Global update
Investors’ attention during February was focused on events in the Middle East, amid reports of escalating civil unrest in Libya. The price of oil surged, fuelled by fears the turmoil could spread to neighbouring oil-producing countries. Meanwhile, global food prices soared to new highs during January. The MSCI World index rose 3.3% in US dollar[.....]
Economic update
The UK is still living with the fallout from the financial crisis and the recession. Inflation continues to rise, the economy has shrunk, unemployment has increased and petrol prices have reached record levels. The Bank of England (BoE) expects inflation to continue its upward trajectory, peaking between 4% and 5% in the near term. Although[.....]
Pension changes
Britons could soon enjoy greater financial flexibility during retirement thanks to draft legislation released by the UK Treasury ahead of the 2011 Finance Bill. Until the June 2010 Budget, pensioners were forced to buy an annuity by age 75 with any money they had saved and still remained in their personal pension scheme. That age[.....]
The latest GDP figures
The UK economy contracted unexpectedly during the fourth quarter of 2010 after activity was hampered by unusually cold weather. According to preliminary estimates from the Office for National Statistics (ONS), the economy shrank by 0.5% quarter on quarter. The economy contracted during the final three months of 2010 after growing by 0.7% during the third[.....]
Time to start saving
Total UK personal debt had reached £1,454bn by November 2010, according to figures from Credit Action – more money than the whole country produces in a year and a sum that equates to around £8,500 per household. Contrast that with the nation’s current savings levels, which have seen the average household save just £996 over[.....]
