3
Mar
2021

Budget 2021 – The winners and losers

A year ago, Rishi Sunak delivered his first Budget just as the pandemic began to take hold. While his £30 billion package sounded significant, it’s a sum that has paled into insignificance over the last 12 months as the chancellor has spent £280 billion shoring up the UK economy. As the chancellor acknowledged in his speech: “The damage coronavirus has done to our economy has been acute”. So, who are the winners and losers of the 2021 Budget? Winners Retail, leisure, and hospitality businesses It’s been a tough year for many sectors, and retail, leisure, and hospitality businesses have been particularly hard hit. The chancellor announced £5 billion in government grants to businesses in these sectors. Non-essential retail businesses will...
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3
Mar
2021

Your 2021 Budget summary

On Wednesday 3 March, Rishi Sunak delivered his second Budget as chancellor. The Budget outlines the state of the economy and the government’s spending plans. The World Health Organization declared Covid-19 a pandemic on 11 March 2020, the same date as the 2020 Budget. Since then, the pandemic has led to lockdowns, restrictions, and an enormous rise in government spending. The Office for Budget Responsibility (OBR) estimates borrowing for the current tax year will be £394 billion, the highest figure seen outside of wartime. So, it’s no surprise that Covid-19 continues to influence Sunak’s decisions. The chancellor noted the economy has been damaged, with GDP shrinking by 10% in 2020, and that the road to recovery would be a long...
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22
Feb
2021

Why financial planning should be as much about “now” as it is about “tomorrow”

A few months ago, I wrote about how budgeting was the cornerstone of financial planning – in essence, that you need to ensure you don’t spend more than you earn, and to put plenty aside so you can enjoy the life you want to in the future. It’s sometimes easy to get caught up in the need to save, save, save. You may think that you should be putting aside as much as you can now to ensure you have “enough” when you retire. But what about today? As the last few months have shown us, we can’t all be completely sure what tomorrow will bring, and not everyone can be sure of a long, healthy life in retirement. And,...
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16
Feb
2021

Why it’s time to retire the concept of retirement

In less than a generation, retirement has changed. Your own parents probably spent their working life in a small number of jobs – maybe just one job for decades – before deciding to put their feet up. There was probably a celebration on a Friday afternoon where the boss handed over a gift and shook their hand. Then they probably left the workplace for the last time, waking up on Monday morning with the rest of their life ahead of them. These days, it’s not quite so simple. Firstly, the notion of a “job for life” is almost obsolete. In the 21st century, employees change jobs (and careers) much more, with periods of freelance or self-employed work also much more...
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20
Jan
2021

Why you should focus on you and ignore market predictions in 2021

At this time of year, news sources are typically full of predictions for the year ahead. Experts gaze into their crystal balls and make forecasts for stock markets, commodity prices, interest rates, and house prices. We lap up this information because these are the experts. They have all the key data to hand, and we believe they have the authority to let us know what might affect our finances in the year ahead. What we rarely do, however, is go back and compare these predictions with the reality. 2020 is a great case study. Last January, which experts predicted that the world would slump into its biggest recession for decades on the back of a global health crisis? Which commentators...
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11
Jan
2021

How to set achievable financial goals (and 4 ways to meet them)

In recent months, you will have read a lot of my thoughts on how to achieve financial freedom, and tips for how to help you live the life you want with the money you have. From the habits of the wealthy to more practical budgeting tips I’ve shared ways in which you can enhance your financial wellbeing. But what is all this for? One of the most important ways to achieve financial security is to know what your goals and ambitions are. When you set goals, you’re motivated to take positive steps towards achieving them, you can measure your progress, and you can make changes as necessary. 5 steps to reach your financial goals Set your goals What, exactly, are...
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