“We’ve seen possibly this week, the first glimmer that (inflation) is not only beginning to come down, but it was a little bit below where we thought it would be” At the Monetary Policy Committees’ (MPCs’) December meeting, members voted by a majority of six to three to increase Bank Rate from 3% to 3.5%. […]
Author archives: charlie
Looking to retire early? There’s lots to think about
It is the dream of many to retire early. Indeed, 270,000 people in their 50s and 60s left the UK workforce during the COVID-19 pandemic, according to the Institute for Fiscal Studies. Concerns about retirement poverty However, two thirds of people aged 50–70 who quit work or lost their job during the pandemic left the […]
On the rise – protection insurance payouts
Claims paid out under protection insurance totalled £6.8bn in 20211, a second consecutive yearly high, with more than £18.6m paid out every day in life insurance, income protection and critical illness claims. Last year was the third year in a row where the overall average individual payout increased, rising by 9% year-on-year to reach £14,994. […]
Anyone can fall victim in an ‘epidemic of fraud’
The latest annual fraud report published by UK Finance stresses the need for an urgent response to ‘the epidemic of fraud’ that the UK is currently facing. The report reveals that £1.3bn was stolen by criminals through authorised and unauthorised fraud in 2021. In total, 56% of UK adults1 have received a suspicious communication or […]
News in Review
“Our reforms deliver smarter regulation of financial services that will unlock growth and opportunity” Last Friday, as temperatures plummeted, Chancellor Jeremy Hunt announced a package of over thirty UK financial services regulatory reforms, dubbed the ‘Edinburgh Reforms,’ which the government intends will ‘unlock investment and turbocharge growth in towns and cities across the UK.’ A […]
Equity release increase driven by cost-of-living pressures
In recent years, equity release has become an increasingly popular way for older homeowners to unlock cash tied up in their properties. Equity release products enable homeowners over the age of 55 to access equity locked up in their homes while still being able to live in their property. New research suggests that many homeowners […]
Economic Review – November 2022
OBR forecasts long but shallow recession Updated projections from the Office for Budget Responsibility (OBR) suggest the UK is facing a long but relatively shallow recession which will see households hit by a record drop in living standards. Chancellor Jeremy Hunt unveiled the independent fiscal watchdog’s latest forecasts during his Autumn Statement delivered to the […]
News in Review
“Even before the recent increases in mortgage rates, affordability was becoming more stretched across the UK” UK house prices fell by 1.4% month-on-month in November, according to the latest Nationwide House Price Index released last Thursday, the biggest monthly drop since June 2020. At £263,788, the non-seasonally adjusted November average price was 4.4% higher on […]
Residential Property Review – November 2022
More Stamp Duty changes in Autumn Statement Chancellor Jeremy Hunt’s Autumn Statement on 17 November left housing out of the limelight, though it did include a commitment to keep the Stamp Duty Land Tax (SDLT) changes announced in the ‘mini-budget’ – for now. In September, then-Chancellor Kwasi Kwarteng increased the nil-rate threshold of SDLT to […]
Commercial Property Market Review – November 2022
Weakening outlook for commercial property The Q3 2022 RICS UK Commercial Property Survey reveals a picture of weakening market activity, with 81% of respondents now considering the market to be in downturn. Headline expectations for rents and capital values were in negative territory in Q3. Prime office rents are expected to remain broadly flat in […]