Money Tips Podcast

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Labour plans sweeping private rental reforms in the buy-to-let property market 

Labour's Shadow Levelling Up, Housing & Communities Secretary, Lisa Nandy, laid out the party's plans to reform the private rented sector on Monday. In her speech she essentially promised that, should Labour come to power, rent payments will be considered an ‘optional extra’ for tenants, with the party planning to end automatic repossessions for rent arrears. Source NRLA

Watch video version - https://youtu.be/oRXiwu_ekBQ

In this video we also talk about:

1 Pound, Dollar and Euro all at same rate

2 Pension funds dump shares and bonds, FT reports

3 UK economy grew by 0.2% in second quarter to avoid recession

4 Energy prices in the UK rise 1 October despite government cap

5 US stocks record longest run of quarterly losses since 2008 market crash

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The Bank of England may have to raise base interest rates again to prevent pound sterling from collapsing against the US dollar after it fell to an all-time low of just over parity 1.03 this week following the Friday’s mini-budget.

Please LIKE and SHARE this free content and watch until the end for a special offer.

Last week, the Chancellor Kwasi Kwarteng cut taxes, as well as Stamp Duty for 200,000 homebuyers to stimulate the property market a day after the Bank of England (BoE) raised the UK base interest rate from 1.75% to 2.25% to combat inflation warning that the country “may” already be in recession. 

The independent BoE move followed the Federal Reserve’s 0.75% hike last week putting further pressure on UK bonds and sterling.

Mortgage lenders have pulled fixed rate deals in anticipation of an early rate rise.

How high will interest rates go?

The Bank of England’s Monetary Policy Committee (MPC) meets in less than two week on 3 November and could be forced to raise rates again. The markets expects rates to rise to 4.5% by next year, which could push mortgage rates to over 7%, a level I have not seen for 20 years.

Now could be the time to get advice from a broker about fixing your mortgage rate for at least 3-5 years.

If you are already in a fixed rate deal and have a year or two left, you might want to consider switching to a longer-term rate even if you have to pay a small ERC – early redemption charge or penalty. Talk to a broker to weigh up the costs and benefits or do your own calculations by factoring in an interest rate of around 4.5%.

With 10% inflation and a weak pound, interest rates are on an upward trend, so take action now to protect yourself.

What can you do transform your finances and become financially free?

Are you struggling with money or the cost-of-living crisis?

To help you get through this and come out stronger at the other end I have prepared a brand-new training, which you can access right now from the comfort of your home.

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The Bank of England warns that the UK will enter the longest recession ever, as they raised interest rates by the highest level since 1989 to help fulfil their own prophecy.

Watch YouTube video - https://youtu.be/JsSToglvyls

• The Bank of England warns the UK facing longest recession since records began.
• Misery for mortgage borrowers as MPC raises interest rates by the most in 33 years to 3%.
• Base interest rates hiked again from 2.25% to 3% - the biggest jump since 1989.
• Banks predicts a "very challenging" 2-year slump with unemployment doubling by 2025.
• Bank hope to bring down soaring prices as the cost of living rises at its fastest rate in 40 years.

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The Chancellor Kwasi Kwarteng has cut Stamp Duty for 200,000 homebuyers to stimulate the property market a day after the Bank of England (BoE) has raised the UK base interest rate from 1.75% to 2.25% to combat inflation and warning that the country “may” already be in recession. A recession is officially measured by two negative growth quarters, which has not yet been recorded.

The independent BoE move follows the Federal Reserve’s 0.75% hike this week.

UK borrowing costs are now at their highest levels since 2008 putting pressure on mortgage holders and the housing market.

The new rate rise alone could add up to £690 per annum or £57 per month to an average variable rate mortgage (on top of previous rate rises), although not all lenders follow the BoE base rates.

Mortgage brokers are reporting long delays in obtaining an offer and fixed rate deals being pulled at short notice.

Inflation has dipped slightly to 9.9% but is still at a 40-year high in most western countries.

The pound fell again to $1.11, which means the markets have no confidence in the currency.

Everything the UK imports is now being inflated by a weak pound.

Watch video on YouTube - https://youtu.be/8d2RYNaV5jM

How high will interest rates go?

The Bank of England’s Monetary Policy Committee (MPC) meets in less than two week on 3 November and could be forced to raise rates again. The markets expects rates to rise to 4.5% by next year, which could push mortgage rates to over 7%, a level I have not seen for 20 years.

Now could be the time to get advice from a broker about fixing your mortgage rate for at least 3-5 years.

If you are already in a fixed rate deal and have a year or two left, you might want to consider switching to a longer-term rate even if you have to pay a small ERC – early redemption charge or penalty. Talk to a broker to weigh up the costs and benefits or do your own calculations by factoring in an interest rate of around 4.5%.

With 10% inflation and a weak pound, interest rates are on an upward trend, so take action now to protect yourself.

Buy-to-Let yields will look very different at those levels, yet investors still see property as a safe long-term haven for their cash.

Property values in most areas usually grow in the long term and inflation reduces the real value of a mortgage debt.

There is still a shortage of suitable properties and demand for bricks and mortar.

