Welcome to your festive update from Team DFP. In this Christmas edition, we bring you all the latest news on pensions, business loans, inflation, and some exciting news about our website.
But first, after a year like no other, our Director, Liam Winstanley, wanted to spread some festive cheer with a message of thanks to you, our valued clients. Enjoy.
A Christmas message from our Director…
“As we approach the end of 2020 and head into what we all hope will be a brighter 2021 for our families and friends, I wanted to share a personal Christmas message with you all.”
“Firstly, I’d like to thank you for your continued support for our business. This year has seen our advice, counsel and experience called upon like never before. Our expertise - and our value - has truly been put to the test during this pandemic. Whether it be guiding a path through volatile markets, helping people buy their first homes, or helping people retire securely, your feedback is telling us that we’ve passed that test.”
“We have been proud to be ‘in your corner’ this year.”
“So, please do have a lovely Christmas and spend as much time with your families as you can (be it in your Christmas bubbles or via video/telephone means) and we look forward to advising you again in 2021!”
In the news…
The government’s financial support for businesses has been a source of scrutiny throughout 2020, and remains an issue - both for politicians and business owners - as we head into the New Year. According to the Financial Times, the UK government are ‘planning to launch a permanent replacement for their COVID loans programme, with new state-backed guarantees to support bank lending to small and medium-sized businesses.’
With plans yet to be finalised, it’s estimated that a new loan scheme could carry a guarantee of as much as 80% for business loans worth up to £10m. Read more, here.
Elsewhere, the government has also launched a consultation to improve the funding that’s made available to pension bodies via the General Levy. The consultation will assess proposals to change the structure of the Levy, as well as raising rates from next April.
The Levy is the annual charge paid out by pension schemes. It helps fund the development costs for the pensions’ dashboard, as well as the three pensions’ bodies sponsored by the DWP:
- The Pensions Regulator
- The Pensions Ombudsman
- The Money and Pensions Service.
And, while we’re on the subject of potential legislative changes, a reminder that changes to IR35 in the private sector are now little over 100 days away. As you may have seen, we have a comprehensive guide on what’s changing, who’s affected, and how you can prepare. Click here to read in full.
This month’s featured article…
You may have heard a lot of talk recently about ‘inflation’, and the impact it has on the nation’s finances. But many people don’t fully appreciate the influence that inflation has on how far the pennies in our pocket are able to go. Latest figures show that UK inflation has fallen to 0.3%. That’s 10 times smaller than it was three years ago.
So, what does it mean? In short, inflation is “the rate at which the prices for goods and services increases”. It affects everything from mortgages and loans to the price of a toastie or a tank of fuel. The less inflation, the further your money is likely to stretch. However, a small amount of inflation tends to encourage shoppers to buy products sooner, and also makes it easier for companies to increase salaries.
This month’s featured article from BBC Business takes an in-depth look at inflation, how it’s measured, and its current - and historical - impact on UK spenders.
BBC News Business: ‘What is the UK's inflation rate?’
We’re excited to bring you more details on a brand new section of the Danbro Financial Planning website, dedicated solely to helping our clients access the best mortgage and protection deals on the market.
As many of you know, earlier this year we added specialist mortgage and insurance services to our financial planning solutions, with Sharon Kennedy joining the team back in April. It’s been wonderful to see so many people engage with Sharon, and this important, additional aspect of our service. Creating an online presence for our mortgage and insurance service is a natural step to take, and one which will make it quicker and easier for you to understand and locate the service you need.
Among the new features launching next month, is:
- An interactive mortgage calculator
- An updated service list
- Integrated social media buttons for improved communication
- In-depth advice and guidance on the very best mortgage and protection products on the market
Stay tuned for more updates in the coming weeks.
In the meantime, from all of us here at Danbro Financial Planning: stay safe, take care, and have a very merry Christmas and a happy, healthy New Year. See you in 2021!