Inflation Jumps To 3% Dashing Hopes Of Interest Rate Cut
The Bank of England cut base interest rates from 4.75% to4.5% in February, their lowest level for 18 months and raising hopes of further cuts in 2025.
But now inflation has reared its ugly head again with anunexpected rise to 3%, largely driven by higher government borrowing and spending, as well as public sector pay rises.
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Mortgage holders and property buyers were hoping that theBank of England would continue cutting rates this year and whilst this couldstill happen there is unlikely to be a further cut when the bank’s monetarycommittee meets on 20 March.
Higher interest rates have a direct impact on how much youcan borrow to buy a property, as the banks apply strict affordability criteria.However, the government has talked about easing mortgage lending to stimulatethe flagging market and help first time buyers.
Higher stamp duty does NOTHING to help people who want tobuy their own home.
End of tax year tips
As the tax yearcomes to a close, now is the perfect time to review your finances and takeadvantage of last-minute tax-saving opportunities.
Rachel Reeves hastalked about “simplifying” ISAs, which could mean slashing the annual allowancefor savings ISAs, currently £20,000.
See full videoepisode - https://youtu.be/uXcCqWj_xfs?si=51rN_XvVb4ntWexO
Section 24 PropertyLandlord Tax Hike
Interview with Chartered Accountant and property taxspecialist who reveals options and solutions to move your properties from yourown name into a limited company or LLP whilst mitigating the potential HMRCpitfalls.
Email charles@charleskelly.netfor a free consultation on how to deal with Section 24.
Watch video now: https://youtu.be/aMuGs_ek17s