Major sporting events and grassroots sport to receive £900 million funding
Euro 2028, the European Athletics Championships next year and the men's and women's Tour de France Grand Departs in 2027 are among the key events set to be hosted in the country that will benefit from more than half a billion pounds in funding.
At least £400 million will also be invested in new and upgraded grassroots sport facilities nationwide after the funding was outlined in last week's Spending Review, the Department for Culture, Media and Sport (DCMS) said.
England, Scotland, Wales and the Republic of Ireland will be co-hosting Euro 2028, with the showpiece men's football tournament expected to generate up to £2.4 billion in socio-economic value alone, the DCMS said.
Other major events scheduled to be held in the UK include the women's Rugby World Cup in England this summer, the 2026 Commonwealth Games in Glasgow and the Invictus Games, founded by the Duke of Sussex, in Birmingham in 2027.
Earlier this month, more than 100 athletes called on the Prime Minister to support a London bid for the 2029 World Athletics Championships.
But the Government is yet to commit to the bid, but has not ruled it our either, with a spokesperson saying it was working with UK Sport to secure a series of major sporting events up until 2035.
However, the DCMS confirmed that work was continuing to develop a bid for the UK to host the women's Fifa World Cup in 2035.
Sporting bodies and local leaders for grassroots initiatives will work closely with the department to establish what each community needs before further plans are laid out.
It said the investment will not only help create jobs and boost regional prosperity, but would also reduce barriers to opportunity and 'bring communities together through shared national moments'.
Culture Secretary Lisa Nandy said: 'Sport tells our national story in a way few other things can, uniting communities, inspiring millions, and showcasing our nation on the global stage.
'This major backing for world-class events will drive economic growth across the country, delivering on our plan for change.
'Coupled with strong investment into grassroots sport, we're creating a complete pathway to allow the next generation of sporting heroes to train and take part in sport in communities across the UK.'
The announcement comes after Ms Nandy previously pledged £100 million to upgrade sports facilities across the UK, including new and improved pitches, changing rooms, goalposts and floodlights, back in March.
Nick Webborn, chairman of UK Sport, praised the new funding as having 'huge potential to drive economic growth, bring people together and inspire the next generation'.
He said: 'We believe that live sport is a fundamental part of this country's social fabric.
'We are really excited to be working with the Government and support their commitment to secure the pipeline of big events beyond 2028 to ensure we can continue to reach, inspire and unite people in every corner of the country.'
Stuart Andrew, the Conservative shadow culture secretary, said: 'Funding for major sporting events and grassroots sport is welcome – but the spending review was no boon for British sports.
'Rachel Reeves' tax hikes are forcing schools to sell playing fields and driving up business rates for stadiums.
'At the same time, Labour have scrapped the Opening Schools Facilities fund and the National Citizen Service – depriving young people of sporting opportunities.
'Labour must recognise that their economic mismanagement is dealing a devasting blow to the sports sector.'
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42 minutes ago
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Labour could make paternity leave a ‘day-one right'
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Daily Mail
an hour ago
- Daily Mail
How Lifetime Isas work: Compare providers and answer these questions before opening an account
A Lifetime Isa – or Lisa – gives you the ability to save up to £4,000 a year, with the Government topping up contributions by 25 per cent. It's designed to help you save for two scenarios only: buying your first home and retirement. You can potentially bag a total of £32,000 from the Government if you max out your contributions each year between the age of 18 and 50, the age at which you stop earning the Lifetime Isa bonus. The Government bonus sounds like a big giveaway, but there are a few things to consider before opening a Lisa. First, Lisas have sparked criticism amid fears they will encourage younger savers to shun pensions. For many, especially those with a work pension where their employer matches their contributions, pension saving is still a better deal and their Lisa should be supplementary to that. Lisas have also been under fire because the property you buy must cost less than £450,000. This level has stayed the same since the Lisa's introduction in 2017, despite house prices increasing over that time. Finally, there is a financial penalty if you withdraw money for any reason other than those stated. But in general, Lisas are a useful option for a specific group of people – those under 40 who are saving a deposit for a first home and meet the qualifying criteria. Here we look at how Lisas work, what types of products are available, and their benefits and pitfalls. We also examine which providers are on the market, giving you options