It has been just over three months since Labour were catapulted into power after a landslide victory in the 2024 UK General Election. While the party were quick to address key policies they had outlined in their manifestos, the looming Autumn Budget has made room for further speculation on the financial adjustments Labour may make.
This year’s budget is set to be announced by Chancellor Rachel Reeves, and various predictions have already been accumulated as to what updates are to come. Although it may seem necessary to be aware of any potential announcements, looking too closely at speculated changes can inadvertently cause you to make rash decisions and damage your financial health.
That’s why, as we argue in this blog, we believe the best financial decision you can make amid various speculations is to keep calm and seek expert financial advice.
Disregarding misinformation
Perhaps the most crucial point of avoiding financial speculation in the lead-up to political updates is the potentiality of misinformation being spread. With there being so many articles with biased overviews towards preferred political parties, there is the risk of reading content that spreads misinformation. For example, a newspaper that usually favours the Conservative party may be keen to highlight negative statistics of new Labour policies and miss key updates that may show them in a positive light. This may lead to readers of the article believing we are in a declining economy and making rash financial decisions, such as withdrawing their investments.
With the advice you receive from regulated advisers, you can be confident that the information you have received is correct. Regulated advice means that the Financial Conduct Authority (FCA) monitor the activities of the advising body; such advisers are required to take part in FCA-constructed training to ensure advice is being provided with fairness and clarity.
Not entirely applicable
Internet resources can be useful for guidance and research, there’s no doubt about that, but listening too close to media and political speculation and applying them to your own finances may not reap the benefits you think. That’s because your own financial situation is uniquely yours and should not be countered by general speculation of updates to come.
Financial advice is totally tailored to you, your circumstances and your goals. That means that the advice provided is constructed with how exactly you can meet the targets you desire with your finances.
Seek advice
When navigating your finances, there really isn’t anything as quite as valuable as seeking advice. Beyond protecting and building your assets, advice can give you more confidence in your finances. Where you might feel unprepared or unsure about the best financial route, your adviser can consult and make the important decisions for you. With advice from My Pension Expert, there is no need to consider any speculation in the media, as our advisers will provide you with relevant and factual information in addition to constructing a plan tailored to your goals and circumstances.
To find out more, contact us today.