Welcome to our round-up of the biggest stories from the world of finance over the last few weeks. This month, there’s grim news for UK workers approaching retirement age, movement on the banking industry’s net-zero pledges and evidence that classic cars are an inflation-busting investment…
UK adults worried about working into the grave
Research by pensions company Legal & General has revealed that one in 10 adults believe they will never be able to retire, given the increased cost of living. 38% of people in their late 50s and early 60s say they will delay retirement for up to a year as a result of the current economic turmoil.
Carney mobilising banks to go green
Banking institutions have been widely criticised for helping boost the profits of fossil fuel companies in recent years, but in June they were given a steer on what their role in the transition to clean energy should look like. The Glasgow Financial Alliance for Net Zero – the financial industry’s biggest climate action group headed up by former Bank of England chief Mark Carney – published templates that they believe will help the sector make tangible progress in overseeing the elimination of carbon emissions from the global economy.
High price Cap
In May, a Mercedes sold for a record-breaking £155m at auction. A couple of weeks later, a Ford Capri went under the hammer for a record £60k. All of which suggests that buying classic cars is a sensible way for investors to shield themselves from inflation.
Buy the dip?
It may be that time of year where we’re all eating crudités and picky bits for dinner, but that doesn’t necessarily mean investors should give in to the urge to ‘buy the dip’ on the stock markets, according to FT’s Claer Barrett.
UK house prices set to fall
At the beginning of July 2022, the cost of buying a property had risen 0.9% month-on-month and 11.2% year-on-year. But rising interest rates have resulted in mortgage payment increases for the average borrower and a knock-on effect of this will be a drop in house prices, according to analysis by economic research consultancy, Pantheon Macroeconomics.
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