June news from your financial advisor near Burnley

June news from your financial advisor near Burnley:

• The number of advice firms reduced by 7% in April. But the number of regulated advisers rose by over 1,000. Suggesting a move towards bigger firms. But is bigger better?
• A record £9 billion was invested into ISAs in April.
• In a novel green initiative Curtis Banks said that it would plant 38.000 new trees in the UK this year. That represents one tree for each of their existing managed commercial properties and three trees for each new one.
• The pension gender gap has been calculated at 35% between 2016 and 2020. This is the difference between the average pensions for men and those for women.
• Almost 10,000 teachers opted out of their pension scheme in the last 12 months. Unions say it is because of cost-of-living pressures. This is a 75% increase on numbers the year before.
• The governments energy scheme to keep bills lower cost £40 billion in the last six months
• GDP rose by 0.2% in April. Further confounding critics who said the UK would be in recession by now.
• A massive 3,200 millionaires left the UK last year according to research. That’s lot of tax revenue and is a great example of what happens when governments increase tax rates. People vote with the feet. Or in this case their pounds!
• Research from Investec shows that over 850 Bank branches will shut down in 2022/23. In 25% of cases that will mean that there will no longer be any Bank or Building Society branches in the local area. But customers can still come and see their financial advisor near Burnley.
• In the latest survey, 40% of Brits said they would like to retire abroad because of cost-of-living concerns. Nearly half the population!
• Annuity rates have increased by 20% in the last 12 months. However, they had been at all time lows in the last few years.
• The overall Premium Bond payout rate is increasing from 3.3% to 3.7% in July. The odds of winning remain t5he same, but there will be more higher value prizes in each draw.
• Inflation remained at 8.7% for the 12 months to the end of May.
• Over £1.2 billion was paid in Inheritance Tax in April and May. Up £100 million on the year before.
• Average house prices grew by 3.5% in the 12 months to April. The average house price is now £286,000 and increase of £9,000 on the year before.
• The Bank of England raised the base rate to 5.0%. The highest level in the last 15 years.
• 1,250 houses have been repossessed since last September, with 4,000 more homes at risk. But the government has agreed that lenders will give homeowners at least 12 months before enforcing repossession, creating some breathing space. Private rents have also increased by 5% in the last year. The highest increase on record.
• Finally, government debt rose to over 100% of Gross Domestic Product for the first time since 1961. It’s now a staggering £2.6 trillion (£2,600,000,000,000) You may wonder what we’ve got to show for it?
• Despite all this doom and gloom, the Consumer Confidence Index is up by 5 points this month. It’s still minus 15 but that’s the highest level for over 12 months. People are starting to see improvements on the horizon.

More news coming soon at the end of July from your financial advisor near Burnley, Christina Clegg.