for both a cash Lisa and a stocks and shares Lisa. What is a Lifetime Isa? A Lifetime Isa is a type of Individual Savings Account that's specifically designed to help younger people save for their first home or for retirement. The £4,000 you can save each year in a Lisa forms part of your overall £20,000 Isa allowance. The main draw of Lisas is the 25 per cent Government bonus on contributions. However, the accounts have stricter eligibility criteria and rules around what you can use your money for than other Isas. Eligibility Everybody aged 18-39 can open a Lifetime Isa. This includes those who already own a home and are saving into a pension, though the money can't be used for a house purchase unless you are a first-time buyer. You can pay into a Lisa until you're 50, meaning savers can potentially earn a total of £32,000 from the Government by stashing away £4,000 a year from the age of 18. Your account stays open after you turn 50, and your savings can continue to earn interest or achieve investment returns, but you can't make more contributions. If you are using a Lisa for retirement, you can only withdraw money once you reach the age of 60. If you're buying a home with someone else who meets the criteria, you can both use the Lifetime Isa for the purchase – giving you more bonus. Rules around accessing money You can only use the money when buying a first home worth up to £450,000, or for retirement when you reach 60. If you need to withdraw for other reasons, you're hit with a stiff 25 per cent penalty affecting your own contributions and not just the Government bonus. There's no withdrawal penalty if you're terminally ill with less than 12 months to live. Other good-to-knows Both cash Lifetime Isas and stocks and shares Lifetime Isas are available. You can hold multiple Lifetime Isas, but you can't deposit money into more than one in each tax year. The £4,000 maximum you can pay into a Lifetime Isa counts towards your annual £20,000 Isa allowance. If you have a Help to Buy Isa and a Lifetime Isa, you can only use the bonus from one to buy a house – but note that Help to Buy Isas are closed to new savers. What are the rules when buying a home using a Lifetime Isa? In our view, Lifetime Isas are best for first-time buyers who are definitely going to buy a property in the next few years. If you're considering opening a Lifetime Isa for this reason, you should be aware of the rules and eligibility criteria. For instance, you must be a first-time buyer. You can also buy with another first-time buyer and both use a Lisa and its bonus. It's possible to buy with someone who isn't a first-time buyer and use your Lisa, although they can't use their own Lisa if they were to have one. The property must cost less than £450,000 and the Lisa needs to be open for at least 12 months before you can use it for the purchase. You can't have previously owned a property, in the UK or anywhere else. It's worth noting that the property you purchase must also be in the UK. The scheme isn't for those purchasing a buy-to-let or holiday home – you must be buying a home you plan to live in. Finally, you have to be buying the property with a mortgage. How to access the money for a house deposit When you eventually buy a property, don't just withdraw the funds, because that will result in a penalty. Instead, the solicitor handling your purchase should deal with withdrawing the money. You'll need to tell them you're using a Lisa to buy the property. You can use the money towards the deposit when you exchange contracts prior to completion, although there can't be a delay of more than 90 days. If the sale falls through, your solicitor will be able to put the money and bonus back into your Lisa – though it must be the same amount. What Lifetime Isa providers can you choose from? Lifetime Isas can boost savers' pots, but in practice there aren't many providers on the market. This is particularly true of cash Lifetime Isas. Larger banks generally don't offer them, meaning cash savers can choose from a small group of less well-known providers. These include Moneybox, Paragon Bank, Plum and Tembo. The best cash Lifetime Isa provider by rate is currently Plum*, which is offering savers 4.75 per cent interest – although this rate drops by 1.14 per cent after 12 months. A dearth of products could pose problems for first-time buyers with a shorter time horizon. Investing is for the long term – the usual rule of thumb is a minimum of five years – so an investment Lifetime Isa probably isn't the right choice if you want to buy a home sooner than that. Compare stocks and shares Lifetime Isa providers Those interested in stocks and shares Lifetime Isas can choose from more recognisable names than cash savers. Providers include AJ Bell, Hargreaves Lansdown, Moneybox and Nutmeg. For do-it-yourself investors: AJ Bell You can open an AJ Bell Lifetime Isa* with a minimum of £250 or by setting up a monthly direct debit of at least £25. AJ Bell charges 0.25 percent annually on your investments. 