Money Tips Daily by Charles Kelly, former IFA and author of

The national debt reached £2.08 trillion by October 2020, up £276.3bn since the start of the financial year.

Monthly borrowing, required because the treasury is spending more than it earns in taxes due to the recession, reached over £40bn in April and close to that again in May of this year following the first lockdown. Borrowing is on target to exceed £300bn for the year since the start of the coronavirus crisis.

The UK economy bounced back in the third quarter, but will falter again due to the current second lockdown which is killing businesses and jobs. Two more high street clothing chains went into administration this week putting thousands more jobs at risk.

UK debt exceeds the size of the UK economy, with debt having reached 100.8% of the country's gross domestic product (GDP).

Debt levels of this magnitude have not been seen since the early 1960s while paying off the debts of World War Two.

Whilst the government always repays debt on due dates, it has to borrow new money - and take on more debt - to do so, like people do when living on credit cards or “robbing Peter to pay Paul”.

More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Heal your money wounds the Japanese way with Ken HondaJapan’s #1 bestselling personal development guru. Ken will take you on a journey where he will teach you the Japanese art of healing your money wounds and making peace with your money. Too often, money is a source of fear, stress, and anger, often breaking apart relationships and even ruining lives. We like to think money is the centre of our lives and everything depends on our financial status, but Ken challenges our beliefs to install more liberating perceptions of money and delivers concrete tools that have the power to change your life. Click to join his free masterclass – Click: https://bit.ly/2GqyYki

As most of the UK goes into the second lockdown this year, Chancellor Rishi Sunak has changed direction by extending the furlough scheme until the end of March and promising more generous help for self-employed people.

Barely a week ago the Chancellor announced £22 billion package of aid for businesses affected by Covid restrictions, but infection rates have continued to climb forcing the government to adopt a new approach.

Support through the Self-Employment Income Support Scheme (SEISS) will be increased, with the third grant covering November to January calculated at 80% of average trading profits, up to a maximum of £7,500.

However, millions of small business owners are slipping through the net and will not qualify for any help.

Stock markets went up and house prices have hit new highs following the bad news during the worst economic crisis since the second world war!

More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Heal your money wounds the Japanese way with Ken HondaJapan’s #1 bestselling personal development guru. Ken will take you on a journey where he will teach you the Japanese art of healing your money wounds and making peace with your money. Too often, money is a source of fear, stress, and anger, often breaking apart relationships and even ruining lives. We like to think money is the centre of our lives and everything depends on our financial status, but Ken challenges our beliefs to install more liberating perceptions of money and delivers concrete tools that have the power to change your life. Click to join his free masterclass – Click: https://bit.ly/2GqyYki

UK house prices went up again in October, at the fastest rate for five years, as buyers scrambled to beat next year's stamp duty deadline, the Nationwide Building Society reports.

Annual house price growth rose to 5.8% and the average price is now £227,826.

A similar survey by the Halifax show an even higher annual growth rate of 7.3%

For the next five months, buyers of properties valued at up to £500,000 in England and Northern Ireland will not have to pay stamp duty on the purchase. Second home buyers and buy-to-let investors will still have to stump up the 3% tax grab surcharge.

How long will the boom last?

Booms are usually followed by bust, something which has not escaped the attention of the Bank of England. Official figures released by the central bank this week revealed that home-buyer mortgage approval climbed to a 13-year high in September.

There are fears that the market is heading for a cliff-edge with potential buyers possibly pulling out of transactions in 2021 if they cannot meet the stamp duty deadline.

The BBC reports that NAEA Propertymark has called for action to avoid the cliff-edge by extending the deadline.

As the current furlough scheme comes to a close unemployment figures could rise rapidly leading to lower buyer demand and rising repossessions.

A second wave of Covid 19 is sweeping the country forcing regional lockdowns and restriction, which could stall economic recovery.

More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Heal your money wounds the Japanese way with Ken HondaJapan’s #1 bestselling personal development guru. Ken will take you on a journey where he will teach you the Japanese art of healing your money wounds and making peace with your money. Too often, money is a source of fear, stress, and anger, often breaking apart relationships and even ruining lives. We like to think money is the centre of our lives and everything depends on our financial status, but Ken challenges our beliefs to install more liberating perceptions of money and delivers concrete tools that have the power to change your life. Click to join his free masterclass – Click: https://bit.ly/2GqyYki

Chancellor announces £22 billion package of aid for businesses affected by new covid restrictions.

Rishi Sunak promised grants of up to £2,100 a month for ‘Tier 2’ companies that are not forced to close but are struggling to be commercially viable.

As many as 150,000 businesses could qualify for the payments, which could cost the Treasury £1.2billion.

