Well, it’s been another interesting year in financial planning and the world generally. The ongoing war in Ukraine, US China trade battles and who will quickly forget the brief reign of Liz Truss and her Mini-Budget.
At the mid point of 2023 we are seeing real improvements to markets generally and markets tend to do well in times of rising inflation but of course bonds and interest rates are suffering terribly.
The assets that normally protect portfolios from falls have instead exacerbated them and mortgage rates are soaring.
We had a few months where we though a recession had been avoided but now it seems the mortgage pain which will see many borrowers paying much more (in some cases 50% more) in repayments, belts will be further tightened and the knock on impact for renters, trades people, suppliers etc will be a powerful blow to the economy. The government has announced some moves with lenders that could help, like extending terms which decreases the annual/monthly repayments required but with an election looming, will they really not come in with more of a rescue package?
We will have to see.
This edition of our newsletter contains articles from some of the new members of the team and a Meet the Team run down so you can put a face and some background to the GoddardFry team members you speak to.