Scottish Widows has rolled out platform updates as part of a £180m, three-year investment.

Enhancements delivered so far include the launch of five 'managed growth' funds, a new ‘dripfeed drawdown’ feature to allow clients to take regular income more flexibly and tax efficiently, simplified charging structures, and user experience improvements such as refreshed dashboards and model portfolio transactions. Further updates are expected later this year, including new multi-asset and smoothed funds, as well as the development of an onshore bond. Scottish Widows managing director, Graeme Bold, said the changes make the platform “impossible to ignore”, stressing that “access to financial advice has never been more important” and that Scottish Widows aims to be “a partner to advisers… with a scaled platform that not only simplifies the day-to-day but also helps advisers deliver great client outcomes”.

Inflation spiked to 3.8 per cent in July, the highest level since January 2024.

The increase, which was slightly higher than expected, was driven by 'soaring' air fares, up 30.2 per cent during the school holiday period, and food price inflation, which climbed to 4.9 per cent, the highest since February 2024, with beef, instant coffee and orange juice among the main contributors. Petrol and diesel were also more expensive in July this year compared to last, which made journeys pricier. The Bank of England said it expected inflation to peak at around 4 per cent in September before gradually falling back towards its 2 per cent target. The increase followed news that the Consumer Prices Index (CPI) rate was also up from 3.6 per cent in June and is anticipated to reach 4 per cent by the end of the year, while a metric of inflation used by the government to set rail fare rises, the Retail Prices Index (RPI), rose to 4.8 per cent as well. Chancellor, Rachel Reeves, responded to the news: “We have taken the decisions needed to stabilise the public finances, and we’re a long way from the double-digit inflation we saw under the previous government, but there’s more to do to ease the cost of living."

The Clean Growth Fund (CGF) has secured Local Government Pension Scheme (LGPS) backing for its second fund.

Commitments from Islington and East Riding pension funds, alongside existing investor Strathclyde, at the first close of its second fund, have raised £49m towards a £150m target to back UK climate tech. Building on the success of Fund I, which supported 19 start-ups projected to cut over 55 million tonnes of CO₂ by 2030, CGF claimed the investment reflected growing alignment with the government’s Mansion House Compact to channel pension savings into high-growth sectors. CGF managing director, Beverly Gower-Jones, said the close “reflected the trust our investors place in our team and our mission”, while Islington Pension Fund chair, Paul Convery, described the move as “firmly aligned with the Mansion House ambitions”. He added: "CGF's deep expertise in climate tech, combined with disciplined venture investing, made them a compelling partner for our first step into this space.”

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