The new Job Support Scheme replaces the furlough and will be extended to firms that are legally allowed to open.

It will be more generous allowing employers to pay just 5 per cent of staff wages, while the minimum threshold for hours worked will be reduced to one day.

If an estimated two million people enrol, it could cost the Treasury £6billion.

Mr Sunak also increased grants for self-employed workers to 40 per cent of the average profits, up to a maximum of £3,750 a month, which could cost about £3billion.

Government borrowing was revealed to be running at £1billion a day during the pandemic.

More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Heal your money wounds the Japanese way with Ken HondaJapan’s #1 bestselling personal development guru. Ken will take you on a journey where he will teach you the Japanese art of healing your money wounds and making peace with your money. Too often, money is a source of fear, stress, and anger, often breaking apart relationships and even ruining lives. We like to think money is the centre of our lives and everything depends on our financial status, but Ken challenges our beliefs to install more liberating perceptions of money and delivers concrete tools that have the power to change your life. Click to join his free masterclass – Click: https://bit.ly/2GqyYki

Emergency help for energy bills announced by Ofgem

The UK Energy regulator, Ofgem will introduce new rules from 15 December to help vulnerable customers struggling to pay their energy bills this winter.

Gas and electricity suppliers will be required to offer customers cannot top up prepayment meters emergency credit.

Where customers are in debt, suppliers must put them on "realistic and sustainable" repayment plans.

This comes as Ofgem are cutting the price cap on default tariffs and prepayment meters, due to falling gas wholesale prices, which means up to £95 lower energy bills for millions of people this winter.

More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com

· Centrica share price in decline

· Welsh Government lockdown

· UK state pension age rises to 66

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Heal your money wounds the Japanese way with Ken HondaJapan’s #1 bestselling personal development guru. Ken will take you on a journey where he will teach you the Japanese art of healing your money wounds and making peace with your money. Too often, money is a source of fear, stress, and anger, often breaking apart relationships and even ruining lives. We like to think money is the centre of our lives and everything depends on our financial status, but Ken challenges our beliefs to install more liberating perceptions of money and delivers concrete tools that have the power to change your life. Click to join his free masterclass – Click: https://bit.ly/2GqyYki

Today in Parliament, Boris Johnson announced further lockdown measures and business closures in selected cities where infection rates have increased.

Liverpool and Nottingham are among the cities where businesses such as gaming will be forced to close.

Last week, Chancellor Rishi Sunak Employees announced that people working for UK firms forced to shut by law because of coronavirus restrictions will receive two-thirds of their wages paid for by the government.

The scheme starts on 1 November for six months and could cost hundreds of millions of pounds a month according to a Treasury source speaking to the BBC.

Full articles available at Money Tips Podcast - www.moneytipsdaily.com

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Heal your money wounds the Japanese way with Ken HondaJapan’s #1 bestselling personal development guru. Ken will take you on a journey where he will teach you the Japanese art of healing your money wounds and making peace with your money. Too often, money is a source of fear, stress, and anger, often breaking apart relationships and even ruining lives. We like to think money is the centre of our lives and everything depends on our financial status, but Ken challenges our beliefs to install more liberating perceptions of money and delivers concrete tools that have the power to change your life. Click to join his free masterclass – Click: https://bit.ly/2GqyYki

UK state pension age rises to 66 and will eventually reach 68 or even 70

The state pension ‘Ponzi’ scheme becomes harder to fund as people live longer and the demographic ratio of working to retired people changes. There is no fund and the scheme relies on new entrants to pay out people in retirement.

The age at which the majority of UK retirees qualify for the state pension has now officially changed to 66 following rises in the qualifying age in the last few years.

For men and women born between...Full articles available at Money Tips Podcast - www.moneytipsdaily.com

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Heal your money wounds the Japanese way with Ken HondaJapan’s #1 bestselling personal development guru. Ken will take you on a journey where he will teach you the Japanese art of healing your money wounds and making peace with your money. Too often, money is a source of fear, stress, and anger, often breaking apart relationships and even ruining lives. We like to think money is the centre of our lives and everything depends on our financial status, but Ken challenges our beliefs to install more liberating perceptions of money and delivers concrete tools that have the power to change your life. Click to join his free masterclass – Click: https://bit.ly/2GqyYki

You may have heard the saying, “rich as Croesus”. Meaning that you have to exceeding wealthy to be richer than the king of Lydia in Asia Minor in 560 BC. He is believed to be the first person to mint coins as “money” from gold, although I visited a ruin in Rome where the Italian guid said the Romans first minted coins and coined the phrase which became known as money. Why was Croesus fabulously wealthy? He formed and controlled his own currency which dominated the region.

Now others want to form their own currency and dominate the financial markets.

