Does the emergence of advancements such as AI, electric vehicles and other ‘big picture’ global innovations present opportunities to investors? fswealth.co.uk/megatrends-def…

#HMRC groups taxpayers into segments, including about 800,000 #wealthyindividuals with £200k+ income or £2m+ assets and often with complex tax affairs covering multiple taxes. Says grouping helps it to identify taxpayers’ needs and risks more accurately. gov.uk/government/pub…

Fully defined in @TheFCA Handbook (COBS 4.12.6), a ‘certified #highnetworth investor’ must confirm £100k+ income in the preceding financial year and/or £250k+ net assets held throughout that year, excluding main residence and specified rights/benefits. handbook.fca.org.uk/handbook/COBS/…

Expounded in 1975 by the eponymous professor and Bank of England economist, Goodhart’s Law (on the misbehaviour of indicators chosen as measures for official targeting) may offer a partial explanation for UK #CPI inflation of 10.1% versus 2% target. oxfordreference.com/view/10.1093/o…

With #BankRate at 1.75% and #CPI inflation 10.1%, excess cash at bank is set for rapid loss of spending power until the gulf between the two percentages narrows substantially. A widely-forecast further Bank Rate rise in September may have modest impact. bankofengland.co.uk

Lower US inflation of 8.5% year-on-year to July (9.1% to June) lifts markets and raises hopes that global price pressures are easing. However, domestic influences on UK #CPI inflation, plus exchange rates affecting import costs, may hold sway here for now wsj.com/articles/us-in…

Numbers of people retiring abroad and transferring pensions to #QROPS Qualifying Recognised Overseas Pension Schemes significantly lower since peaking in 2014-15 at 20,100 transfers worth £1,760m. HMRC stats show 3,900 transfers worth £517m in 2021-22. gov.uk/government/pub…

.@TheFCA consultation under way on its plans to make Long Term Asset Funds more widely accessible for retail investors who are fully aware of the risks. A useful diversifier, #LTAF invest in illiquid assets such as #venturecapital and #infrastructure. fca.org.uk/publications/c…

Capital’s property prices may see new upward pressure as expensive West London boroughs restrict residential and commercial developments over low electricity network capacity that may take until 2035 to sort. Power-hungry data centres take partial blame. architectsjournal.co.uk/news/electrici…

Yesterday’s Bank of England #baserate hike and dire warning on inflation plus looming recession reinforce the case for a personal #financialreview embracing investment objectives, mortgage costs, protection insurance, pension provision and estate planning. reuters.com/markets/europe…

Number of £150k+ earners paying additional rate income tax has risen steadily since its inception 12 years ago. In tax year 2010-11 some 236k paid it (then at 50%); HMRC says 629k are paying current 45% in 2022-23. #Taxplanning can mitigate the impact. gov.uk/government/sta…

Trade body UK Finance says tough times indicated for UK/global economies. Adds “Big policy decisions lie ahead for next UK prime minister and central bankers.” First is Thursday’s Bank Rate call; BoE walking a tightrope between #inflation and #recession. ukfinance.org.uk/data-and-resea…

Research by @AvivaUK shows 5% of grandparents have helped a grandchild with a first-time home purchase and another 20% are certain or likely to do so. At just over £31k, the average amount given is now about 25% higher than Aviva’s 2016 research indicated. aviva.com/newsroom/news-…

Bank of England money & credit stats just out include: (personal) June net mortgage borrowing £5.3bn, trending lower but still above monthly average £4.3bn in pre-pandemic year; (business) SMEs made net repayments of bank loans for 15th consecutive month. bankofengland.co.uk/statistics/mon…

.@Savills reports £3bn+ spent in H1 2022 on £5m+ #Londonhomes; 294 in this bracket, with 89 £10m+. Says “This end of market less reliant on borrowing, reducing exposure to further interest rate rises, and less likely impacted by increased cost of living.” savills.co.uk/insight-and-op…

As #interestrates rise, ability to transfer instant-access or maturing fixed-rate #cashISA to a more competitive provider is essential. UK Finance reveals today that 88% of cash ISA transfers completed in 7 working days in H1 2022, beating min 85% target. ukfinance.org.uk/news-and-insig…

Revival in economic activity brings £150.5bn tax receipts in financial year to June, up 10.9% on same period in 2021. #PAYE up 10.3% at £49.6bn, #corporationtax up 8.3% at £16.4bn, #VAT up 14.6% at £43.6bn, property #stampduty up 39% at £4.4bn. ons.gov.uk/economy/govern…

The Investment Association @InvAssoc hopes to see Financial Services and Markets Bill ‘deliver on its promise to promote innovation’ and help to ensure ‘the UK remains a leading centre for global #investmentmanagement delivering for savers and investors’. theia.org/media/press-re…

This month’s interest rate hikes by US Federal Reserve and European Central Bank mean larger Bank of England rate rise likely in August, with impact on #mortgagerates (albeit deferred for many fixed-rate borrowers) and future course of #propertyprices. reuters.com/markets/us/fed…

Financial supervisors @bankofengland @TheFCA and PRA mull action to ensure resilience of ‘critical third parties’ that provide key services to the #financialsector. Deputy Governor says it’s vital regulated firms can rely on services from third parties. bankofengland.co.uk/news/2022/july…