Nov 12, 2020 | JONATHAN ELSIGOOD
Back in 2016 when Trump was elected, and Britain had opted to leave the European Union we’re pretty sure none of us could have imagined the events the following four years would bring.
But although there will be a new face in the White House, Brexit is unchanged and the transition period will end, as planned, on 31 December 2020.
Maybe you’re looking forward to us leaving or perhaps you’re concerned about what it could mean for you, your business and your money.
Either way, with 7 weeks to go, here are some points to bear in mind:
There will almost certainly be stock market movement – currently there is no agreed trade deal and entering the new year without one will most likely cause uncertainty in the markets. Remember to control your emotions and block out unnecessary media noise during these times – after the events of this year you’re probably a dab hand at this but do let us know if you would like some support or guidance.
You can be ready to face change – the sure-fire way to prepare your investment portfolio for the movements we spoke about above is through diversification. Spreading your money across different types of investments and also geographically helps to minimise risk. If you’re a CPW client your portfolio will already be set up to combat change and if you manage your own investments now is the time to prepare. Click here to check out the six principles that underpin our portfolios.
Your retirement plans – thinking of spending your retirement on a sunny beach in the EU? Bear in mind that there is no finalised agreement on whether state pensions will increase at the same rate as they will for those living in the UK. Travel isn’t really on the cards at the moment but if retiring abroad or buying a holiday property forms part of your long-term plan, it’s worth talking to your adviser about how to make those dreams a reality.
Brexit and business – there’s a question mark over how Brexit will affect businesses and it will largely come down to what happens with the trade deal. But one thing we do know is that ensuring your personal finances are in check and ready to weather any potential volatility, will enable you to focus solely on your business should you need to.
In the face of quite a few unknowns we encourage you to remain calm, prepared and to let us help you find peace of mind. As things develop over the coming weeks, we will keep you informed but, in the meantime, get in touch if you have further questions.