Is it a currency or just a speculative investment?

But are cryptocurrencies, such as bitcoin, the answer or are they, in the words of Warren Buffett, a “mirage”?

Buffet has called it wrong on previous technological revolutions, but you have to sit up and listen to one of the greatest investors and richest men in the world.

The leading and most well-known cryptocurrency is bitcoin. In the last five years, the price of a single digital bitcoin has risen from $263 to over $10,000.

It rose to $17,000 in 2017 and failed to just over $3000 a year later and doubled since March 2020, as soon investors sought a “safe” haven for their cash during the financial crisis.

What is Cryptocurrency?

Cryptocurrency is a digital assets design to become a medium of exchange where individual coin ownership records are stored on a ledger in the form of a computerised database records known as the blockchain.

The US dollar is the world reserve currency, which gives America a tremendous advantage because other countries need to change their currency into dollars to trade internationally.

China is launching its own digital currency based on its paper currency, the Yuan. Although not the same as a cryptocurrency, China would like to break America’s dominance in the financial markets and become the most widely used international currency.

How do you buy a Cryptocurrency such as a bitcoin?

The answer is you exchange your real money dollars or pounds for digital bitcoin stored in a “wallet”, which comes in various forms.

When you sell it, you get back your dollars or pounds.

Bitcoin is not a practical and real currency accepted by markets and governments. You cannot go  to your supermarket and pay for your shopping in cryptocurrency.  Digital currency is coming as the banks try to phase out money using “Covid 19” as an excuse.

Furthermore, if you accepted payment in bitcoin in December 2017 when the price of one coin was equivalent to $17,000, a year later that bitcoin would be worth $3000.

There are other contenders for the digital currency market, including Facebook with their libra currency.

Some form of digital currency will eventually replace paper money.

Money Tips Podcast - www.moneytipsdaily.com

Heal your money wounds the Japanese way with Ken HondaJapan’s #1 bestselling personal development guru. Ken will take you on a journey where he will teach you the Japanese art of healing your money wounds and making peace with your money. Too often, money is a source of fear, stress, and anger, often breaking apart relationships and even ruining lives. We like to think money is the centre of our lives and everything depends on our financial status, but Ken challenges our beliefs to install more liberating perceptions of money and delivers concrete tools that have the power to change your life. Click to join his free masterclass – Click: https://bit.ly/2GqyYki

UK house prices soar by 5% in September as mortgage approvals hit 13-year high

UK house prices were up 5%, the highest growth rate in four years, in September year on year, according to the Nationwide Building Society’s lending data.

Mortgage lending also rose, reaching a 13-year high, as the property market experienced increased post-lockdown demand.

However, job loss fears and tighter mortgage lending criteria forced many young people to delay buying a property.

Activity has partly increased due to the temporary stamp duty holiday, which means no tax is paid on the first £500,000 of all property sales in England and Northern Ireland until the end of March.

However, some estate agents are saying that there is a “mixed bag” of demand, with some properties selling faster than others, for instance four-bed houses with space for a home office.

London based agents are reporting a “buyers’ market” with room for negotiation on properties for sale in the capital. Maybe the new ‘work from home’ pattern is encouraging young people to move out of city centres, where they have more space and can afford larger properties?

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

New Job Support Scheme unveiled by UK Chancellor to stop mass unemployment

Chancellor Rishi Sunak has announced the Jobs Support Scheme, replacing the job retention furlough scheme, giving people in work three quarters of their normal salaries for six months.

The UK government will be topping up wages of workers who have not been able to return to the workplace full time due to the coronavirus, instead of paying people to stay at home.

Sunak hopes the new £300 million a month package, starting on 1 November, will prevent mass job cuts when the furlough scheme ends next month on 31 October.

Around three million workers representing 12% of the UK workforce, are benefiting from partial or full furlough leave, according to figures.

The government wants to support the wages of people in work, giving viable “businesses who face depressed demand the option of keeping employees in a job on shorter hours, rather than making them redundant," Mr Sunak said.

He will "support only viable jobs" as opposed to jobs that only exist because the government is continuing to subsidise the wages, adding that he "cannot save every business and save every job."

Mr Sunak also offered businesses that have borrowed money through the government's loan scheme more time to repay the money.

The VAT cut for hospitality and tourism companies will be extended until March.

The chancellor announced that small businesses who took out "Bounce Back" loans can use the new “Pay as You Grow” flexible repayment system, which means repayments on borrowings can be spread over 10 years instead of the original six-year term.

The government rescue packages since March are the largest series of measures since the second world war, leaving the UK with a £300 billion deficit.

Meanwhile, the stock and property markets remain high and employers welcomed the new job scheme.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com