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David Noon, Head of Medical, responds to the NHS Pay Review Body's NHS pay recommendation

David Noon, Head of Medical, responds to the NHS Pay Review Body's NHS pay recommendation

David Noon, Head of Medical Division at Wesleyan, the specialist financial services mutual for doctors said: "Last week's NHS pay recommendation by the NHS Pay Review Body (PRB) has - understandably - prompted outrage across the medical profession.

"Millions of public sector workers were dealt a huge blow last year when the government froze public sector pay in November, continuing a stream of limited pay rises and wage cuts following a decade of austerity.

"While NHS workers were excluded from the latest pay freeze, the 1% increase put forward by the PRB risks presenting those who have been working tirelessly on the frontline with what is effectively a real-term pay cut should inflation rise even slightly from its current 0.7%.

"As well as potentially reducing the appeal of a career in the health service - a move that will only exacerbate the country's ongoing challenges in NHS recruitment and retention - this is just another in a series of squeezes on our health workers' personal finances that they could more than do without.

"Last week also brought a freeze on the lifetime allowance - a move that could disproportionately affect high-earning clinicians, who have historically been at risk of breaching tax free envelopes and being hit with sizeable tax charges for it. Where they now view the NHS pension scheme as less valuable than it has been in the past, there could be a danger of them making incorrect decisions with regard to their retirement income without first seeking proper financial advice."

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'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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