Age UK has welcomed news that the Treasury Select Committee has reopened its inquiry into the future of cheques after many people voiced their dissatisfaction with plans to abolish them.

An increasing number of people are using money held in property to fund their retirement, research shows. Homeowners are unlocking the equity in their homes at a faster rate than last year, with figures showing a total of 5,812 equity release plans taken out during the first quarter of this year - 4% more than during the same period of 2010.

More than 140,000 older people will have to pay back at least £800 each to the taxman, following another admin error.

A study claims that older people have been one of the sections of society worst hit by the recession in the past three years.