Quilter

Buying a home has become slightly more affordable relative to average incomes, according to the UK’s biggest mortgage lender. In this article, MoneyWeek reveals the most and least affordable areas. Despite the positive picture painted by the data, the figures only run until the end of September, and experts warn that affordability may have decreased since then. Our mortgage expert, Karen Noye: “House prices are likely to inflate by the surge of first-time buyers rushing to beat the stamp duty holiday deadline following the changes at the Budget, leaving affordability under pressure." Read the full article 👇

💫 Huge congratulations to our lovely colleague Harvinder Rathore, who won the award for 'Diversity and inclusion champion of the year' at yesterday's Investment Week Women in Investment awards 💫 It was a fantastic evening celebrating excellence in our industry - thank you to everyone involved. And congratulations to all other nominees and winners! Find out more about the night 👉 bit.ly/49dAteP

🎉 We're over the moon to have won the award for ‘Best overall company Investor Relations 2024 - small cap' at The Investor Relations Society best practice awards 2024 🎉 This voted-for award recognises companies that have the best overall Investor Relations (IR) programme. It's not an award for the company whose share price has performed best, but rather the company that has communicated most effectively with its stakeholders during the year. Our Head of Investor Relations, John-Paul Crutchley: “Fantastic recognition of the entire Quilter IR team and their efforts to communicate a great equity story over the last 12 months.” Thanks to everyone involved, and congratulations to all other winners! More about the awards 👉 https://lnkd.in/ewdwWbSm

Last week, 350 wish beneficiaries and supporters were given a magical ‘Wishmas party’ at the landmark London toyshop, Hamleys of London, organised by The Genie's Wish charity. We were delighted we could support this fantastic event through a £10,000 donation form our charity, the Quilter Foundation. Thanks to everyone involved! To read more about the event, head to bit.ly/3CNw9qE. LondonWorld

Great to be able to support such a fantastic event and see how much it meant to the families who attended ❤️ Thanks to everyone involved, especially our very own Harvinder Rathore. The Genie's Wish #QuilterFoundation

The Chancellor announced in the Budget that unused pension funds and death benefits will be subject to inheritance tax (IHT) of 40%. The move could raise almost £1.5bn a year by 2030, according to official estimates, but there are concerns this will result in a double taxation on unused pension funds on death for those over the age of 75 as pots will be subject to both income tax and IHT. Our Head of Retirement Policy, Jonathan Greer: “Ultimately, while reforming the IHT treatment of pensions could generate additional revenue, the government must strike a balance between simplification, fairness, and operational feasibility. Tax rules are already complex, and any changes should avoid imposing additional burdens on grieving families and their representatives. “At present, pensions offer significant tax benefits, and pulling the rug out from under those who have planned their futures based on the current framework feels retrospective and unfair without some form of transition.” Read the full article 👇

"Double whammy" inheritance tax overhaul is set to pull more estates into the tax net with even higher bills. Our latest calculations found a single homeowner in England with an average-priced home (£308,782) and pension savings of £459,000 - enough to fund a “moderate” retirement (according to PLSA retirement standards) - will face a £107,000 inheritance tax bill by 2027, following changes announced in the autumn Budget. Our tax and pensions specialist, Roddy Munro: "The new regime means those who saved significant sums into their pensions, assuming they would be free of inheritance tax, now face new challenges.. "Simple actions like early gifting can reduce your taxable estate if you live seven years beyond the gift date." Read the full article 👇

Inflation has risen back above the Bank of England’s two per cent target, the latest data has shown today. According to the latest figures from the Office for National Statistics (ONS) consumer price inflation (CPI) hit 2.3 per cent in October - with higher housing costs and energy bills. Commenting on the data, our Investment Strategist, Lindsay James, said: “Last month’s surprise fall in inflation, which left it below the Bank of England’s two per cent target for the first time in over three years, has proven very short lived. “With just one more Monetary Policy Committee meeting before year end, it is looking increasingly likely that the Bank will close out 2024 with a hold on rates. This is a clear reminder that short term inflationary pulses may return, potentially caused by factors such as obstacles to trade, labour market tightness, taxation and volatility in food and energy prices.” Read the full article 👇 City AM

Chancellor Rachel Reeves has announced plans to merge the UK’s local government pension schemes into a few “pension megafunds” to boost investment in the UK. This move aims to emulate the successful models seen in Canada and Australia, potentially unlocking £80bn for investments in infrastructure, tech start-ups, and public services. Jonathan Greer, our Head of Retirement Policy, points out there are risks involved. “Large funds need substantial, reliable projects to generate returns, but the market may struggle to offer enough of these opportunities, especially in the infrastructure sector. If too much money chases too few viable investments, funds might be forced into riskier ventures.” Read more about the proposed reforms and their implications in this BBC story 👉 bbc.in/3ZgerVL

According to Ipsos, 48% of Brits are more concerned about their personal finances following Rachel Reeves’s first Budget. Shaun Moore, personal tax expert at Quilter, highlights the need for Labour to reconsider the high income child benefit charge (HICBC). He suggests that addressing the “inherent unfairness” by pegging child benefit eligibility to household income rather than individual earnings could mitigate reputational damage and support single-earner households. See Emily Braeger’s story in The I for more on this and recommendations from other experts that could help Labour win back public trust and provide financial relief. Read the full article 👇