Contact

News & Insights

NEWS WRAP – Interest Rate Debate – Trust in Growth or Manage Risk?

Employment data from the Office for National Statistics further underlined the positive mood, with the UK unemployment rate unchanged at 3.8 per cent. The figures showed the employment rate at an all-time high of 76.3 per cent, thanks to a 208,000 increase in the number of people in employment during the quarter.**

Interest rates may be approaching an all-time low but, given the overall economic picture, many argued that it was hard to see how the Bank of England’s Monetary Policy Committee (MPC) could justify interest rate cuts at a time of such unfettered growth.

However, others speculated that an interest rate cut would be a sound strategy to manage economic risks in the short to medium term, rather than delaying a rate cut until the economic picture had deteriorated. Furthermore, as the deadline neared for the Bank of England’s decision, other factors came into play, not least the economic impact of the coronavirus outbreak in China as well as the situation at telecommunications giant BT, which saw a 3% drop in revenues in the last quarter, and a 4% fall in core profits which they largely attribute to the impact of the Huawei ruling.***

Furthermore, it was also reported that the number of personal insolvencies in the UK reached its highest level since 2010, with the Insolvency Service reporting 122,181 personal insolvencies in 2019 – up 6% on 2018.

In the end Mark Carney, in his last major act as governor of the Bank of England, announced the MPC’s decision to opt against an interest rate cut but, as many news outlets reported, it had been a knife-edge decision.

Blacktower FM, managing risk to protect and grow your wealth

Blacktower Financial Management (International) Ltd. provides qualified and regulated advice to expats across Europe to help them prepare for a brighter financial and retirement future.

We have offices across Europe, as well as in the UK and have been providing wealth management advice for more than thirty years. Contact your local office today for independent international financial advice which takes into consideration all the local and national economic factors relevant to your personal situation.

* https://www.rightmove.co.uk/news/house-price-index/

** https://www.ons.gov.uk/employmentandlabourmarket/peoplenotinwork/unemployment

*** https://uk.reuters.com/article/uk-bt-outlook/bt-warns-of-500-million-pounds-hit-from-british-limits-on-huawei-idUKKBN1ZT0MJ

**** https://www.theguardian.com/money/2020/jan/30/personal-insolvencies-jump-to-nine-year-high-in-england-and-wales

Other News

The tax advantages of living in Gibraltar

GibraltarLocated at the Southern tip of the Iberian Peninsula, the British overseas territory of Gibraltar looks South over the confluence of the Mediterranean Sea and the Atlantic Ocean. This small but strategically important isthmus of land, is home to over 32,000 people in just 6.7 km2 (2.6 miles2) of land. As a British crown dependency, the laws and language are those of the United Kingdom, but Spanish is also widely spoken along with the hybridised form of the two known as Llanito. Due to its location and close links with the UK, Gibraltar has long been a favoured destination by British expats looking for sunnier climes and an attractive tax regime. Although it’s not quite as well-known as some other offshore territories such as Monaco and the Cayman Islands, Gibraltar tax rates make it a very attractive choice for anyone looking to relocate within easy striking distance of the UK and Western Europe.

Read More

Blacktower MD, John Westwood, to take FEIFA forward into Brexit as Chairman

John Westwood, Managing Director and founder of The Blacktower Group, has taken up the post of Chairman at FEIFA, the Federation of European Independent Financial Advisers, following the trade association’s AGM on 21st September. Following two years as an Executive Committee Member John is both pleased and proud to take on this important role.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information:

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.