On Wednesday 15 March 2023, chancellor Jeremy Hunt presented his spring Budget. Focusing on the government’s aims to halve inflation, reduce public debt, and boost economic growth, Hunt delivered his first official Budget alongside the latest economic and fiscal outlook from the Office for Budget Responsibility (OBR). “Despite continuing global instability, the OBR report today that inflation in the UK will fall from 10.7% in the final quarter of last year to 2.9% by the end of 2023.” Hunt opened his speech by admitting that, in the autumn, the government “took difficult decisions to deliver s ..read more

Just six months ago, Kwasi Kwarteng stood up in the House of Commons and delivered his controversial “mini-Budget”. The announcements ultimately brought down the short-lived Truss administration, with current chancellor, Jeremy Hunt, announcing a series of policy measures in November 2022 aimed at calming the markets. Having taken “difficult decisions to deliver stability and sound money”, the chancellor has delivered the next part of his plan: “a Budget for growth”. Read on to find out who were the winners and losers from the 2023 spring Budget. Winners Over-50s returning to work In his speec ..read more

ISAs have been around for more than two decades, but they’ve changed significantly since they were first introduced. This guide can help you understand why using an ISA to save or invest could be a valuable part of your financial plan. Read the guide to find out: Why ISAs are a tax-efficient way to save and invest Discover the different types of ISA you can choose from What you should consider when deciding if you should save or invest through an ISA How Junior ISAs could help you build a nest egg for children or grandchildren How you could leave your ISA to loved ones when you pass away. Do ..read more

Discussing the financial benefits of getting married or entering a civil partnership may not seem romantic. But these six reasons to tie the knot to potentially reduce tax, pass on assets, and more could help you get the most out of your wealth and create long-term security. 1. The Marriage Allowance could reduce your Income Tax bill If you or your partner don’t make full use of the Personal Allowance, the Marriage Allowance could collectively reduce your Income Tax bill. The Personal Allowance is the amount you can earn before Income Tax is due, which is £12,570 for the 2023/24 tax year. If y ..read more

Several factors have put economies around the world at risk of entering a recession. As an investor, you may worry about what it’ll mean for your portfolio, but it may not have the negative effect that you think, particularly over the long term. The long-term effects of Covid-19 and related lockdowns, the war in Ukraine, and the effects of high inflation mean that many experts predict an economic downturn in the UK. Some go as far as to say the UK could face a recession in 2023. KPMG predicts the UK economy will shrink by 1.3% in 2023 in a “relatively shallow but protracted recession”. This wi ..read more

Rising interest rates and the cost of living crisis mean it’s more difficult for first-time buyers to get on the property ladder. People are increasingly relying on the so-called “Bank of Mum and Dad” for a helping hand, but what are your options? Over the last few decades, house prices have increased at a far faster rate than wages. So, it’s difficult for young adults to save the deposit they need and secure a mortgage that’s affordable. According to a report in the Telegraph, the number of first-time buyers relying on parental help is on the rise again. It’s estimated that almost half of fir ..read more

Financial protection can provide essential security when you need it most. But it can be overwhelming to receive a lump sum and understand how you should use it. Seeking financial advice after you’ve received a payout could be valuable. There are several different types of financial protection that would pay out under different circumstances. Appropriate protection can give you peace of mind that even if the worst should happen, you won’t immediately have to worry about how you’ll cope financially. Some types of protection will provide a regular income to ensure you can meet essential outgoing ..read more

The number of homeowners turning to equity release to boost their finances is on the rise. While accessing property wealth can be a useful way to supplement your other income, there are things you need to consider first. Equity release provides you with a way to access some of your property wealth while still being able to live in your home. As the cost of living soars due to inflation, figures suggest more homeowners are using equity release to cover costs. According to figures from the Equity Release Council, the number of new equity release customers increased by 34% when compared to a year ..read more

Are you worried about Inheritance Tax (IHT) or how you’ll pass on your wealth to loved ones? For some people, pensions can provide a way to tax-efficiently leave wealth to family. Here’s what you need to know. While IHT currently affects around 1 in 20 estates, it’s a concern for many families. As key IHT thresholds are frozen, it’s something that more people will need to consider as they plan how to pass on their assets. For the 2023/24 tax year, the nil-rate band is £325,000. If the value of your estate is below this threshold, no IHT will be due. It has been at this level since 2009/10 and ..read more

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