Repayments begin at a rate of 9% of earnings over £25,000 with the interest rate for Plan 5 loans currently capped at 7.1% - but this is not guaranteed and is subject to change. This means some of today's students could find they are making the last of their loan repayments from their pension income, according to Pension Bee. Under previous plans, debts are written off after 30 years, yet these new loans will not be written off until 40 years from the April after someone leaves university. Those heading off to university for the first time will be taking out the new Plan 5 loan. This year's freshers face paying off their student loans into retirement under a new 40-year term, according to an online pension provider. "Even if this only helps one bar make it through their toughest month ever, then I'll be happy we did something," Mr Petszaft added.īy Megan Baynes, cost of living specialist The majority of the company's customers are independent retailers and bars that have been working alongside the brand for decades. Someone had to do something, and if not us then who?" You don't stand by while your neighbour's house is burning. He added: "This 10% hike couldn't have come at a worse time. "At a time when consumers can ill afford to be paying more, this will continue to stoke inflation," Justin Petszaft, Master of Malt founder, said in a statement to Sky News. The duty rose by 44p on a bottle of wine and about 90p on a bottle of gin or vodka.įor beer drinkers, the government cut the duty on draught pints by 11p.
The deal will be available until the end of August.Įarlier this month, most wines and spirits increased after the government upped the tax paid on alcohol. Master of Malt is hoping the move will help retailers and bars cope with the recent rise in duty rates. An online booze seller is refunding the alcohol duty increase to UK customers at check-out.
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