ISAs | 15th November 2018 | 453 reads
Which ISA should you choose?
Choosing an Individual Savings Account (ISA) used to be simple. There was either a cash...Read more
Market News | 11th October 2018
Brexit is fast approaching; whether it’s a soft or hard Brexit, no one is yet quite sure. It’s difficult to tell at present how Brexit will affect UK life – will things stay relatively the same or change on a big scale? Everything, from holiday to grocery costs, is likely to increase. With all the speculation about what turn Brexit will take, it doesn’t paint a clear picture of what will happen to the economy and, more importantly, your finances.
Brexit isn’t yet in full swing, but the UK is already starting to feel the effects of the controversial political choice. The pound has dropped in value, in a way that hasn’t happened since 1985. This decrease in value can affect everything from the cost of living to exchange rates. Unfortunately, the UK ranks quite low in economic growth, which might be leaving you wondering what to do with your finances, investments, or pensions.
With the pound dropping to a low level against the dollar and euro, Brexit may affect exchange rates more than anticipated. Unfortunately, it might continue to sink, especially amidst the news that we could end up with a no deal scenario. We recommend not going through the banks for your holiday cash if you want to save as much as possible.
Where is the best place to exchange my money? It can depend, but supermarkets, specialist services, and even abroad can be the best places to get a fantastic exchange rate!
At Apples for Oranges, we always encourage diversifying your portfolio, and with our exit from the single market just around the corner, this has never been more important. Stocks never stays in one place, and Brexit could affect the value for better or worse. A range of shares might be your best bet to making returns instead of suffering significant losses.
Brexit may cost the public in their household bills. Imports in utilities like electricity and gas might push prices up. To save money in the face of Brexit, switching to fixed costs would work out better.
Pensions are a prickly subject on their own, but Brits who have a UK state pension, but take residence in an EU country, are understandably worried about what happens to their pensions as a result of Brexit. As it stands the UK has an agreement with the European Economic Area that the state pension will increase alongside the cost of living, but if we have a no deal Brexit, this could be set to change. The UK may be set to see a rise in skill shortages which means the age of retirement might increase. Other retirement options such as ISAs may be a reliable second option.
Whether there is a deal or no deal Brexit, it’s best to start making preparations for different utility providers, alternative retirement plans, and diversifying your investments.
Apples for Oranges is here to help you to invest in a range of products and diversify your portfolio. In the UK, there is a lot of uncertainty about finances; however, ISAs can help you to save without the worry. Find out which one will work best for you.