imran’s ‘cornered tiger’ quote before the game in Perth against Australia galvanised Pakistan and they won the remaining games to enter the semi-final.New Zealand also rode on Martin Crowe’s brilliance and the efficiency of their bowlers in Gavin Larsen, Chris Harris, Rod Latham and Willie Watson, who was dubbed Dibbly, Dobbly, Wibbly, Wobbly. England was strong while South Africa defied the odds and reached the final. In the first semi-final, New Zealand’s dream run was ended thanks to a brilliant 60 off 37 balls from Inzamam-ul-Haq while South Africa was denied by the rain-rule against England in Sydney.In the final, Imran’s 72 helped Pakistan reach 249/6 and a brilliant spell of bowling from Wasim Akram, who took 3/41 including two in one over helped Pakistan beat England by 22 runs to win the World Cup for the first time. The 1992 World Cup represented the ultimate fightback and in the end, the most mercurial team won it.Most runs: Martin Crowe of New Zealand. Runs: 456. Average: 114Most wickets: Wasim Akram of Pakistan. Wickets: 18. Average: 18.77Venues: Australia and New Zealand For all the Latest Sports News News, ICC World Cup News, Download News Nation Android and iOS Mobile Apps.last_img read more

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Yale looks for road win vs Columbia

first_imgDID YOU KNOW: The stout Yale defense has held opposing offenses to a field goal percentage of 38.6 percent, the 16th-best mark in the country. Columbia has allowed opponents to shoot 44.3 percent from the field through 25 games (ranked 253rd).___For more AP college basketball coverage: https://apnews.com/Collegebasketball and http://twitter.com/AP_Top25___This was generated by Automated Insights, http://www.automatedinsights.com/ap, using data from STATS LLC, https://www.stats.com Share This StoryFacebookTwitteremailPrintLinkedinRedditYale (19-6, 7-2) vs. Columbia (6-19, 1-8)Francis S. Levien Gymnasium, New York; Saturday, 7 p.m. ESTBOTTOM LINE: Yale looks for its sixth straight win over Columbia at Francis S. Levien Gymnasium. Columbia’s last win at home against the Bulldogs came on Feb. 23, 2014. Yale looks for road win vs Columbia February 22, 2020center_img LEADING THE CHARGE: Columbia’s Mike Smith has averaged 21.6 points, four rebounds and 4.6 assists while Jake Killingsworth has put up 7.8 points and 5.4 rebounds. For the Bulldogs, Paul Atkinson has averaged 17.4 points and 7.6 rebounds while Jordan Bruner has put up 11.7 points and 9.2 rebounds.RAMPING IT UP: The Bulldogs have scored 73.2 points per game across nine conference games, an improvement from the 72.6 per game they managed against non-conference competition.FACILITATING THE OFFENSE: Smith has either made or assisted on 59 percent of all Columbia field goals over the last three games. The senior guard has 34 field goals and 11 assists in those games.SLIPPING AT 65: Columbia is 0-17 this year when it allows 65 points or more and 6-2 when holding opponents to fewer than 65.LONG-RANGE THREAT: Yale’s Azar Swain has attempted 206 3-pointers and connected on 37.9 percent of them, and is 20 for 43 over his past five games. Associated Press last_img read more

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Selection policy change for Reggae Boyz: Burrell … More emphasis to be placed on home-based players

