ICP073 - Budget for the next generation

In this episode of the Informed Choice Podcast, Martin talks about a Budget for the next generation.

Budget for the next generation 

This episode of the Informed Choice Podcast is a Budget special, recapping the main personal finance and investing measures announced earlier this week in the Budget.

Martin breaks this down into the five main areas of the economy, pensions, taxation, savings and business. He also covers some of the miscellaneous Budget measures announced this week.

This was a politically important Budget with the EU referendum looming in June.

Chancellor George Osborne had to balance a desire to impose radical reform on the pension system with keeping Tory backbenchers happy. 

His Budget was presented against a backdrop of challenging global economy, with the Office for Budget Responsibility cutting their UK economic growth forecasts, again.

It has been described as a Budget for the next generation, with the introduction of a Lifetime ISA designed to encourage younger people to save for the future.

What did you make of the Budget? Email Martin at martin@icfp.co.uk or get in touch with him on Twitter @martinbamford to share your thoughts.

Personal finance news update

-The shopping baskets of goods and service used to calculate price inflation have been updated.

-The Financial Advice Market Review has been published by HM Treasury, making 28 recommendations to reform the market for financial advice.

-Women could be given early access to the State pension, if proposals put forward by a committee of MPs are accepted.

-Nursery costs for one and two year olds may increase substantially when free childcare for older children is increased from 15 to 30 hours a week.

-The Royal Institution of Chartered Surveyors has forecast that the UK residential housing market will slow down over the next quarter.

-The Bank of England has kept interest rates on hold at 0.5%, again.

-Donald Trump becoming the new President of the United States is one of the top ten risks facing the global economy.

Martin and Informed Choice

Martin Bamford is a Chartered Financial Planner, Chartered Wealth Manager and SOLLA Accredited Later Life Adviser. As Managing Director of Informed Choice, the award-winning firm of Chartered Financial Planners in Surrey, he is responsible for nearly £200m of client assets.

Martin is the author of several bestselling personal finance books and produced his first feature-length documentary in 2014, about the post-war Baby Boomer generation in retirement.

“Bamford excels at making even the dullest topics interesting” – Pensions Management

Visit www.icfp.co.uk to find out more about Informed Choice, or follow us on Twitter at www.twitter.com/informedchoice.