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Unless you’ve recently emerged from under a rather large rock, you’ll be aware that the country has elected a new government. On Thursday, the British public went to the polls, with Sir Kier Starmer’s Labour Party sweeping to victory.

In this month’s featured article, we’ve taken a deep dive into Labour’s manifesto, looking into their economic and legislative proposals to try and understand what the introduction of a new government will mean for you and your finances. Find out more in the section below.

Away from the election, per se, one of the major stories we’ve seen this month is that the UK economy is now out of recession, however growth remains limited. With a GDP of 0% month on month, it appears that the economy has now stabilised but is still struggling to tip back into growth. Consequently, major UK lenders, including Starling Bank, have set aside additional reserves of cash to account for losses on loans, with ‘ongoing uncertainty regarding the residual impact of cost of living on affordability’ predicted to lead to an increase in loan arrears. We – amongst millions of others – will be keeping a close eye on this over the coming months to see how the economy performs post-election.

In the wonderful world of financial services, Tenet Group, whose operations included financial advice networks and adviser regulatory and compliance services, entered into administration, leaving many advisers without the regulatory status required to provide financial advice. Danbro Financial Planning, as an Appointed Representative of Sense Network, is not affected by this.

Elsewhere, the UK’s rent rise is finally slowing, with the average rise of 6.6% being the lowest in 30 months, indicative of an ease in demand. While hardly a boon for renters, it is at least a move towards the 5% fall for which the market remains on track to hit by the end of 2024.

In other cost of living news, the Ofgem energy price cap dropped by 7% on July 1st in England, Scotland and Wales. This should offer a reduction in the unit price of gas and electricity payable on standard variable tariffs.

Featured Article: Labour Wins 2024 UK General Election – What could this mean for personal finance?

As you’ve no doubt seen, last night saw the Labour Party win the UK General Election. This prompted a victory speech delivered by Keir Starmer, with the statement ‘change begins now’. But what are these changes and what could they mean for your personal finance? At Danbro Financial Planning, we’ve reviewed the proposals found in Labour’s manifesto and outlined potential changes in taxation, personal finance, investments, housing, and the broader economy. Head to our featured article to explore what might be ahead. 

On a Lighter Note…

June 6th marked the 80th Anniversary of the D-Day landings. Danbro Group CEO Helen Broughton MBE, in her capacity as Deputy Lieutenant of Lancashire, lit a beacon here at Jubilee House. One of hundreds lit across the nation, the beacon is emblematic of a ‘light of peace’ that emerged from the Darkness of War.

In addition to the beacon lighting, National Fish & Chips Day was moved to coincide with the D-Day anniversary, in recognition of the link between the quintessential dish and WWI & WWII. Not only was it one of the few food products that weren’t rationed (to avoid a detriment to morale), the term ‘Fish & Chips’ also became code used by soldiers behind enemy lines!

Helen Broughton MBE DL stood in front of D-Day Beacon

Disclaimer: The content of this newsletter is for your general information purposes only and does not constitute advice. It is not an offer to purchase or sell any particular asset and it does not contain all of the information which an investor may require in order to make an investment decision. Please obtain professional advice before entering into any new arrangement. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles.

Published July 5th 2024
Blog written by
liam-winstanley
Liam Winstanley
Director & Independent Financial Advisor at Danbro Financial Planning | Website

Liam Winstanley is a Chartered Financial Planner and Independent Financial Advisor. He has worked in financial services for well over two decades, specialising in wealth management and financial planning including things like pensions, investments, retirement planning, financial protection and estate plans.

Liam is the Director of Danbro Financial Planning and is passionate about delivering the very highest standards in service, ethics and professionalism within the financial sector.

Away from Danbro, Liam is an avid long-distance runner and also turns out for his local cricket side, Brinscall CC. He lives in Lancashire with his wife and son.

 

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