News & Insights

Could Brexit be Guy Fawkes in disguise?

Immediately on hearing the news, market impacts were felt.   The shares in FTSE dropped and the pound’s value started to improve against the dollar and the euro.  Uncertainty in the political climate is always going to be bad for the markets and this decision now provides us with more questions than answers.

Theresa May is a supporter of remaining in the EU but since she has become Prime Minister she has fought hard to make sure the will of the British people is carried through following the result of the referendum – indicating the public wanted a Brexit.  

This latest High Court ruling could have major ramifications. Consider that parliament objects to Article 50 being triggered.  We know that the whole of the Labour Party and SNP will fight for a new referendum and a good many of the other MP’s may have their own agendas.  The public could be furious.  Brexiteers have been passionate in their support  – and look at what happened in the lead up to the EU Referendum.

This could be just the start of an uprising and could in fact be just the completion of the Guy Fawkes master plan in blowing up the Houses of Parliament.

What does this mean financially for expats?  Good advice is even more important than ever.  Considering what your needs are now and will be in the future.  We might see a spike in the pound’s value and that may be a time to exchange a portion of Currency.  Expats in Spain may be excited about the fact that Brexit might not actually happen but in reality, I cannot see that happening.  In this world though, you can never say never; could you imagine Donald Trump being presidential candidate just two years ago?


Other News

Pension freedoms are being compromised

It has been reported recently that the new pension freedoms are not that easy to take advantage of.  Savers looking to move their funds from an under-performing pension often find that there is a high price to pay for the privilege. All too many fund managers slap hefty charges on disgruntled customers looking to make a getaway, in the shape of exit fees. These can eat up as much as five or ten per cent of your pension and also prevent many savers from taking advantage of new pension freedoms. 

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The triple lock remains after Tory-DUP deal… but for how long?

Open padlockConcerns that the triple lock system is on its last legs are not new. But while the triple lock’s future has looked tenuous for a while, it has managed to survive the deal between the Conservative Party and the Democratic Union Party.

The Tories had previously planned to get rid of the triple lock – a mechanism to ensure the state pension rises either by the rate of inflation, wage growth, or by 2.5% (whichever is highest) every year – in 2020, replacing it with a double lock (which would remove the 2.5% element). But losing a parliamentary majority has caused the party to make a U-turn (probably because the DUP were strong supporters of the system staying put), and there was no mention of the triple-lock’s abolition in the Queen’s Speech.

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