How does your deposit get to where it needs to be, who do you pay relevant fees to and when, and possibly most importantly, who has your keys?   Our infograph below may help.

US: Light at the end of the tunnel for debt ceiling negotiations

The biggest catalyst for the week appeared to be a notable change in the tone around negotiations of the debt ceiling. President Joe Biden stated he was confident there will be no default, while Republican House Speaker Kevin McCarthy called a deal “doable” and Democratic Senate Leader Chuck Schumer stated that the only path forward was via a bipartisan deal. In terms of economic data, retail sales rose in April but did so at the slowest annual pace since the onset of the pand...

US: Investors weigh inflation data and concerns on debt ceiling

Headline consumer price inflation slowed to 4.9% over the year ending in April, the slowest pace in two years. Despite this, there are still policymakers suggesting that it would be unlikely that interest rates would come down this year. Along with banking stresses and tightening credit conditions, another factor weighing on sentiment seemed, to the upcoming deadline, to increase the debt ceiling. U.S. Treasury Secretary Janet Yellen has warned that the deadline could come as e...

The rise in the BoE rate to 4.5% was predicted in the markets and comes on the back of the Fed (US) and ECB (European) rate rises last week. The long-term forecast is for inflation to fall this year, but as inflation is proving harder to reduce the Bank has again, increased rates today.

What does this mean for you?

If you have a mortgage:

Fixed rate: your monthly payments won't be affected right now.

Tracker rate: you will already have seen an increase to your monthly payments and are likely to see further rises.

Variable rate: you may ...

Looking for your first home, but the mortgage market is huge and you’re not sure which lender is right for you or how to go about it. What next?

Our infograph below may help.

US: Higher interest rates for longer?

As expected, the Federal Reserve raised interest rates by 0.25% points but indicated that they did not expect to cut interest rates as quickly as investors might expect. The prospect of higher interest rates for longer weighed on markets, as did the increasing uneasiness surrounding the need to raise the US debt ceiling, with indications that the US might not be able to meet its debt obligation as early as June. Volatility in the shares of regional banks rose as further regional banks look for lifelines...

The new tax year on 6 April 2023 is a great time to review your finances.

The new tax year means annual allowances are reset and ready to be reused – to help you make the most of your money. This year more than ever, with interest rates and inflation on the rise, it’s a great time to review your pensions and investments.

Note: The following figures apply to the 2023/2024 tax year, which starts on 6 April 2023 and ends on 5 April 2024.

ISAs

The maximum you can invest across your ISAs is £20,000 (if it’s a cash ISA, stocks and shares ISA o...

US: Further turmoil in banking sector

It was a busy week in the US, with many companies reporting results for the first three months of 2023. Notably, returns for the week were drive by four big technology stocks. However other sectors performed poorly as signs of economic stress began appearing, notable in the manufacturing activity data. Renewed turmoil in the banking industry also heightened fears of a slowdown and possible recession. Following days of volatility, JPMorgan Chase has agreed to acquire most of First Republic Bank after US ...

Inflation and cost of living are two topics constantly on the tips of our tongues lately.  The Openwork Partnership have put together the below infographic to show the changes from March ’22 to March ’23.