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I often talk about cutting down on unnecessary spending (the coffee on the way to the office; the sandwich from the sandwich shop when you could have made one at home) and I am all for building up savings. But in lockdown Britain we may have gone too far, become too risk averse, and that could be to our detriment in the future. Let me explain why I think that.
By now, you’ll undoubtedly be aware of HMRC’s ‘Making Tax Digital’ (MTD) project. The aim of the project is to modernise the entire tax system by requiring all businesses to manage every element of their tax affairs online by 2020.
A recent report has found that a significant number of people aged 35 to 44 are still struggling to save anything for the longer term, and are only just affording to pay for their present circumstances.
A sustained collapse in commodity prices, China’s stunning market rout followed by its shocking currency devaluation as well as fears of a Greek default and a US interest rate hike were some of the factors that made the past three months a summer to forget for investors.