Article by Phil
Here is a roundup of the Financial Planning news July 22, that might be of interest. Not too much to report this month, but still plenty of interest:
- The FCA has announced (29/6/22) that it supports the regulation of ESG ratings. This means that this will undoubtedly fall under their control. Which is a good thing. There have been concerns expressed about the reliability of ESG credentials for some time now.
- FT Adviser reports that worldwide markets have fallen during the first half of the year. Some worse than others. The NASDAQ has fallen by a massive 30% so far (with its technology-based stocks). The German Dax has fallen by 20%. Against this the FTSE 100 has performed relatively well having fallen just 4.5% in the first half of the year to 30th
- GDP grew by 0.5% in May which was well beyond what most analysts had predicted. Growth was 0.4% for the three months March, April and May.
- The much-anticipated Online Safety Bill has been pushed back until at least October when the new Prime Minister is in position.
- Financial Planning news July continued with news that Inflation had hit a 40 year high of 9.4% in June according to the Bank of England.
- HMRC have reported that since pension freedoms were introduced back in 2015, almost £900 million has been refunded to individuals because of over paid tax. Please check your tax returns when you access your pension, don’t overpay.
- Losses in the cryptocurrency markets globally are estimated to have topped $2 trillion since the peak in 2021. The equivalent of almost 10% of the USA’s economy.
More financial planning news to follow in August.
