Keeping your personal finances on track when you’re starting a business
We’re asked about this a lot; after-all, more than 600,000 new businesses are started each and every year in the UK, so it’s a really important issue.
There’s also a roundup of the latest personal finance news and a look at what we’re up to here at Informed Choice this week.
Personal finance news
-There’s been a significant rise in the number of renters planning a move onto the property ladder. The proportion of British adults who say they want to move from renting to buying their next home has doubled during the course of 2018 (from 24% to 58%), according to new data from AA Financial Services.
-The outcome of the US mid-term elections was in line with market expectations with the Republicans retaining control of the Senate but losing control of the House in the largest swing to the Democrats in the popular vote since 1948. That’s according to Trevor Greetham, Head of Multi-Asset at Royal London Asset Management, who says stock markets have taken the news positively.
-The Financial Conduct Authority (FCA) has issued final guidance that clarifies its expectations about the handling of certain regular premium payment protection insurance (PPI) complaints. The FCA is also proposing new rules requiring firms to write to around 150,000 consumers who had previously complained unsuccessfully to tell them they can make a new complaint and remind them of the deadline.
-Retired homeowners are boosting their finances by an average £76,967 as the equity release market continues to break records, new data from the UK’s leading independent equity release adviser Key reveals. Customers released nearly £5,500 more on average in the three months to 1st October compared with the same period last year (£71,483).
-Surveyors are reporting the UK property market currently stands at its weakest in six years. According to the Royal Institution of Chartered Surveyors, prices are flat or falling across half of the country, with reports of sales in limbo until a Brexit deal is confirmed.