Highly geared property investors with large amounts of debt could get into trouble leading to more repossessions.

A recession could see commercial landlords coming under pressure as business suffers, which means more opportunities for some investors.

The government do not want the property market to crash and will be announcing measures to stimulate the market for fist-time buyers.

The stock market is another story and has already started to slide this year.

Rates for savers have barely moved. Some savers are turning to funding property transactions either through peer-to-peer lending platforms or direct to property investors – cutting out the banks. However, lending out your money in this way carries a far greater risk.

Stamp Duty Cut

• Threshold raised from £125,000 to £250,000.
• First-time buyer nil rate band lifted to £425,000.
• 200,000 people will be taken out of Stamp Duty tax altogether.

The April NI tax rise has been reversed saving employees and employers hundreds of pounds a year.

Income tax reduced to 19% from April 2023 giving back £170 to 31 million people.

Highest rate of 45% abolished.

All goo d news but more money is effectively being printed and the national debt increased or deferred, which means paper currency is being devalued.

Corporation tax rise cancelled.

Bad news for HMO Landlords

The government plans to introduce legislation to force landlords who include bills as part of the rent to “repay” the £400 rebate to the tenant!

What can you do transform your finances and become financially free?

Are you struggling with money or the cost-of-living crisis?

To help you get through this and come out stronger at the other end I have prepared a brand-new training, which you can access right now from the comfort of your home.

Claim your free Wealth Accelerator Discovery Call with me:

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Landlords switching to holiday lets and SA (Serviced Accommodation) for less regulation and higher profits.

Rent controls will drive private landlords away, reduce inventory and increase rents for tenants.

World Banks say central bank interest rate hikes could cause a 2023 recession.

US Mortgage Rates hit 14-year high as Pound falls to 37-year low against US Dollar.

How will higher interest rates affect property prices, wider economy and stock market?

Higher interest rates increase the cost of money or borrowing and has the effect of slowing down economic growth, profits and ultimately stocks and share prices.

Property prices are higher than a year ago, but the rate of price growth is slowing.

Corporate insolvencies have jumped in England and Wales, as economic conditions and inflation start to hurt businesses. A bell weather company, FedEx, saw its shares plunge after a profit warning linked to a gloomy economy.

When times are good, and borrowing is cheap everyone buys more on credit and the economy expends. But the cycle never lasts, as we cannot keep on borrowing and creating money out of thin air forever…

The party is over!

Inflation is running out of control, which means the central banks will have to tighten monetary policy and pull back the reins on the economy. 

Now is the time to learn how to manage your money and prepare for the financial winter.

• Do you have any savings?
• Do you know how to invest or where to invest your money to build financial freedom?
• For how long could you pay your bills if you lost your job?
• Are you fed up struggling?

What can you do transform your finances and become financially free?

To help you get through this and come out stronger at the other end I have prepared a brand-new training, which you can access right now from the comfort of your home.

Claim your free Wealth Accelerator Discovery Call with me:

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Before I answer that question, what do you think? I’ve seen a lot of comments like this on social media and wanted to say a few words about one of her biggest contributions to the UK.

Leaving aside her support for over 600 charities, and numerous civic duties and constitutional duties which saw her work but over 70 years until almost the day she died, the Queen has made one huge contribution to the UK economy:

Tourism

The Queen and the royal family have attracted billions of pounds and millions of tourists over the years, and she’s still packing them in now. London is booming with visitors and hotels are full.

When her coffin was being driven from Balmoral to Edinburgh, use cameras in a helicopter followed the procession for the entire six-hour journey. Viewers were treated to the glorious beauty of the Scottish Highlands, villages and then Edinburgh. You cannot buy that sort of publicity.

Do you think Scotland will benefit from six hours of free publicity? Hell yes!

Prince Charles is a brand William and Kate are a brand and Harry and Megan have shown how are you can literally monetise the brand to the tune of millions of dollars.

Imagine if the Queen has gone down that road? I’m only saying this to illustrate the untold value of the royal band which goes back to UK PLC at large.

Hotels, restaurants, bars, shops, airports, taxi drivers, support staff and thousands of workers all benefit from tourism, which is one of the biggest industries in the UK. There is no doubt that the rules have contributed hugely to UK tourism and the wider economy.

How much is the Royal Family ‘brand’ worth?

In 2017, business insider.com estimated the royal family ‘s brand was worth £67 billion and said that the royal family contributes £2.4 billion to the UK economy every year.

What is world’s most valuable brand?

It used to be Coca-Cola but is now dominated by recently formed tech and Silicon Valley companies.

According to Kantar BrandZ the top 10 most valuable global brands are:

1. Apple
2. Google
3. Amazon
4. Microsoft
5. Tencent
6. McDonalds
7. Visa
8. Facebook
9. Alibaba
10. Louis Vuitton

Source: Kantar.com 

The Apple brand is estimated to be worth nearly $1 trillion with Google and Amazon not far behind.

China has two companies in the top 10, Tencent and Alibaba, and the only non-US company is Louis Vuitton a French company. 

What can you do to develop your own brand?

What can you do transform your finances and become financially free?

