{"id":9024,"date":"2022-11-02T11:23:06","date_gmt":"2022-11-02T11:23:06","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/11\/02\/news-in-review-79\/"},"modified":"2022-11-02T11:52:40","modified_gmt":"2022-11-02T11:52:40","slug":"news-in-review-79","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/11\/02\/news-in-review-79\/","title":{"rendered":"News in Review"},"content":{"rendered":"
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\u201cOur number one priority is economic stability and\nrestoring confidence\u201d<\/em><\/strong><\/em><\/strong><\/p>\n<\/div>\n\n

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Last week during the first meeting of the new Cabinet in\nDowning Street, Chancellor Jeremy Hunt announced the postponement of the\ngovernment\u2019s fiscal statement from 31 October to 17 November. <\/strong><\/strong><\/p>\n<\/div>\n\n

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Delayed by over a fortnight, the Medium-Term Fiscal Statement, due to be delivered\nin the House of Commons on Halloween, along with a forecast from the Office for\nBudget Responsibility (OBR), is now scheduled to be a full Autumn Statement. <\/p>\n<\/div>\n\n

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Justifying\nthe delay, Mr Hunt said that new Prime Minister Rishi Sunak\u2019s appointment had brought\nabout the \u201cprospect of much longer-term stability for the economy\u201d<\/em> so a\ndelay will ensure \u201cthe right decisions” <\/em>are made.<\/p>\n<\/div>\n\n

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He\ncontinued, “Our number one priority is economic stability and restoring\nconfidence\u2026 but it is also extremely important the statement is based on the\nmost accurate possible economic forecasts and forecasts of public\nfinances.”<\/em><\/em><\/p>\n<\/div>\n\n

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The statement is expected to include the OBR\u2019s economic forecast, addressing\ndebt, and plans to put public spending on a sustainable footing.<\/p>\n<\/div>\n\n

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Next\nMPC meeting imminent<\/strong><\/strong><\/p>\n<\/div>\n\n

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The Bank of England\u2019s Monetary Policy\nCommittee (MPC) meets this week and will make their next announcements on\ninterest rates on 3 November. The Bank has made increases of half a percentage\npoint or less, on the seven occasions Bank Rate has been increased since last December,\nto reach its current level of 2.25%. Some commentators are predicting a full\npercentage point increase to 3.25%, while others think a 0.75 percentage point increase to 3% is a\nfeasible outcome. <\/p>\n<\/div>\n\n

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FCA\u2019s plan to tackle greenwashing<\/strong><\/strong><\/p>\n<\/div>\n\n

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The Financial Conduct Authority (FCA) has\nproposed a package of new measures aimed at protecting consumers and\nimproving trust in sustainable investment products, by clamping down on\ngreenwashing. The measures include introducing investment product\nsustainability labels to give consumers the confidence to understand products,\nas well as restrictions on how terms like \u2018green,\u2019 \u2018sustainable\u2019 and \u2018ESG\u2019 can\nbe used, and to eradicate exaggerated, misleading or unsubstantiated claims\nabout ESG credentials. Other plans include disclosing investments that a\nconsumer may not expect to be held in the product.<\/p>\n<\/div>\n\n

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Sacha Sadan, FCA\u2019s Director of\nEnvironment Social and Governance, commented, \u201cGreenwashing misleads\nconsumers and erodes trust in all ESG products. Consumers must be confident\nwhen products claim to be sustainable that they actually are. Our proposed\nrules will help consumers and firms build trust in this sector. This supports\ninvestment in solutions to some of the world\u2019s biggest ESG challenges. This\nplaces the UK at the forefront of sustainable investment internationally. We\nare raising the bar by setting robust regulatory standards to protect consumers\nin line with our wider FCA strategy.\u201d<\/em> <\/p>\n<\/div>\n\n

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Lost pension values climbing<\/strong><\/strong><\/p>\n<\/div>\n\n

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Data released last week by the Pension\nPolicy Institute (PPI) has highlighted that the value of lost pension pots has\nrisen by \u00a37bn (37%) over the last four years, meaning the total value of lost\npensions has now topped \u00a326.6bn. In addition, the number of pension pots\nconsidered as lost has increased by 75% over the last four years.<\/p>\n<\/div>\n\n

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One key finding has shown that high unemployment levels prompted\nby the pandemic, combined with automatic enrolment, mean an especially large\nnumber of people may have left jobs with pension schemes, creating a wave of\ndeferred pots which may become lost.<\/p>\n<\/div>\n\n

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Director of Policy, Long\u2011Term Savings and Protection at the\nAssociation of British Insurers (ABI), Yvonne Braun said that people are \u201cmissing\nout on money that can make a real difference to their quality of life in\nretirement. It\u2019s time to pay your pension some attention and use the resources available\nto track down any lost pots.\u201d<\/em><\/p>\n<\/div>\n\n

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

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UK stock\nmarkets benefited from a Halloween rebound at the end of October, with the FTSE\n100 closing the month at a five-week high, buoyed by gains across\nBritain\u2019s high street banks, amid expectations of an imminent Bank Rate rise. <\/p>\n<\/div>\n\n

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London-listed\nmining giants soared on Tuesday amid hopes that China was looking at a plan for\nthe unwinding of its current zero-COVID strategy. By the end of the day, the\nFTSE 100 closed at 7,186.16, a 1.3% rise, after briefly peaking at 7,221,\nhigher than before the \u2018mini budget\u2019 in late September. The FTSE 250 ended up 1.71%\nat 18,195.90.<\/p>\n<\/div>\n\n

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

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Financial\nadvice is key, so please do not hesitate to get in contact with any questions\nor concerns you may have.<\/p>\n<\/div>\n\n

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The value of investments can go down as well\nas up and you may not get back the full amount you invested. The past is not a\nguide to future performance 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 (2 November 2022)<\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

\u201cOur number one priority is economic stability and restoring confidence\u201d Last week during the first meeting of the new Cabinet in Downing Street, Chancellor Jeremy Hunt announced the postponement of the government\u2019s fiscal statement from 31 October to 17 November. Delayed by over a fortnight, the Medium-Term Fiscal Statement, due to be delivered in the […]<\/p>\n","protected":false},"author":12,"featured_media":9027,"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\/9024"}],"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=9024"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/9024\/revisions"}],"predecessor-version":[{"id":9026,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/9024\/revisions\/9026"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/9027"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=9024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=9024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=9024"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=9024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}