This is not great news from the Office for National Statistics. Around half of UK adults or 46 per cent will not be able to save in the next twelve months. Hardly surprising but it does demonstrate that along with the short-term challenges, there will be long term implications from the cost-of-living crisis.
Around one in five adults say they are had to borrow more money or take out more credit in the past month compared with a year ago.
Some 89% of the respondents reported their cost of living has increased compared with November last year, although it would be interesting to meet the 11% who haven't felt the pinch!
Of course, IFA clients are likely, by their nature and economic profile, to be in significantly less dire straits, but inflation clearly is having an impact across almost all economic groups and all this before October's big rises in energy.
There is something of a contrast with the current debate for leadership of the Conservative Party and thus for Prime Minister.
Money Marketing characterises the Conservative leadership battle as one about levels of tax.
It does set out the arguments reasonably well. "Former chancellor Rishi Sunak has labelled Truss’s more than £30 billion in tax cuts “unfunded” and said they would increase mortgage rates. Sunak has said he will not cut personal taxes until Autumn 2023 at the earliest.
"Former foreign secretary Truss has hit back at Sunak, saying he is using a failed economic policy in which his tax plans would lead to a recession."
(Think Truss is still foreign secretary of course as she did not resign.)
Truss is also promising a bonfire of EU regulations with a sunset clause meaning they would need to be replaced in UK law or simply removed by the end of 2023.
Sunak's plans are not disimilar. He will appoint a new Brexit minister to go through the remaining EU laws, with instructions for the first set of changes coming within 100 days of him becoming prime minister.
Not all are fans of this approach including the Sunday Times money editor James Coney – who argues that consumers may miss red tape when it’s gone.
Let’s frame it another way – there’s plenty wrong with Mifid II that could be reformed but there is surely an argument to say we shouldn’t dump it entirely just because we haven’t got around to replacing it.
Three advisers - Shannon Currie and Phil Billingham of Perceptive Planning, and David Crozier of Navigator Financial Planning – are launching an appeal to collect both finance and disability aids for Ukrainian refugees who have fled to Moldova.
The FSCS has declared two firms with 88 pension transfer claims in default. Smith, Law & Shepherds IFA and County Capital Wealth Management have failed after a total of 88 claims related to unsuitable pension transfer advice, including BSPS claims.
