{"id":7953,"date":"2022-09-07T10:53:03","date_gmt":"2022-09-07T09:53:03","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/09\/07\/news-in-review-71\/"},"modified":"2022-09-21T11:58:20","modified_gmt":"2022-09-21T10:58:20","slug":"news-in-review-71","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/09\/07\/news-in-review-71\/","title":{"rendered":"News in Review"},"content":{"rendered":"
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“I will deliver a bold plan to cut\ntaxes and grow our economy, I will deliver on the energy crisis\u2026\u201d<\/em><\/strong><\/p>\n<\/div>\n\n

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As widely expected, Liz Truss was announced as the new leader of the\nConservative Party and the next Prime Minister on Monday afternoon at the QE2 conference centre in the capital. The Foreign\nSecretary was victorious\nover rival Rishi Sunak, winning 57% of Conservative Party member valid votes, a\nnarrower margin than expected. Following the announcement of her victory, Truss\npledged, “I will deliver a bold plan to cut taxes and grow our\neconomy. I will deliver on the energy crisis, dealing with people’s energy\nbills, but also dealing with the long-term issues we have on energy\nsupply.”<\/em><\/strong><\/p>\n<\/div>\n\n

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On Tuesday morning, Boris Johnson\ndelivered his final speech as Prime Minister outside 10 Downing Street before\njourneying to Balmoral Castle to tender his formal resignation to the Queen. Ms\nTruss then met with her Majesty to be appointed as the new Prime Minister.\nLater that afternoon, it was her turn to take to the podium outside Number 10\nto address the nation in her first prime ministerial speech, during which she\nsaid her government would work to “transform Britain into an aspiration\nnation.”<\/em><\/p>\n<\/div>\n\n

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Emphasising that “together we can ride out the storm,”\n<\/em>she set out her immediate priorities \u2013 the economy, the NHS and the energy\ncrisis. Pledging to develop a “bold plan to grow\nthe economy through tax cuts and reform,”<\/em> the new PM also guaranteed\nto ensure that people would have access to the NHS services they need and\npromised to take “action this week to deal with energy bills and to\nsecure our future energy supply.”<\/em> A support package to help people and\nbusinesses with soaring energy costs is expected to be announced on Thursday.<\/p>\n<\/div>\n\n

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Markets <\/strong><\/p>\n<\/div>\n\n

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European\nshares responded positively as they anticipated the new PM\u2019s energy\nannouncements, amid speculation that a \u00a390bn energy bill support package is set to be\nunveiled. Housebuilding and retail stocks gained, with the FTSE 100 13.01\npoints higher at 7,300.44 when markets closed on Tuesday.<\/p>\n<\/div>\n\n

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Sterling lifted from a two-year low\nfollowing hopes of an imminent energy plan. The euro slumped to a 20-year low\nthis week following the announcement from Russia that it would shut off gas\ndeliveries to Europe indefinitely, deepening the energy crisis in the region.<\/p>\n<\/div>\n\n

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Growth in the car market<\/strong><\/strong><\/p>\n<\/div>\n\n

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The latest statistics from the Society of Motor Manufacturers and Traders (SMMT) highlight that UK new car registrations gained some ground in August with growth of 1.2%, the first monthly growth since February. A total of 68,858 new cars were registered in the month. Traditionally a quieter month for new registrations, overall growth was driven by battery electric vehicles (BEVs), which recorded a 35.4% increase in volumes and a 14.5% market share, although growth in this segment is slowing. The registration of plug-in hybrid electric vehicles (PHEV) fell by -23.1%, making up 5.6% of monthly registrations. Looking ahead, Chief Executive of the SMMT Mike Hawes commented, \u201cWith September traditionally a bumper time for new car uptake, the next month will be the true barometer of industry recovery as it accelerates the transition to zero emission mobility despite the myriad challenges.\u201d<\/em><\/p>\n<\/div>\n\n

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Latest house price data<\/strong><\/p>\n<\/div>\n\n

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Headline\nstatistics for the Nationwide House Price Index for August showed that annual UK house price growth slowed to 10% in the month, down from 11%\nthe previous month, although remaining in double digits for the tenth\nconsecutive month. Although average house prices have risen almost \u00a350,000 in\ntwo years, Nationwide’s Chief Economist, Robert Gardner commented on the\nprospects for the market, \u201cThere are signs that the housing market is losing\nsome momentum, with surveyors reporting fewer new buyer enquiries in recent\nmonths and the number of mortgage approvals for house purchases falling below\npre-pandemic levels. However, the slowdown to date has been modest, and\ncombined with a shortage of stock on the market, has meant that price growth\nhas remained firm.\u201d<\/em> <\/p>\n<\/div>\n\n

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Mr Gardner continued, \u201cWe\nexpect the market to slow further as pressure on household budgets intensifies\nin the coming quarters, with inflation set remain in double digits into next\nyear. Moreover, the Bank of England is widely expected to continue raising\ninterest rates, which will also exert a cooling impact on the market if this\nfeeds through to mortgage rates, which have already increased noticeably in\nrecent months.\u201d<\/em><\/p>\n<\/div>\n\n

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Here to help<\/strong><\/strong><\/p>\n<\/div>\n\n

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Financial advice is\nkey, so please do not hesitate to get in contact with any questions or concerns\nyou may have.<\/p>\n<\/div>\n\n

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The value of investments can go down as well as up and you may not get\nback the full amount you invested. The past is not a guide to future\nperformance and past performance may not necessarily be repeated.<\/strong><\/strong><\/p>\n<\/div>\n\n

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All\ndetails are correct at time of writing (7 September 2022)<\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

“I will deliver a bold plan to cut taxes and grow our economy, I will deliver on the energy crisis\u2026\u201d As widely expected, Liz Truss was announced as the new leader of the Conservative Party and the next Prime Minister on Monday afternoon at the QE2 conference centre in the capital. The Foreign Secretary was […]<\/p>\n","protected":false},"author":12,"featured_media":8135,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,112],"tags":[],"hd_content_source":[116],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7953"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=7953"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7953\/revisions"}],"predecessor-version":[{"id":8041,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7953\/revisions\/8041"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/8135"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=7953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=7953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=7953"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=7953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}