Welcome to the June edition of IFA Magazine.
And there we were, the IFA Magazine team and I, thinking we’d have a nice quiet, steady summer with no particularly big agenda issues on the horizon. Then, at the end of May that prognosis was all blown clean out of the water as Rishi Sunak surprised us by announcing the general election was to take place on July 4th.Â
So, now we face many weeks of pre-election constant news updates with the latest campaign messaging, political ding dongs and the odd policy statement being drip fed to news media. Brace, brace! The team and I here are already busy contemplating the various policy announcements which both sides have been issuing on an almost daily basis. There’s plenty to ponder, whether it’s the ‘Triple Lock Plus’ idea, housebuilding plans, VAT on school fees – that’s before we even see the full manifestos.
But whichever party (or parties) end up forming the new government on July 5th, their policies will impact on the financial planning decisions which advisers are helping clients with every day.
It will mean change for the business of advice – and for clients’ finances. If the polls are to be believed, then we will see a change of government with a return to power, after 14 years in opposition, for the Labour party. However, much can happen in the coming weeks to shift that trajectory.
One thing is for sure, you can find out all the latest news and views here on our website when it comes to election announcements that impact the advice profession. Get straight to the election latest right here on IFA Magazine, and you’ll find some initial industry reactions on page 23 of the magazine too.
Interest in interest rates
It seems one of the reasons behind Sunak’s decision to call an early election was the ONS inflation figure for the year to April showing UK CPI at just 2.3% – its lowest level for almost 3 years, and within a whisker of the BoE’s 2% target. But does this mean we could see an interest rate cut in June in consequence? The consensus is not to get too excited, that it is more likely to be August before that happens.
An improving economy and falling inflation are just some of the factors behind the recent UK stockmarket rally which has caught many by surprise. It has certainly rewarded investors with exposure to the domestic market. As always, investment and asset allocation decisions remain front and central for financial planners, and you’ll find plenty of food for thought in the following pages, including infrastructure, gold, MPS or general market outlooks.
The business of advice
The breadth and depth of subjects which advisers need to keep up to date with continues to grow. Also, on the following pages, you’ll find insight, analysis and opinions on subjects ranging from Consumer Duty, the gender gap in financial services, non-doms, AI, social comparison, PIFs to name but a few. We hope you find something of interest.
But don’t forget, as well as all the content on www.IFAMagazine.com, do check out our weekly podcasts and also the live webinars we’re holding over the summer – including two in June. See you there!!Â
Sue Whitbread
Editor, IFA Magazine
