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Trumpism

 What followed over the next 8 years was one of the most successful economic periods in American history.

  • 20 million new jobs created
  • Inflation dropped from 13.5% in 1980 to 4.1% in 1988
  • Unemployment fell from 7.6% to 5.5%
  • Net worth of average earning families grew by 27%
  • Real gross national product rose 26%
  • Interest rates down from 21.5% in 1980 to 10% in 1988

You know when a period of economic success has taken place when they name it after the leader and the term Reaganism economic policy is now embedded into American political history. It is true that Reagan held a degree in Economics but Donald Trump’s personal economic record is not too shabby either.

I have a feeling that Trump would be fired up to prove the world wrong and would want to make America great again. The American and world economy would be something he would take on as a personal challenge to establish his own place in history and he does seem to have the Midas touch.

How a President Trump would affect Europe is anyone’s guess.  Hopefully he would listen to his advisers and not continue to poke his nose into the affairs of Europe.  Criticising Merkel and other European leaders is not something that will build relationships and let us hope that the comments he is making about European policies on immigration, for example, are just his own electioneering.

What is needed is something to give the markets a boost.  Shares have continued to spiral downwards over a prolonged period and the price of Oil is continuing to float around the $30 a barrel price – though whether this is due to the normal supply and demand factors or whether it is due to the USA controlling the price by flooding the market for their own political reasons is another question.

 

Other News

FCA and TPR Join Forces to Improve Outcomes

This month the two main pensions regulatory bodies, the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR), announced that they have joined forces to improve the prospects of retirees and pension savers. Previously, the two have worked together in an attempt to protect savers from pension scams.

The fact that the two regulators are thinking big by developing a strategy for the next five to ten years is good news as it gives some time for objectives to be fully understood and reached, and the published strategy will hopefully lead to greater numbers of savers having sufficient income once they reach retirement.

Initially, the two regulators oversaw a comprehensive review of the consumer pensions experience – particularly regarding how and why savers make the decisions they do. The published strategy now seeks to encourage pension providers to increase value for money, with an enforcement of standards and principles amongst the pension industry a key component of this aim.

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Britons stash over £1bn at home as interest rates on savings dwindle

I read an interesting report this week that brought a smile to my face.  It appears that over seven million Britons stash cash away in their homes, with around £1.3 billion languishing in spots such as piggy banks, teapots and even freezers. Drawn by the convenience of having cash to hand and dismayed by dismal interest rates, British adults are squirrelling away sizeable sums at home, it has been reported. 

Only 27 per cent said they were happy with the interest rates accruing on their savings, with many adults saying their children now save more in bank accounts than they do. On average, people said they would need to be able to generate at least £120 in additional interest a year to be persuaded to move their money.

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