Article by Phil
As your Independent Financial Advisers in Burnley, here is a roundup of the financial news from November 2022:
- Mel Stride has been appointed as the new Work and Pensions minister.
- According to the latest research only 1% of Independent Financial Advisers in Burnley fully trust the ESG credentials of investment products. 65% place some trust in them but not 100%.
- The Advertising Standards Authority has again ruled that a financial service advert was misleading. This time it was an advert by Readers Digest Equity Release who the ASA found to have suggested that their advice was independent, when in fact they are not. It seems that the ASA is not afraid to make decisions to protect the public from misleading advertising.
- The Bank of England have raised the base rate to 3% (3/11/22)
- Laura Trott has been announced as the new Pensions Minister
- Equity Release lenders have reported a sharp fall in demand for borrowing as typical rates rise to over 8%.
- GDP fell by 0.2% in the three months ending in September.
- Inflation hit a high of 11.1% in October.
- Latest figures from HMRC show that over £30 million was refunded to individuals in over paid tax from pension withdrawals, in the last four month. That takes the total in refunds (many of which were secured with help and advice from an Independent Financial Adviser in Burnley) to just under £1 billion since 2015.
- Chancellor Jeremey Hunt confirmed that the pensions triple lock would be honoured, in his Autumn Statement. State Pensions will increase by 10.1% next year.
- The promised cap on care costs has been delayed for a further two years until 2025. Many are now wondering whether the changes will be implemented at all.
- The Government has announced that the next State Pension review will take place next year. Currently the State Pension age will increase to 66 for those born after 1960 and then to 67 for those born after 1977, by 2037.
- Skipton Building Society has committed £11 million to provide their mortgage customers with a free Energy Performance Certificate (EPC). In a bid to help customers to understand their current levels of energy efficiency and encourage them to make improvements.
