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News Snapshot: Summer 2020
23.06.2020In this edition of our News Snapshot, we take a longer-term view and examine the importance of holding your nerve with your investments, so that you have the possibility of benefiting from a future market recovery.
We also discuss how the impact of record government borrowing during the Covid-19 outbreak is likely to be felt by UK taxpayers, particularly those seeking pension tax relief.
The Office for Budget Responsibility currently estimates that borrowing for the financial year will be £237 billion, which is five times the figure it had predicted in the spring Budget. There is a belief that this figure could rise to over £350 billion. We take a look at where the government might seek to recoup some of those costs and forewarn savers who may be at risk of tax increases.
