Prime Minister Theresa May’s speech details the country’s plans for Brexit.
On Tuesday 17th January, Theresa May revealed that as part of the country’s withdrawal from the EU, it would also be be withdrawing from the single market. The European single market aims to unite all countries in the European Union by ensuring “four freedoms”: freedom of goods, services, capital and labour. More on the single market can be found here.
These are the key points from Theresa May’s speech:
- The UK will withdraw from the single market and customs union
- It is hoped there will be a “phased process of implementation”
- The final deal will go to a vote in both Houses of Parliament
- The UK will leave EU without an exit deal, if a “good” deal for the UK cannot be agreed
- The UK will reintroduce immigration controls on EU citizens and there will be no unilateral guarantee to EU nationals resident in the UK
- The common travel area between the UK and Ireland will stay in place
Affect on The Pound
After May’s speech, the pound increased by 2.6% against the dollar, reaching $1.23. This was the largest daily rise since 2008. This in turn led to the worst day in over 2 months for the FTSE 100, which has closely tracked the movement of sterling of late. As the index is made up largely of multinational companies, a weak pound is more beneficial as it increases the competitiveness of their exports and increases the value of foreign earnings.
More on Theresa May’s Brexit speech can be found on the BBC website.
The chancellor gave her Autumn budget - this is a summary of all the important changes she announced.
Unfortunately, today’s online scams are becoming more convincing than ever, by understanding the latest tactics and knowing what to do if you’re targeted, you can help keep your money and personal details safe.
Finding the right financial adviser can feel overwhelming, but having professional guidance is one of the best ways to make confident decisions about your money.
Whether you’re planning for retirement, managing investments, or protecting your family with insurance, the knowledge of a local adviser can help you make the most of your finances.
Taking the first step towards buying a home in Dronfield is an exciting life event, but it can also feel daunting without the right guidance. Understanding the stages of the mortgage and home-buying journey will help you move forward with confidence.
This article sets out the key steps first time buyers in Dronfield will go through, and explains how working with a local mortgage advisor, like Charles James, can make the whole process much smoother.
April has brought significant turbulence to global stock markets, with sharp declines in value shaking both investors and markets alike.
In this post, we’ll take a closer look at the events causing this market instability and provide insights into how you can successfully manage your investments during times of heightened volatility.
An annuity is a financial product that allows you to convert your pension savings into a guaranteed, fixed income for the rest of your life - often referred to as a secure income.
Choosing an annuity is a significant decision, as it is usually irreversible. That’s why it’s essential to fully understand how annuities work, the different types available, and the features they offer before making a commitment…
While inheriting a property may come with sentimental value, it also brings important financial and legal considerations. Understanding your options will help you make the right decision for your circumstances.
To guide you through the process, we’ve outlined key considerations when inheriting a property, including your choices, tax implications, and legal steps.
For much of 2024, interest rates were above 5% and the markets have experienced ups and downs which might have made you tempted to prioritise cash savings, seeing them as a safer option. However, for long-term savings goals, relying on cash savings alone may not yield the returns you need. This is where the strategy of regularly investing smaller amounts can be highly beneficial.
If your plans for the future have felt stalled recently, now might be the ideal time to revisit and reignite them…
Your pension and ISA allowances remain two of the most effective ways to improve tax efficiency and protect your savings.
Here’s a simple, practical breakdown of how they work and how to make the most of them