Two questions that I’ve been asked, as a person with above average financial knowledge and experience, are:-
“What’s going on?“
“What should I do?“
The Government does not have the answer to either – and nor do I.
Liz Truss’s very public difference with Rishi Sunak over tax cuts resulted in her gung-ho Budget.
She ignored the lesson of Black Wednesday, namely that when the markets take on the Government, the former wins.
The Labour lead over the Tories extends every day so we can expect a Labour victory at the next General Election.
Having just watched on TV a Labour apparatchik blaming the energy crisis on lack of home insulation, not referring to the war in Ukraine, to justify a 1% tax on bank bonuses for green causes I fear that yet another Labour government will mess up economically.
As to “What to do?” – I’m personally moving into cash and gold.
Cash as interest rates on savings accounts must increase – the banks, as usual seeking to profit from a crisis, are not passing on higher rates unless you are a borrower.
Gold is traditionally a safe haven in stormy financial waters.