News round up May 2022

By May 6, 2022LinkedIn
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Stop Press: War in Ukraine

The impacts of the Russian invasion of Ukraine on 24 February are being felt across Europe and the wider world as share and bond markets have experienced whipsaw moves. The humanitarian disaster will prolong uncertainty, with a particular focus on the inflation-driving markets of energy and commodities. As global sanctions were imposed against Russia, pension funds and other major investment institutions have been faced with difficult ethical and financial decisions. Riding out the storm can be the wisest long-term option, but if you’re concerned about your position, please ask for advice.


Base rates rise again

The Bank of England raised rates interest rates again this week from 0.75% to 1%, and markets expect further increases from the Bank’s monetary policy committee in coming months, due to higher inflation. These rate rises are likely to push up interest rates on both mortgage products and savings accounts. However, some financial data providers have criticised banks for being slow to pass on this benefit to savers following successive hikes in base rates since December.


Probate fees increase

Families face higher probate fees following the death of a loved one from the end of January. Personal representatives or next of kin must now pay a £273 application fee for a grant of probate, which gives them control of the deceased’s assets. The cost applies for estates worth more than £5,000. The sum was previously just £215 for families applying for probate, and £155 for those using a qualified solicitor or probate practitioner.


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