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The constant news about economic troubles around the world is depressing. There is a fairly high chance that the eurozone will have to alter dramatically – many will say “not before time” and probably “we told you so”. There are obvious advantages to a stable European market and it is certainly helpful to commerce and travellers to have reduced complexity with a single currency.
The problem though is something rather more fundamental that Europe seems to forget on a frequent basis. One size does not fit all. There are cultural differences and ways of living that differ between nations (indeed we are aware of this even within our own small island). We can be thankful to Gordon Brown for not taking the UK into the Euro, which his then boss (Tony Blair) was very keen to do. Certainly it would be nice to live in a world where each nation values life and personal freedoms, but we are acutely aware that this is not the case in many parts of the world, including Europe and on occasion even here within Britain.
This weekend, finance ministers will be meeting in Poland to discuss and hopefully take action on the problems relating to the Greek national debt. However, before we rush to chasten the Greeks, our own situation is not that much better and the North American (USA) numbers are even more terrifying. Change is needed and this needs to be done thoughtfully and carefully. The problems are enormous, but we are (well I certainly include myself) not without hope, which reminded me of this rather powerful little poem.
https://www.youtube.com/watch?v=42E2fAWM6rA
Dominic Thomas
Solomons IFA
You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk
Image from WGC website |
Like most people in work, my job involves rather more than simply the job description, which is a good thing I guess. By way of example, a typical week tends to involve at least one training seminar and probably one or two exploratory meetings with various industry consultants.
One Year Deposit
Online: Skipton 3.45%
Bank: Santander 4.20%
Building Society Barnsley 5.00%
Two Year Deposit
Online: Nottingham 4.00%
Bank: Yorkshire 3.82%
Building Society: National Counties 3.76%
Instant Access
Online: Derbyshire 3.18%
Bank: Santander 2.50%
Building Society: Nottingham 3.25%
Fixed Rate Cash ISA
Online: Clydesdale 4.50%
Bank: Clydesdale 4.50%
Building Society: Barnsley 5.00%
Variable Rate Cash ISA
Online: AA 3.05%
Bank: Santander 4.00%
Building Society: Newcastle 3.00%
Dominic Thomas
Solomons IFA
You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk
Following a turbulent time on the markets and the Americans effectively outlining that they will hold their rates for 2 years, it was little surprise that the Bank of England announced that the base rate would remain at 0.50% today. The economic data about the UK and other economies is looking pretty poor and whilst normally rates should be rising (to dampen inflationary pressures) they are “unable” to do so without potentially damaging growth.
The Federal Reserve committee members have been pushing for the Fed to produce more explicit information about longer-term interest rate plans. They made positive steps forward in this regard by agreeing that the target range for Fed rates is 0 – 0.25% until mid 2013.
There is a little bit of smoke and mirrors going on though. Rising inflation is good for debt as it reduces it in real terms. The concern about inflation seems to be evident in that National Savings (NS&I) withdrew their index-linked (inflation-linked) certificates, which suggests that a good deal should not be too good.
Dominic Thomas
Solomons IFA
You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk
One Year Deposit
Online: Vanquis 3.45%
Bank: Santander 4.05%
Building Society: Barnsley 5.00%
Two Year Deposit
Online: Nottingham 4.00%
Bank: The Co-Operative 3.75%
Building Society: National Counties 3.76%
Instant Access
Online: West Bromwich 3.17%
Bank: Santander 2.50%
Building Society: Nottingham 3.25%
Fixed Rate Cash ISA
Online: Clydesdale 4.50%
Bank: Clydesdale 4.50%
Building Society: Barnsley 5.00%
Variable Rate Cash ISA
Online: AA 3.05%
Bank: Santander 4.00%
Building Society: Newcastle 3.00%
Of course none of these rates look good when you consider that RPI is currently running at 5.0% and CPI is 4.40% (according the Office for National Statistics). In fact cash currently locks into a guaranteed loss in real terms.
At the risk of sounding stupid, this is not advice. It is merely a list of some of the best rates currently available. However I advise caution, some banks and building society accounts are not quite what it says on the tin. Some are linked to the stock market – which to my mind is virtually the opposite of deposit. The FSA know this, but so far I have not seen any action by them, though in fairness they are keen to prevent misleading advertising within financial
Dominic Thomas
Solomons IFA
You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk
Ruby Wax is currently on tour with her comedy show “Losing It” in which she partners musician Judith Owen. Having completed a stint at the Edinburgh Fringe and pilots throughout NHS hospitals they have brought the show to the Duchess Theatre in the West End.
The show is poignant and hilarious in parts, relating Ruby’s much publicised struggle with mental illness. She provides some great insights and finds humour in the madness of contemporary life. The pair intend to get the discussion started about the supposedly taboo subject of mental health, which suggests that 1 in 4 adults will suffer from poor mental health at some point in their lives. I’m not sure about the accuracy of the statistics or how this is measured and it would seem that all of us are prone to depression at times. The main thing about mental illness is that it is not generally well understood. A broken arm or serious illness such as cancer invokes sympathy generally, but mental health problems are often dismissed as they are not seen in the same manner. This makes life harder for those suffering with the problem.
One has to wonder at the madness displayed rather obviously in the media and financial services sector. An industry full of people believing that repeating the same behaviour will lead to a different outcome, despite the evidence and experience of the opposite. I could rant on for ages about this, but in essence the credit crunch happened and nothing has really altered to stop it happening again. Indeed the madness is that as taxpayers we merely handed over lots of money to some very overpaid people who have not yet been made to change their ways. Frankly much delusion exists within financial services and I see evidence of it each week. So the latest revelations of the former Prime Minister and his Chancellor being “at odds” with one another over economic policy, but left in charge of the country and then their plans initially being lauded as “leadership” is hardly surprising.
However, unlike Ruby, who seemed to suggest that pill popping was the answer (which it may be in part, but certainly is not the entire solution) the pill popping of quantitative easing is only a temporary measure. The fundamental reasons and cracks in the system need to be properly examined. There are no easy answers, but only because the questions are pretty difficult and painful to ask, sometimes scary to ask. The markets are finally coming around from a heavy dose of antidepressants, but now the hard work must begin with some thoughtful, serious thinking and counselling of experts who may well think there is another way to live. This sort of work takes time (good therapy does). Some of it will be painful, but real change won’t simply happen – it has to be thoughtfully planned and implemented. There are no shortcuts.
Ruby Wax’s show is running in London until 1st October. It’s a good show, although the second half (a Q&A session) is probably much more hit and miss. If you have an interest in mental health issues, perhaps because of someone you know, SANE are running events with Ruby Wax at the Duchess Theatre on Tuesday’s.
Dominic Thomas
Solomons IFA
You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk