Liberation Day
President Trump declared the 2nd of April as “Liberation Day”, which signalled a seismic shift in US trade policy. On the campaign trail, we saw President Trump’s affinity for tariffs, with him labelling the word “the most beautiful word in the dictionary” and noting that he sees tariffs as a way of achieving multiple objectives: levelling the playing field with trade partners, raising government revenue, and boosting domestic manufacturing. Last…
Spring Statement
This Spring Statement was always intended to be a fiscal non-event. Chancellor Rachel Reeves had promised that there would only be one major economic event each year and last October’s controversial budget was most definitely intended to be it. Speculation had been rising that this Spring Statement might break that promise, and bring some surprises and policy changes, amidst the economic headwinds the government currently faces. Most notably: No…
Be Ready for the End of the Tax Year
The end of the tax year is fast approaching, and with it comes an opportunity to make the most of your allowances. Are you taking full advantage of what’s available to you? Pensions: Have You Maximised Your Contributions? Pension contributions can be a tax-efficient way to save for the future. Have you checked if you have unused allowances from previous years that you can carry forward? ISAs: Using Your…
Government to Ban Leaseholds
Leaseholds could soon be a thing of the past as the Government announces plans to ban the practice. The Government has set out plans to ban new leaseholds, moving to a system of shared freehold or ‘commonhold’ on flats and banning new leasehold properties from being sold. In its white paper, it called the leasehold system “feudal” while emphasising that commonhold is a popular approach used around the world, marking…
Less than a Third of Gen X on track for Retirement
Generation X or ‘Gen X’ – the generation of adults born between 1965 and 1981, roughly 45 to 60 years of age now – is woefully unprepared for now looming retirements, according to a survey of 2,000 UK adults in December 2024. One of the most significant issues the cohort faces, according to the research from Get Britain Pension Ready, is that the group fell through the gaps in…
Is an Annuity the Right Option for You?
Annuity sales hit their highest level in a decade in 2024, with higher rates tempting retirement savers to swap their pension pots for a guaranteed income for life. Insurers sold 89,600 annuities last year, up 24% on the year before – and the highest level since 2013, according to trade body the Association of British Insurers. However, while sales are at their highest level in a decade, they remain around…
Are Cash ISAs still a Good Idea?
The Chancellor has been urged to slash the tax breaks available on cash ISAs in a bid to boost the economy and support London’s dwindling stock market. Cash ISAs are by far the most popular type of savings account in the UK, allowing savers to earn tax-free interest on contributions of up to £20,000 a year. Figures from HM Revenue & Customs show that around 18 million people currently…
Unexpected Rise in Unemployment in the UK
Unemployment has risen unexpectedly in the UK in the latest figures from the Office for National Statistics (ONS). For the three months to November 2024, employment fell by 47,000 sending the unemployment rate up from 4.3% to 4.4%. The ONS has also revised its previous data to reflect 32,000 extra unemployed in the three months to October 2024. Meanwhile, wages continue to grow at a strong clip, rising by…
Will Trump’s Tariffs Impact You?
Donald Trump has been inaugurated as the 47th President of the USA. On arrival he has announced a raft of immediate measures and made a series of threats too. One of these threats is the imposition of new trade tariffs. He has warned both Canada and Mexico they could face 25% import tariffs to the US as early as 1 February – unless they come to an agreement with the…
Is it Time Up for the Lifetime ISA?
The Lifetime ISA is subject to a Parliamentary review as it looks to consider whether the savings vehicle is fit for purpose. The Treasury Select Committee in the House of Commons is calling for evidence to gauge whether the Lifetime ISA remains relevant in the current savings landscape. The committee is considering whether the Lifetime ISA works in its current format, whether people who use it for a house purchase…