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You can invest in the shares, funds or trusts you like. If you prefer a more hands-off approach, you can pick one of Hargreaves Lansdown's ready-made Isa portfolios, tailored for different investment needs. Be sure to check any ongoing charges within the investments themselves. For hands-off investors: AJ Bell Dodl Dodl is AJ Bell's app for less experienced investors. You can open an Dodl Lifetime Isa account* with £100 or a £25 monthly direct debit. The range of investments is more limited than its full investment platform, but it still gives you more choice than other hands-off platforms. You can go for one of AJ Bell's seven ready-made portfolios, a selection of ETFs that track a market sector or investment theme, or pick from 80 shares available through the app. Dodl's account charge is low at 0.15 per cent, but be sure to check charges for the underlying investments. AJ Bell's own funds have ongoing charges of 0.31 per cent. Dodl offers a very competitive 4.32 per cent interest on cash held in your account. Moneybox Moneybox aims its Lifetime Isa at those saving a deposit for their first home, rather than targeting people investing for retirement. When you sign up, Moneybox offers you a choice of three risk-rated portfolios – cautious, balanced and adventurous. Moneybox gives you exposure to cash, global equities and global property equities through these funds. You can start investing with just £1. It charges £1 a month to cover transaction fees and also has a platform fee of 0.45 per cent. Investors pay fees for the tracker funds on top of this, with ongoing charges ranging from between 0.11 and 0.18 per cent per year. Nutmeg Nutmeg's Lifetime Isa has a minimum lump sum requirement of £100. You choose an investment style and risk level and then Nutmeg manages your portfolio for you. Make sure you check Nutmeg's fees. As a service that manages your investments, fees can be relatively high. For its actively managed investment styles, Nutmeg charges 0.75 per cent annually on up to £100,000 of investments and 0.35 per cent on the portion above that. Keep in mind there are also underlying fund costs. OneFamily You can open OneFamily's Lifetime Isa* with a minimum £250 lump sum investment or £25 a month direct debit. There are two fund choices. Global Equity is for investors willing to take on slightly more risk for potentially better returns, while Global Mixed is for more cautious investors. The annual management charge for these funds is high at 1.1 per cent. However, this is the only fee that OneFamily charges, making it more straightforward to understand. Is a Lifetime Isa worth it? Lifetime Isas are usually worth it for first-time buyers who know they'll definitely be purchasing a property in the next few years, and that the property will cost less than £450,000. This cohort stands to benefit the most from using the account, because the generous 25 per cent Government bonus can help them save for a deposit quicker than they may have otherwise been able to. It's a less useful account for saving for retirement. You must stop paying into it at 50, but you can't access it until you're 60 – so you'll miss out on 10 years' worth of saving. If saving into a Lisa means opting out of a workplace pension or missing out on employer contributions, the first port of call should be auto-enrolling to the pension and maximising employer contributions. However, a Lisa could still be worth it when used in combination with other accounts. And if you're part of a group that won't get employer contributions to a pension, such as the self-employed, the Government bonus is one way to receive a similar top-up. > The best mortgage rates for first-time buyers How to decide whether a Lifetime Isa is worth it for you There are many factors to consider when deciding whether to open a Lifetime Isa – and the drawbacks can outweigh the advantages for some people. Ask yourself the following questions when considering a Lifetime Isa: Do you think you'll need to withdraw money in an emergency? Lifetime Isas are not a good choice if you need easy access to your money. You'll lose a quarter of your savings when withdrawing, including from the bonus and any interest or investment growth you've built up. That's a hefty loss, so you need to be sure you can lock up your money until you buy a home or retire. Do you know how much you'll need to save for a home deposit? If you want to save for a home using a Lifetime Isa, you should know what sort of property value you'll be considering. Firstly, you can only buy a property worth £450,000 or less, which is potentially an issue in pricier locations such as the capital and for those who need a larger than usual first home, for example if they have a family. Secondly, it helps you plan how much to save in a Lifetime Isa. Any excess funds beyond your deposit will remain in the account, which you won't be able to access until you're 60 without penalty. Are you maximising employer contributions into a workplace pension? After you've bought a home, the Lifetime Isa turns into an inferior retirement product when compared with saving in a workplace pension. Auto-enrolment rules mean employers have to pay into your pension. Some employers go beyond the minimum they must contribute, matching your own contributions up to a certain amount. If saving in a Lifetime Isa means you're not squeezing the maximum contributions possible out of your employer, you're forgoing free money. The Lifetime Isa is only a decent retirement savings vehicle for the self-employed, who don't receive employer contributions towards their pension. Are you planning to use a Lifetime Isa within the next five years and are you ready to invest? If you're planning