It has been a challenging few days for the United Kingdom with the death and funeral of Queen Elizabeth II. On Monday, world leaders and huge numbers of Britons attended a remarkable and moving occasion.
The adviser trade websites have sought a balance between respectful coverage and still reporting the news and they have done rather well.
Here for example, Money Marketing assesses how much the financial landscape has changed during the Queen Elizabeth II’s reign.
Thoughts will turn back to politics in the next week.
Pensions minister Guy Opperman is leaving his role after around five years, a week after he warned that around 12 million people were undersaving. There may be some tensions with the Government regarding investment by pensions in infrastructure and how to encourage/cajole schemes to do so. His letter today announces he will not be continuing but it is likely the PM made that clear.
Political consultancy Cicero suggests Liz Truss wants to shake up financial services more than is planned in the current financial services and markets bill as talk continues that the regulators – the PRA and FCA - may be mashed together.
The CII is resisting calls for an independent audit of its accounts.
The Transparency Task Force (TTF) has proposed three amendments to the Financial Services and Markets Bill having become “increasingly concerned about the lack of effectiveness” of the FCA in relation to its responsibility for providing an appropriate degree of consumer protection.
The TTF has been concerned about FCA failings in terms of mini-bonds and whistleblowing.
The World Bank warns that rising rates threaten a global recession as Investment Week reports.
Mortgage Strategy suggests home movers most reliant on borrowing are starting to reduce their budgets in the face of rising interest rates and the increased cost of living according to Savills from a survey of more than 1,000 prospective buyers.
Chancellor Kwasi Kwarteng is expected to announce £30bn of tax cuts in the mini budget planned for Friday this week as the Guardian reports.
The pound fell to a 37-year low against the dollar last week on the anniversary of Black Wednesday after data showed that consumers had cut back heavily on spending in August, heightening fears of a recession.
Sterling dropped 0.6 per cent against the dollar to $1.136, its weakest point since 1985 as the Times reported.
It goes without saying that this is not an auspicious environment for the Chancellor and it will be interesting to see the market reaction to his plans.
