Do you need to start protecting your Finances now against a possible Corbyn regime?

This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

Up until the election last year, Corbyn was not considered a serious contender for prime minister. So much so that the implications of the proposed spending commitments in Labour’s election manifesto was never scrutinised seriously by most voters.

If it had been, it would have highlighted budget required to deliver their promises – which would have totalled around £100bn per year, according to a report by the Taxpayers’ Alliance. And this did not even include Labour’s plans for re-nationalisation, which could have an upfront cost of at least £176bn.

So, with the infighting of the Conservative party and Theresa May’s extremely fragile leadership, mostly brought on by the challenges of Brexit, should we now start looking ahead to see what impact a Corbyn regime would have on our finances, as it is becoming more likely with every week that passes in politics? Read more

Being money savvy is necessary, but not cool, say millennials

This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

In a recent survey from the government-led Money Advice Service, it was a common held view amongst 16-25 year olds that it was considered ‘boring’ to be good at money management and having a social life was considered to be more important.

However, the good news is that this group of young people do understand the importance of organising and managing their finances. According to the survey, the biggest barriers seem to be the lack of financial education within schools and the uncertainty of where to go for money advice.

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This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

Today the Chancellor announced the latest Budget, describing it as aiming to “help families to cope with the cost of living”.  The headline item was a reform of stamp duty for first time buyers, immediately removing the duty on properties up to £300,000, although analysts said that this would primarily benefit existing homeowners.  Income tax rates were adjusted, with an increase of £350 for the personal allowance and an increase of £1,350 to the higher tax rate.

 Budget 2017 : The Key Points

  • Growth forecast for 2017 downgraded from 2% to 1.5%
  • Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000
  • Higher-rate tax threshold to increase to £46,350
  • Tax-free personal allowance on income tax to rise to £11,850 in April 2018
  • Fuel duty rise for petrol and diesel cars scheduled for April 2018 scrapped

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It’s an incredible shrinking world!

This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

It was two fingers from Cadburys when they reduced the weight of their Chocolate Fingers packs in 2015 and official figures show a whopping 2,500 products have shrunk in size but not in price since 2012!

Labelled as “shrinkflation” by the Office for National Statistics, their research shows products from chocolate bars to toilet rolls have all got sneakily smaller, giving us less for our money than before.

While smaller Crème Eggs, Toblerones and Dairy Milk bars may be a bitter truth to swallow, what’s really hard to stomach is how much your savings will have shrunk if you’re banking on a bank to look after them.

Just like some of our favourite foods, banks have shrunk what they give us by reducing interest rates in recent years, to the point where what we get falls short of the rate of inflation. This means, in terms of what your money is worth, your savings are actually shrinking!

While it’s a good idea to have cash you can access immediately in an emergency, many people just don’t realise that relying on bank savings accounts and cash ISAs comes at a cost, particularly if you plan to keep your savings there for three years or more.

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The Bank of England raised interest rates at the beginning on this month – how will this affect your finances?

This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

 The Bank of England (BoE) has increased the base rate to 0.5%. This is a 0.25% increase and is the first time the rate has gone up since July 2007.

Banks are not obliged to follow Bank of England interest rate decisions, but they can influence the cost of borrowing, or how much interest you earn on savings so although this recent change is small, it could have an immediate impact on your household finances.

While the decision brings higher costs for those with mortgages and other borrowings, it is positive news for savers, pensioners and some investors. We have looked at the impacts in further detail. Read more

An inquiry into pensions freedoms has been deemed critical with increasing number of scams and potential misspending.

This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

 This inquiry is being led by MPs on the Work & Pensions Committee and it will cover a wide range of issues.

The outcome of the inquiry will deem whether policy changes are required. This work is a follow up to an inquiry undertaken by the Committee shortly after the reforms were introduced by the Chancellor George Osborne in 2015. Read more

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