While the rising cost of essentials is the most common perceived threat to over-55s’ standard of living over the next five years, concerns over falling returns on savings have risen to the highest point in almost three years, Aviva’s latest Real Retirement Report reveals.
Catalyse, or sabotage?
Supporters of the British vote to leave the European Union (EU) have heralded recent economic indicators as vindication that Brexit will act to catalyse, not sabotage, the UK economy. Before June’s referendum, most economists warned that a Brexit vote would damage economic growth – an argument at the heart of the unsuccessful Remain campaign.
Will the Bank of England cut interest rates?
Before the EU referendum vote, the Treasury predicted a vote for Brexit would mean a rise of between 0.7% and 1.1% in borrowing costs. The Prime Minister, David Cameron, claimed the average cost of a mortgage could increase by up to £1,000 a year.
For the UK to leave the European Union, it has to invoke an agreement called Article 50 of the Lisbon Treaty.
The Prime Minister, David Cameron, announced on Friday 24 June he would be stepping down as prime minister by October, and he or his successor will need to decide when to invoke Article 50 which sets in motion the formal legal process of withdrawing from the European Union and gives the UK a period of two years to negotiate its withdrawal.
Impact on financial markets ahead of the EU referendum