Are you fed up struggling?

To help you get through this and come out stronger at the other end I have prepared a brand-new training, which you can access right now from the comfort of your home.

Check out my new training to help you get control of your finances and learn how to become financially free in 28 days!

Click to join: https://bit.ly/3isugCr

Claim your free Wealth Accelerator Discovery Call with me:

https://calendly.com/charleskelly/wealth-accelerator-discovery-call

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Check out my new training to help you get control of your finances and learn how to build real wealth in 28 days! Click to join: https://bit.ly/3isugCr

Newly appointed Chancellor, Jeremy Hunt MP, has ripped up his predecessor’s doomed mini budget after replacing Kwasi Kwarteng MP on Friday. 

Wholesale government borrowing interest rates have stabilised after Mr Hunt steadied the ship and restored confidence in the ‘markets’, which have now factored in an interest rate peak next May of just over 5%.

SCRAPPED

INCOME TAX 

Jeremy Hunt ditched the plan to cut the basic rate by 1p from April.

Planned cut to corporation tax.

ENERGY BILLS

The typical household energy bill has been capped at £2,500 for the next two years.

The 'guarantee' policy was estimated to cost the government over £100billion. 

Now expected to be overhauled, with help targeted on the poorest after April.

DUTY-FREE SHOPPING FOR TOURISTS 

EASING IR35 RULES FOR SELF-EMPLOYED

DIVIDEND TAX CUT 

REMAINING

STAMP DUTY

Stamp duty was abolished under £250,000 at the mini-Budget, with first-time buyers exempt on up to £425,000.

That has already taken effect, and Mr Hunt said it will stay in place.

NATIONAL INSURANCE

The government promised to reverse the increase to National Insurance.

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Question: What can you do to change YOUR economy (Uconomy), your policy, your financial and money management and your earnings?

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In a momentous week the UK has witnessed a new incoming Prime Minster, Liz Truss, new government and team, change of housing minister and a new Head of State, King Charles III.

What does this mean for property investors?

Key Takeaways:

• Queen’s death Bank of England delays base interest rate decision on 22 September.
• UK interest rates were predicted to rise to 2.25%.
• Economy still in trouble, but Liz Truss in borrowing over £100 billion to pump more money in to boost jobs and growth.
• Massive infrastructure projects.
• Energy bills capped.
• Green levies halted.
• Move away from obsession with everything going ‘green’?
• HMO and SA landlords will be pleased to hear that bills are being capped.
• Will we see any changes to renters reform or legislation on EPCs?
• Mortgages are becoming more difficult to obtain and rates are going up.
• Investors looking to the north for higher yields – 7 to 10%.

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The new UK Prime Minister, Liz Truss, has announced plans in the commons today to limit energy bill rises for all households for two years to help millions of people falling into hardship this winter.

A typical household energy bill is to be capped at £2,500 annually until 2024.

Businesses will receive support for six months.

The huge support scheme could cost up to £150bn, although the total cost will depend on future wholesale fuel prices.

The energy price cap - the maximum amount suppliers are allowed to charge households for every unit of energy - was been due to leap to £3,549 in October, a move which would have caused widespread fuel poverty.

Under the Liz Truss scheme, the government will compensate energy firms for the difference between the wholesale price for gas and electricity they pay and the amount they can charge customers. 

The government will suspend green levies - which add £150 to bills each year - which the £2,500 cap accounts for.

A previously announced £400 energy bills discount for all households will go ahead. Taken together, the government said this "will bring costs close to where the energy price cap stands today".

Most people’s bills are still double where they were before the Russian invasion of Ukraine, but would have soared if the price cap was lifted again next month.

Why do so many people depend on government aid?

The majority of working people have no savings and live month-to-month throughout their lives.

Retirement planning is woefully inadequate which means millions of pensioners are dependent on the state to make ends meet.

According to the DWP report in August 2019:

• 20 million people claiming DWP benefits.
• Two thirds of benefit claimants, or 13 million, are of State Pension Age.
• The number of people receiving State Pension has fallen to 12.6 million partly due to the retirement age being pushed back.

What can you do transform your finances and become financially free?

To help you get through this and come out stronger at the other end I have prepared a brand-new training, which you can access right now from the comfort of your home.

Check out my new training to help you get control of your finances and learn how to become financially free in 28 days!

Click to join: https://bit.ly/3isugCr

Claim your free Wealth Accelerator Discovery Call with me:

https://calendly.com/charleskelly/wealth-accelerator-discovery-call

#freetraining #inflation #business #money #savemoney #buytoletinvestor #propertyinvestor #mortgages #secondincome #financialfreedom #economy #money #rentalproperty #buytolet #investing #property #houseprices 

To help you get through this and come out stronger at the other end I have prepared a brand-new training, which you can access right now from the comfort of your home.

Check out my new training to help you get control of your finances and learn how to become financially free in 28 days!

Click to join: https://bit.ly/3isugCr

#freetraining #inflation #business #money #savemoney #buytoletinvestor #propertyinvestor #mortgages #secondincome #financialfreedom #economy #money #rentalproperty #buytolet #investing #property #houseprices