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Bank of England cuts interest rates to 4.75%, in second reduction this year https://lnkd.in/ehFYrHNv The Bank of England has cut interest rates for the second time this year as expected. It has set the rate at 4.75%, down 0.25 percentage points from 5%. Today’s decision means rates are now at their lowest point in more than year. The last time rates were below 5% was June 2023., external The cut means borrowing money is cheaper, but it is likely to reduce returns for savers. Click the above link for details. #FinancialPlanning

Wall Street and bitcoin soar to record highs as Trump wins US election https://lnkd.in/gAABNT4n Wall Street and bitcoin rallied to fresh record highs and the dollar soared after Donald Trump’s victory in the US presidential election, while renewable energy stocks fell. Trump was declared the winner on Wednesday morning after securing the 270 electoral votes needed to take the presidency. Republicans also grabbed a majority in the Senate, laying the ground for Trump to deliver his promised tax cuts and sweeping tariffs on imported goods, which was also judged as a positive for the US currency. Click the above link for details. #FinancialPlanning

Trump trade war ‘could push eurozone into full-blown recession’; UK and US expected to cut interest rates today – business live https://lnkd.in/gMk7fvND A looming new trade war triggered by Donald Trump could push the eurozone economy from sluggish growth into “a full-blown recession”. That’s the view of the investment bank ING, which fears the recession could begin even before Trump – who has said he wants to impose a 10% tariff on all non-US goods – is sworn in next January. Click the above link for details. #FinancialPlanning

Electric car sales grow in UK despite decline in overall vehicle market https://lnkd.in/gqZ2JjbC Sales of electric cars in the UK grew in October despite overall demand for vehicles shrinking as manufacturers raced to meet government targets. Carmakers sold 29,800 electric cars during the month, up by a quarter compared with the same month last year, according to data published on Tuesday by the Society of Motor Manufacturers and Traders (SMMT), a lobby group. Click the above link for details. #FinancialPlanning

Dollar and Bitcoin soar as Trump wins presidency https://lnkd.in/d8vTwZFa The US dollar has surged as Donald Trump is now projected to have won the presidency and will re-enter the White House. Bitcoin has also hit a record high while traders bet on potential tax cuts, increased tariffs, and rising inflation under Trump's second term. This election result will have a major impact on the global economy. The Republican Party is also set to take control of the Senate, although there are still votes left to count. Click the above link for details. #FinancialPlanning

UK retail sales growth slumps as shoppers wait for Black Friday deals https://lnkd.in/djR6pqv6 Growth in UK retail sales slumped in October, according to industry figures that suggest shoppers have put off spending in anticipation of Black Friday promotions and because of a later school half-term break. Figures from the British Retail Consortium (BRC) show total sales grew by 0.6% year on year in October, significantly weaker than September’s and less than half the three-month average growth rate. Fashion sales took the biggest hit as mild weather deterred spending on winter clothes, while industry leaders said shoppers were holding back on buying goods as they prepared to go hunting for bargains in the US-inspired Black Friday sales event. Click the above link for details. #FinancialPlanning

A £15bn merger between two of the UK's biggest mobile networks could get the green light  https://lnkd.in/drnV4v-f A £15bn merger between two of the UK's biggest mobile networks could get the green light - if they stick to their commitments to invest in the country's infrastructure, the competition watchdog has said. The Competition and Markets Authority (CMA) said the merger of Vodafone and Three had "the potential to be pro-competitive for the UK mobile sector". Click the above link for details. #FinancialPlanning

UK budget dims prospect of aggressive rate cuts, say economists https://lnkd.in/dWjd_GZP Hopes for consecutive interest rate cuts by the Bank of England over the next two months have been dampened by the UK government's recent budget, economists have warned. These rate cuts typically reduce borrowing costs for consumers and businesses over time. Click the above link for details. #FinancialPlanning