Often, at this time of year, I am scratching around to find important things to report.

This time it’s a question of what to leave out.

This has been a year with two main themes.

The first is the clear evidence of Britain’s recovery from the financial mayhem of 2008/2009.

Following a somewhat faltering year in 2013, when some commentators were warning of a 'triple dip recession', which later proved false, to a fully-backed recovery.

In fact, the so-called 'double dip recession' previously announced by the doom-mongers, turned out not to have happened, once revised figures were published.

The background to the recovery has been the continuing unprecedented low level of interest rates.

Bank of England base rate remains at the historic level of 0.5 per cent. This has affected almost everyone.

Deposit account savers have had another miserable year, barely receiving anything for their savings.

On the other hand house buyers have had record low mortgage rates to pay, mostly in the range of two per cent to four per cent.

Not only that but it is likely to remain this low for most of next year.

Partly this is because, despite the record number of people in work throughout the UK (30.8million, up two per cent on a year ago), there are also a large number of job vacancies, 588,000.

This will prevent the economy 'over-heating' and prevent an already reluctant Mark Carney, Bank of England Governor, from raising interest rates to prevent inflation rising.

Chancellor George Osborne made three important speeches this year - in the Budget on March 19; at the Conservative Party Conference on September 29 and most recently, in the Autumn Statement on December 3.

You would have to have been living on the dark side of the moon, not to have known that there have been changes announced concerning access to pensions, if only for the ill-judged remark by Steve Webb, the pensions minister, “you can buy a Lamborghini if you like”.

The changes only affect defined contribution schemes. This is the sort that millions of people have.

The other type of pension, called defined benefit or final salary schemes, has almost ceased to exist in the private sector.

They are now mainly provided for public sector workers, such as teachers or local government workers. They are not affected by the changes, in many cases because they are un-funded.

If you are in a defined contribution pension, this will either be an individual contract that you have bought and are contributing to regularly, or, increasingly, an employer sponsored, group pension.

This type of pension is provided by many employers and this trend is accelerating, with the introduction of auto-enrolment.

Anyway, the situation used to be that, once you reached the age of 55 (or anytime later, up to 75) you could take 25 per cent of the fund as cash, tax-free.

The remainder had to be used to buy an income for life. This could be an annuity of a drawdown contract with variations available.

Beginning in April 2015, all will change. Guess what? We are all going to be treated as adults. We are going to be allowed access to the remaining 75 per cent of the fund. It is, after all, your money.

There will be a need to seek advice on when to access your funds, as the amount in excess of the 25 per cent will be taxable at your normal rate. Or, if you decide to take it all and it pushes you into the higher rate, at 40 per cent. That’s why you need advice.

George Osborne confirmed in the Autumn Statement the abolition of the current tax charge should you die, leaving an unused pension pot to your relatives.

Taken together, the changes to pensions announced during 2014 amount to the biggest alterations in some 90 years. They are designed to encourage people to save via a pension, with the knowledge they will be able to access their money.

The Autumn Statement produced yet another surprise. The change to the stamp duty rules on property transactions is the most far reaching since the war and is a widely welcome reform.

Also in the statement was the ability to leave any ISAs to your spouse or partner, thus preserving their tax efficient status. Previously they had to be sold. This is another long-overdue and obvious reform which most will welcome.

So, 2014 has been a year of many changes. What of 2015?

I am a naturally optimistic person but I have never been so sure of a good year ahead as I am today. The main reason is low inflation. At one per cent, and likely to remain there or even lower throughout 2015, the basis is there for ever rising living standards. Wage rises are now running at a higher level than inflation, 1.6 per cent as opposed to one per cent inflation. The volume of retail sales in November was up 6.4 per cent on the previous year.

The sensible view is that very low inflation is a good thing.

But some 'gurus' are fearful of deflation and persistently falling prices, seeing this as a threat to our hard won recovery.

I think the economists are wrong. They’ve been wrong before – often.

It is a mistake to equate a period of moderately falling prices with a damaging and prolonged deflation.

Wages are rising, not falling and the rate of increase is picking up. Consumers are spending. For example, car sales will end 2014 up 10 per cent on 2013.

Asset prices are rising.

The Nationwide reports that house prices are up 8.5 per cent on a year ago.

As we move into the new year, I do expect inflation to fall further in the UK. This should be a cause for celebration. Consumers, after being squeezed for so long, are getting some welcome relief. At the same time, wage growth is picking up as the economy strengthens and unemployment falls.

Low inflation and falling prices will be the boost that Britain needs to sustain growth in 2015 and 2016.