KLO Spring Update 2020
In our spring 2020 update, we discuss the financial implications of the COVID-19 pandemic. With coronavirus forcing an international lockdown and temporary shut down of most of everyday life and business, we explore the Chancellor’s emergency Budget, which has been set out to provide funds for businesses and individuals financially impacted by the pandemic.
We also discuss how we all still need to plan financially for the future, exploring new data which shows that, while women are saving more for retirement, men tend to have more value within their pension pots. Salary inequality earlier in life is largely to blame.
Elsewhere we look at an important change to overdraft rules from the FCA, prompting high street lenders to hike interest rates to as much as 40%. Gifts between grandparents and grandchildren are also considered from the tax perspective where generosity should be balanced with future needs.