| Hello and welcome to another important week for long-term savers.
It’s another important week for long-term savers following the inauguration of Donald Trump as America’s 47th President.
Regardless of anyone’s politics, on the face it another Trump presidency promises to make us all feel a bit better off. He is unapologetically pro-business and has tax cuts and lighter regulation towards the top of his to do list.
The global stock markets in which significant parts of our pensions and ISAs are usually invested like the prospect of a Trump second term – for now.
More worrying for our longer-term financial health are his threats to impose hefty tariffs on US imports and a much tougher immigration policy. Both could feed inflation, alongside tax cuts, and make it harder for the Fed to cut interest rates. Bad news for share prices and the global economy.
The new President is expected to address the World Economic Forum in Davos, Switzerland via video on Thursday. Rachel Reeves is there too, trying to persuade the global elite to invest in the UK.
There are things the Chancellor could do herself to make investment here more attractive. Looking again at her changes to inheritance tax and capital gains tax in October’s Budget would be a good place to start.
Speaking of tax, there’s now less than a fortnight to file last year’s tax return or face a late fine of £10 a day until you do.
Thanks for listening, |
