Financial Focus: Summer 2022

In this issue…

Financial concerns are taking hold in an increasing number of households. The Chancellor’s promise of a £400 discount on everyone’s gas bill this year will be a welcome relief for many, but with petrol prices at eye-watering levels it’s not going to fix everything. Those nearing retirement may have to consider their options carefully. Rising inflation exacerbates existing concerns about funding a longer retirement, so there may be changes you could make to improve your standard of living in your later years. If you’re not already a higher rate taxpayer, you could be soon. The Office for Budget Responsibility is predicting nearly 20% of taxpayers will be in the top bracket by 2025/26 and with inflation also affecting real returns on investments, wealth erosion is affecting all areas of finance. Meanwhile, if you are looking forward to a long-awaited trip to Europe this summer, be aware of additional costs you may need to factor in since Brexit and Covid-19.