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Newsletter August 2020

Workers in hardest-hit sectors face retirement savings crisis

Many workers in sectors that shut down during the COVID-19 lockdown could be facing a retirement savings crisis, according to a report.

Scottish Widows polled 5,757 savers for its annual retirement report, which was undertaken in March 2020 – during the height of the pandemic.

More than two-thirds (67%) of retail workers fear running out of cash if they ever retire, while 62% of construction workers admit they are not saving enough.

Talk to us at Herts Essex Financial Services about your retirement plans. http://www.handefs.co.uk/our-services/pensions

Green homes grant to give £5,000 vouchers to homeowners

Homeowners and landlords in England will be given £5,000 in vouchers from next month to make their homes more energy-efficient.

Contact us for independent financial advice.

 Homebuyers get stamp duty holiday on the first £500,000

Chancellor Rishi Sunak has announced a temporary stamp duty land tax holiday to revive the flagging property market in England and Northern Ireland.

The move aims to help buyers who have taken a financial hit due to the COVID-19 pandemic, while also seeking to stop house prices from falling further in the months ahead.

 

8 July 2020 to 31 March 2021

Rate

Up to £500,000

0%

Over £500,000 to £925,000

5%

Over £925,000 to £1.5m

10%

Above £1.5m

12%

 Source: HM Treasury

 Get in touch with Herts & Essex Financial Services  for advice on buying a home. http://www.handefs.co.uk/our-services/mortgages

 UK economy rebounds slower than predicted after lockdown

The UK economy contracted by 19.1% in the three months to May 2020, suggesting hopes of a rapid post-lockdown rebound are wide of the mark.

The latest figures from the Office for National Statistics (ONS) revealed UK GDP grew by 1.8% in May, following declines of 6.9% in March and 20.4% in April.

Both the manufacturing and construction sectors grew 8% in May, while online sales in the retail sector surged to a new high.

Speak to us about your finances. http://www.handefs.co.uk/our-services/life-assurance

 Source: PracticeWeb August 2020

 

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