Chancellor of the Exchequer, Philip Hammond, delivered his second Budget to Parliament on 22 November 2017.
In every Budget there are winners and losers and Autumn Budget 2017 was no different. In his keynote speech given to MPs in the Commons, Mr Hammond signalled that he will allocate funds to ‘invest to secure a bright future for Britain’, saying the Budget is about much more than Brexit. Continue reading →
It has long been recognised that medical advances, combined with a greater understanding of the impact of our lifestyle choices upon our health, have led to an increase in life expectancy. Looking ahead, future generations are, on average, likely to enjoy much longer and healthier lives than their predecessors.
Estimates from the Office for National Statistics (ONS) show that, of the 797,000 babies aged below one year and living in the UK in 2013, 123,000 boys and 151,000 girls are expected to achieve their 100th birthday in 2113. This means that millions of people will spend over one-third of their life in retirement. With this in mind, it has never been more important to consider how you intend to fund your retirement.
An ageing population is putting our welfare system under significant pressure. A greater number of people not only need pension income, but also healthcare, incapacity support, and help within the home. There is, therefore, little reason to expect that a State Pension will provide anything other than the most basic of safety cushions when the time comes. If your retirement plans include holidays, visiting relatives and treating yourself on occasion, then it’s time to take control of your savings – and your future – and start building up your own retirement fund. The earlier you begin, the more scope you allow your savings to grow, so don’t put it off
For more information and guidance, talk to Gemini or your financial adviser.
Occasionally, the UK government amends the rules governing Inheritance Tax (IHT). Differing Governments will often take an alternative view in terms of how tax law should be created and applied. It was announced that there are to be further changes to how IHT applies to non-domiciled individuals – those who are domiciled outside of but have
interests inside the UK. Continue reading →
Welcome to 2017! Did you make any resolutions concerning your personal finances last January? If so, how did you do? If it didn’t all go according to plan, now is the perfect time to start again and reassess your position by considering ways to improve your financial well-being for today and your future. Continue reading →
The outcome of the Referendum confounded the predictions of the opinion polls, the bookies and the markets. All three ended the working day on 23 June with the assumption that the Remain side would win, albeit by a small margin.
That consensus is one reason why the markets moved so sharply when the results emerged. Initial falls in the pound and the world stock markets were a knee-jerk reaction of a near instantaneous change of view. The resignation of the Prime Minister merely added to the short term concerns, even though it was always likely soon after a Leave vote.
Pause and take stock
At such times, it is worth pausing for breath before taking any precipitous action. History suggests that trying to exploit the unavoidable turbulence carries considerable risks. As the Governor of the Bank of England said in his statement on 24 June:
“Inevitably, there will be a period of uncertainty and adjustment following this result.
There will be no initial change in the way our people can travel, in the way our goods can move or the way our services can be sold.
And it will take some time for the United Kingdom to establish new relationships with Europe and the rest of the world.”
The next few days and weeks will see sharp market movements, probably in both directions, as the markets find a new equilibrium. Those are conditions traders will attempt to exploit, but for long term investors a wait-and-see approach will generally make more sense.
If you have any concerns around your investments or other questions, please don’t hesitate to get in touch with us.