Six months on from the Brexit result and there are many factors of the UK’s impending departure from the EU that remain clouded in mystery. What has become clear, however, is the impact the vote to leave has already had and will continue to have upon the price of products.
Amongst a generally gloomy Autumn Statement, chancellor Philip Hammond offered a potential ray of hope for those looking to achieve better returns on their nest egg, thanks to the announcement of a new government-backed savings bond. Set to become available from spring 2017 through National Savings & Investments (NS&I) for those prepared to put their money away for three years, the bond will have an interest rate of 2.
At the start of 2016, Brexit was seen as unlikely and President Trump was seen as impossible. David Cameron was busy negotiating a deal with his European counterparts which would surely secure a comfortable majority for the ‘Remain’ camp – and while Donald Trump might manage a few wins in the primaries, he’d eventually give way to one of the mainstream Republican candidates, who would in turn be beaten by Hillary Clinton.
The first premium bond was sold on 1st November 1956, with £5 million worth of premium bonds sold on the first day alone. There are now 21 million people holding more than £63 billion in premium bonds, proving that they are still a popular form of investment.
The number of attempts at fraud affecting financial services customers is growing all the time. If you understand the threats and how to spot the possible warning signs, you stand a better chance of keeping both your clients and your business safe.
Well, for the second time this year the pollsters and the bookmakers had it spectacularly wrong. First Brexit, now President-elect Donald J Trump. By 306 Electoral College votes to 232 the 70 year old billionaire overturned the predictions and beat Hillary Clinton.
Figures released last month have revealed that over one in ten (11%) of working people have yet to begin paying into a pension pot. Worryingly, this includes nearly one in ten people in the 51-65 age bracket. The average age at which most people expect to begin saving towards their pension is 46, and almost 40% of people under 50 are worried that what they have saved will only just be sufficient to support them during their retirement.
The Autumn Statement delivered by chancellor Philip Hammond on 23rd November offers the first major insight into the government’s financial plans both in the lead up to Brexit and in the period immediately following the UK’s departure from the EU.
The latest figures surrounding the pensions lifetime allowance (LTA), which governs how much your pensions can be worth without triggering an extra tax charge, suggest that a considerable number of middle-income earners are being hit by the lower threshold.
The International Monetary Fund (IMF) recently published its ‘World Economic Outlook’ report which suggests that whilst global growth in 2016 has been substandard, this is set to improve somewhat during 2017. The IMF’s report states that stifled global growth this year has been caused largely by the Brexit vote and the economic slowdown in the US, leading to a growth rate of just 3.
The popularity of investing in property to fund retirement remains prevalent, in spite of the government’s attempts to make buy-to-let less and less attractive. But is buy-to-let investment really a viable alternative to a pension pot, for example?
We left you last month having reported on September as a month where ‘nothing much happened’ on the world’s stock markets. For many of the major markets October was much the same: only three of the twelve markets we cover were down in the month, but most managed only small gains.
If your annual income is above £150,000, then your pension allowance has been subject to tapering since April this year. For every £2 of income over £150,000, your £40,000 annual allowance is reduced by £1, with the reduction rounded down to the nearest whole pound if necessary.
“The best laid schemes o’ mice an’ men, gang aft agley”. So said Robert Burns in his poem ‘To a Mouse’, lyrically summing up the idea that no matter how well we prepare, there are always factors beyond our control that can cause our ‘best laid’ plans to unravel.
We have had a very busy few months here at ASPL and to give the Team a break, Adrian and Ivan attended the CISI Conference at Celtic Manor 3-5th October. This is an annual event and is welcomed by the Team left at the office as we finally have a chance to catch up with all of the jobs we put aside for a “rainy day”……….
Independence, impartiality, courtesy, personal, tailored, up to date.Mr & Mrs P - Doncaster