Is this the Peak for Savings Rates?
This month, the Office for National Statistics (ONS) reported that inflation had fallen to 3.4% in the twelve months to February 2024. This is down from 4% in January and means that inflation is at its lowest point in two and a half years. The impact of getting closer to the Government’s 2% inflation target could then mean the Bank of England’s MPC (Monetary Policy Committee) decide to reduce…
Use your Capital Gains Allowance
The 2023/24 tax year is coming to an end on April 5th, so you don’t have long left to use your various allowances – in particular your Capital Gains Tax allowance. This is especially important this year as your Capital Gains Tax allowance is being cut from £6,000 to £3,000 from April 6th. That means that now is the time to cash in on the bigger allowance, so if you…
Outcomes of the Spring Budget 2024
Jeremy Hunt, the Chancellor of the Exchequer, has delivered his Spring Budget, and we wanted to keep you informed about what has just been announced. Taxes Employee National Insurance to be cut from 10% to 8% from April. Self-Employed National Insurance to be cut from 8% to 6% from April. Non-dom tax regime to be scrapped and reformed, with new rules being introduced in April 2025. Under the new…
What is the Future of the State Pension?
Currently, the age at which you are entitled to claim the State Pension is 66. This is expected to rise to age 67 in 2036, and then to 68 in 2046. A think-tank has recently floated the idea that, in order to make the State Pension sustainable, pensionable age needs to be increased to 71 by 2050. A falling birth rate, combined with an increase in life expectancy means…
How Much Will You Need In Retirement?
We all want to look forward to a happy and fulfilling retirement, but that doesn’t happen by itself. It is the result of careful planning and making the right decisions throughout your working life, so you can have the financial means to enjoy the lifestyle you want and deserve. But shifting economic sands and events entirely beyond your control means your retirement plans can’t be set in stone. For…
Autumn Budget
Jeremy Hunt says the government has taken difficult decisions to put the economy back on track and halve inflation, but “the work is not done”. His priorities are to avoid big government spending and high tax, and instead cut taxes and reward those working hard. He set out 110 “growth measures” in the Autumn Budget. The main 12% rate of employee national insurance that we currently pay is going…
Are you confident about repaying your mortgage?
Are you confident about repaying your mortgage? Your mortgage is one of your biggest financial commitments, and as such, you do not want to have sleepless nights worrying about repaying this debt. It is more important than ever to be on top of your repayment plan given that many households are seeing their monthly mortgage bills going up. According to analysis by Nous, the average monthly mortgage bill has…
Have Interest Rates Peaked?
The Bank of England surprised us this month by holding interest rates at 5.25%, bringing to an end a run of 14 consecutive interest rate hikes. So what does this mean for you and your money? Can we cautiously hope that interest rates have peaked? The Bank of England started hiking rates in December 2021 in an effort to tackle inflation. However, these figures have been starting to move…
How Taking Control of Your Finances is Good for Your Mental Health
Worries about money can have a very real impact on your wider health and wellbeing, particularly when so many factors, such as soaring inflation, rising interest rates and climbing mortgage rates are beyond your control. Unsurprisingly, high living costs are a huge cause of stress and anxiety across the UK right now, with the Mental Health Foundation noting that 35- to 64-year-olds are more anxious than any other group…
What do rising interest rates mean for you?
The Bank of England has increased interest rates for the 14th time since December 2021, in an effort to bring down inflation. There is still an expectation that we are yet to reach the peak and there could be at least another two hikes this year. This means that the cost of borrowing money continues to increase. For most people their main form of borrowing is their mortgage which…
