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Financial Planning

Inflation in 2021: how might it affect my financial plan?

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Inflation is sometimes known as the “silent killer” of savings. Your bank statement, for instance, will likely show the interest generated from your regular savings account (e.g. 0.5%) – yet it will probably not tell you the rate of inflation during that period. Inflation refers to the rising cost of living – i.e. goods and services – and thus gradually reduces the spending power…

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2020 probate backlog: make sure your estate is in order

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COVID-19 is now recognised by the Office of National Statistics (ONS) as the seventh leading cause of death in the UK. Thankfully, so far NHS hospitals have not been flooded in the manner widely feared at times earlier in 2020. Yet the pandemic is causing problems in other areas such as funeral services and – for the purposes of this article – probate, where families are waiting months for inheritance tax cases…

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Highlights from the July 2020 mini-budget

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This content is for information and inspiration purposes only. It should not be taken as financial or investment advice. To receive personalised, regulated financial advice please consult us here at Elmfield Financial Planning in Padiham, Burnley, Lancashire. Chancellor Rishi Sunak was scheduled to deliver a Summer Statement in July 2020, to provide an update on how the UK economy was…

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How to refine your finances for the summer

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2020 has certainly been a year like no other, and the upcoming summer appears to be much the same. Although 500 travel companies claim that they have assurance from the UK government that air corridors will reopen by the end of June to allow some international holidays, it remains unclear whether British people will seize the opportunity. Many are likely to remain nervous that another surge…

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Six COVID-19 scams to watch out for in 2020

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The UK may be slowly edging its way out of the COVID-19 lockdown, yet financial scammers are still capitalising on the climate of fear and uncertainty to trick people out of their life savings. In the first quarter of 2020, at least 500 coronavirus-related scams and 2,000 phishing attempts were recorded by the National Fraud Intelligence Bureau (NFIB). Many of these were scammers posing as fundraisers…

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