to buy a home within five years, it makes sense to open a cash Lifetime Isa and grab any bonuses during that period. Any period shorter than this is less than the timescale financial advisers traditionally recommend for investing over saving. But stick with cash for any longer than that and you're missing the opportunity for better returns. The hard work and risks of investing are practically invisible to people saving into workplace pensions. The vast majority are in a default fund, and don't have to think much about how their investments are managed. If you intend to hold an investment Lifetime Isa, you'll have to be more proactive and knowledgeable. Even when choosing a do-it-for-you platform such as Nutmeg, you should research its different investment approaches and think about how much risk you want to take. Many financial experts think one of the biggest risks of the Lifetime Isa is that young people will simply open a cash version and stick with it, potentially losing thousands of pounds of investment returns over the decades. That's on top of missing employer contributions into a pension, if they hang onto their Lifetime Isa as a retirement product after buying a home. Might you need to fall back on benefits at any point in your life? Lifetime Isa savings will be taken into account if you ever need to claim benefits, but pension savings are not included in the assessment. If you are in a weak financial situation or in the kind of precarious employment where you might have to rely on state benefits at some time in the future, any savings you build up will be protected in a pension pot. What income tax rate are you on? The Government pays tax relief on contributions to pension pots, in line with the principle that we all save for retirement out of untaxed income. It does this based on income tax rates of 20 per cent, 40 per cent or 45 per cent. So if you earn too little to pay income tax or are on the basic rate of 20 per cent, the Lifetime Isa bonus is a fair deal, especially if your primary goal is to buy a home. But if you are on the 40 per cent or 45 per cent rate, you will get more money from the Government if you stick with saving into a pension. Your Lifetime Isa fund will be tax-free when you eventually withdraw it, but your payments into the pot come from taxed income. The Lifetime Isa bonus evens the field for basic rate taxpayers, but not for those on the higher rates. With pensions, higher rate taxpayers get an extra boost at the outset from more tax relief - increasing the size of the initial fund which then benefits even more from investment compound growth. Pension withdrawals will be taxed as income in retirement, but many people end up on a lower rate in retirement than when they were earning a salary, so the overall system works in their favour. Compare the best DIY investing platforms Investing online is simple, cheap and can be done from your computer, tablet or phone at a time and place that suits you. When it comes to choosing a DIY investing platform, stocks & shares Isa, self invested personal pension, or a general investing account, the range of options might seem overwhelming. > This is Money's full guide to the best investing platforms Every provider has a slightly different offering, charging more or less for trading or holding shares and giving access to a different range of stocks, funds and investment trusts. When weighing up the right one for you, it's important to to look at the service that it offers, along with administration charges and dealing fees, plus any other extra costs. We highlight the main players in the table below but would advise doing your own research and considering the points in our full guide to the best investment accounts. DIY INVESTING PLATFORMS AND STOCKS & SHARES ISAS Admin charge Charges notes Fund dealing Standard share, trust, ETF dealing Regular investing Dividend reinvestment AJ Bell* 0.25% Max £3.50 per month for shares, trusts, ETFs. £1.50 £5 £1.50 £1.50 per deal More details Bestinvest 0.40% (0.2% for ready made portfolios) Account fee cut to 0.2% for ready made investments Free £4.95 Free for funds Free for income funds More details Charles Stanley Direct * 0.30% Min platform fee of £60, max of £600. £100 back in free trades per year £4 £10 Free for funds n/a More details Etoro* Free Stocks, investment trusts and ETFs. Limited Isa, no Sipp. Not available Free n/a n/a More details Fidelity * 0.35% on funds £7.50 per month up to £25,000 or 0.35% with regular savings plan. Free £7.50 Free funds £1.50 shares, trusts ETFs £1.50 More details Freetrade * Basic account free, Standard with Isa £5.99, Plus £11.99 Stocks, investment trusts and ETFs. No funds Free n/a n/a More details Hargreaves Lansdown * 0.45% Capped at £45 for shares, trusts, ETFs Free £11.95 Free Free More details Interactive Investor* £4.99 per month under £50k, £11.99 above, £10 extra for Sipp Free trade worth £3.99 per month (does not apply to £4.99 plan) £3.99 £3.99 Free £0.99 More details InvestEngine * Free Only ETFs. Managed service is 0.25% Not available Free Free Free More details iWeb Free £5 £5 n/a 2%, max £5 More details Trading 212* Free Stocks, investment trusts and ETFs. Not available Free n/a Free More details
The Guardian
2 hours ago
- The Guardian
Ministers launch review of UK parental leave and pay to ‘reset system'
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