first_imgKINGSTON, Jamaica (CMC) – Football Federation president Captain Horace Burrell has pointed to a change of policy in selection for the national team, with more emphasis to be placed on home-based players in the future.The veteran administrator said with a new attitude emerging from many of the young players who played domestically, overseas-based professionals were no longer guaranteed of automatic places in the Reggae Boyz squad.“What we are seeing from the young players is a major difference right now in terms of attitude, in terms of really getting out there, doing it, and I think this is one area that we must concentrate on and so the days of players coming from overseas and walking into the national team, those days are behind us,” the Gleaner newspaper quoted Burrell as saying.He added: “In fact, when you look at the players on the field of play, you realise that there is something different, and speaking with my colleagues in CONCACAF, they, too, have noticed that there is a difference, and so we intend to continue along this line, and I am sure that everything will fall into place in the right order.”Foreign-based pros have become a feature of Reggae Boyz sides over nearly the last two decades, as Jamaica have become one of the most powerful nations in Caribbean football.Seven members of their historic World Cup squad in 2002 were based in England and successive World Cup campaigns have seen increasing numbers of players who ply their trade outside of Jamaica.In fact, at the last CONCACAF Gold Cup two years ago when the Reggae Boyz were good enough to reach the final, only two of the 23-player squad were based at home.Jamaica’s failure to reach the final round of CONCACAF qualifying for the 2018 World Cup may have influenced the new approach but Burrell reiterated it was time to change course.“We have to be man enough to say it has not worked and, therefore, after meeting with all the stakeholders, the Jamaica Football Federation decided to embark on a new initiative by including the youngsters and the local-based players who are hungry and who really want to make an impression, and we’re getting the results,” Burrell said.Jamaica are currently preparing for two major tournaments – the Caribbean Cup finals June 22-25 and the CONCACAF Gold Cup July 7-26.last_img read more

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Shafer on Naesean Howard: ‘We have decided to part ways’

first_imgNaesean Howard is no longer on the Syracuse football team, Syracuse head coach Scott Shafer confirmed in a statement released Tuesday night. Nate Mink of The Post-Standard was the first to report Howard’s status.“We have decided to part ways,” Shafer said of Howard in the statement. “We wish Naesean all the best in the future.”Howard, a two-way player at nearby West Genesee (New York) High School, was the first to commit to Syracuse in the Class of 2014. He did so as a running back, but entered training camp as a safety. During training camp, Howard was suspended from the team for missing curfew and did not attend the Orange’s trip to Fort Drum.At that time, Howard spent time with graduate assistant and former SU linebacker Siriki Diabate. Shafer said Howard “learned his lesson” after rejoining the team, and there hasn’t been an announcement of whether he’ll be able to do so again. Comments AdvertisementThis is placeholder text Published on September 30, 2014 at 8:39 pm Contact Jesse: jcdoug01@syr.edu | @dougherty_jesse Facebook Twitter Google+last_img read more

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Five-star Rasheem Green and four-star John Houston, Jr. sign with USC

first_imgIn the program’s first recruiting class since NCAA sanctions officially ended, head coach Steve Sarkisian has already produced what is considered to be one of the best classes in Trojans history. Green’s teammate, the 6-foot-3, 211-pound Houston, chose the Trojans over Miami, Oklahoma, Oregon and Arizona State. He was slated as the sixth best linebacker in the country by 247Sports and finished his three-year career at Serra with 413 tackles.  Marshall, out of local powerhouse Long Beach Poly, is expected to make his decision at 1 p.m. PST.  Should the Trojans land Marshall, USC’s 2015 class, which is currently ranked No. 2 behind Alabama by Rivals.com, could make a push for the land’s No.1-ranked recruiting class.  USC landed two more big commitments on 2015 National Signing Day when five-star defensive lineman Rasheem Green and four-star linebacker John Houston, Jr. signed with the Trojans on Wednesday. center_img Green, the No.23 national recruit according to 247Sports, chose USC over Miami and Pac-12 rivals Arizona State and Oregon.  The 2015 Under Armour All-America participant was also recruited by Martin. With the commitments of both Green and Houston now finalized, the Trojans are now only waiting on the decision of the nation’s best cornerback, in five-star recruit Iman Marshall.  The 6-foot-5, 275-pound defensive tackle  recorded 47 tackles and 20 sacks during his last two seasons at Junipero Serra High School in Gardena, California, a widely known feeder-school for USC talent. He was recruited by recruiting guru and wide receivers coach Tee Martin and defensive line coach Chris Wilson. last_img read more

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Van Haal defiant over Man Utd losses

first_imgAlso last night, Liverpool battled their way to a scoreless draw against Augsburg in Germany.And Tottenham played-out a 1-all draw against their hosts, Fiorentina in Italy. Despite last night’s humiliating 2-1 defeat to FC Midtjylland in the Europa League, the United boss insists that the club can still salvage their season.Van Gaal will be hoping that last night’s away goal by Memphis Depay can help their prospects during the return-leg at Old Trafford.He’s also got to try and pick-up his players ahead of Monday’s FA Cup trip to face Shrewsbury Town…last_img

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