Bank of England to pump £100bn into UK economy

The Bank of England have announced today that it will inject an extra £100bn into the UK economy to help fight the economic downturn caused by coronavirus after voting 8-1 to increase the size of its bond-buying programme.

However, in positive news they said there was growing evidence that the hit to the economy would be “less severe” than initially feared.

Interest rates remain unchanged at a record low of 0.1%.

Update from Terry Smith on Covid-19

As the fight against Covid-19 continues, I wanted to share with you the most clear and concise summary of the situation I have come across from Terry Smith, CEO of Fundsmith LLP and manager of the highly rated Fundsmith Equity Fund.

Terry has written to all investors in his fund, the letter can be read in full here

Past performance is not a guide to future returns and the value of an investment and the income from it can fall as well as rise. This should not be regarded as a recommendation or solicitation to invest. If you are in any doubt about the suitability of an investment for your needs, you should seek professional advice.

Budget update – JISA allowance increased

The Chancellor, Rishi Sunak delivered his first budget yesterday, which, as expected included a large contribution to help fight the coronavirus outbreak. He noted the outbreak would have a significant but temporary impact on the UK economy adding that “People will return to work and supply chains will return to normal.”

JISA Allowance increases to £9,000

Although the annual ISA allowance remains unchanged at £20,000, the JISA allowance has had a significant increase – rising to £9,000 for the next tax year – 2020/21. The JISA, or junior ISA, is tax free savings account available to all children under 18 and replaces the old Child Trust Fund. Any money invested in the account has to remain in a JISA until the child turns 18.

If you would like to know more about our JISA, please contact our customer services team on 08085 498 477 or email info@financialdiscounts.com

This article is for information only and reflects the author’s views at the time of writing, which are subject to change. This should not be regarded as a recommendation or solicitation to invest. If you are in any doubt about the suitability of an investment for your needs, you should seek professional advice.