No interest: what can you do?
Interest rates are low and the Bank of England has signalled that it expects them to stay low for at least the rest of this year. After NS&I cut its interest rates last autumn, the commercial banks swiftly followed with rate cuts of their own. Most instant access accounts now pay under 0.2% and even a 90-day notice account pays well under 1%.
Why tax increases are unlikely
In his Autumn statement, Rishi Sunak reiterated a timeworn Chancellor’s pledge to restore the public finances. Notably, he declared that the financial emergency had only just begun and that public borrowing and debt were clearly unsustainable. These statements, Treasury briefings and forecasts by the Office for Budgetary Responsibility have led analysts to start working out how much taxes need to increase in order to plug a gap of about £40 billion between the government’s revenues and its spending that is expected by 2025. Income tax, National Insurance, VAT, capital gains tax, inheritance tax – which will go up?
No hole in this bucket
Stock market crashes create anxiety for investors, especially those who – like most retired people - are withdrawing regular sums from their investments to provide the income they need. But FiveWays’ retirement income planning strategy, which we call ‘bucketing’, means clients are insulated from all but the very worst possible stock market disasters.
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