Keeping You Updated - Thursday 26th March 2020
As you will have seen and heard everywhere, things have been extremely fast moving in the last week with the government on Monday night asking people to stay indoors. Life at McCreas is all change with everyone working remotely and we're adapting equally quickly to meet the needs of the business and our clients.
We are fortunate in our ability to be able to conduct the vast majority of our business digitally although we would clearly prefer to be able to meet face to face with new and existing clients. With that in mind, staying in touch or contacting us for an initial discussion remains largely the same as normal. You can call us on 0141 572 1340 and you can email us here
In terms of what has been going on in the financial world - it's all very fast moving but here is a summary of the news up to and including events to Wednesday evening 25th March
INTEREST RATES AND THE STOCKMARKETS
The 19th March saw the second cut in interest rates in just over a week, bringing rates to 0.1% from 0.25% the lowest ever in the Bank of England’s 325-year history. The government have made a number of announcements introducing a package of measures to help businesses and individuals cope with the economic damage caused by the virus.
World Stockmarkets continue to go through large swings on a daily basis and it was reassuring to see the market showing positive returns with the FTSE 100 increasing by over 9% its biggest daily increase in 12 years on Tuesday. We will still have peaks and troughs over the coming weeks as the uncertainty over the effects of the coronavirus continues.
The vast majority of the Investment vehicles we recommend for clients are very flexible and if you are saving monthly and for whatever reason would like to either reduce or suspend the amount you are saving for now please let us know and we can help organise the paperwork required. In almost every case this can be done without penalty. Pensions are slightly different and depend on the contract and if you are part of a company scheme. Please get in touch if we can help whether you are an existing client or the current climate means there are financial planning considerations you would like to discuss.
We are going through incredibly unusual times and we appreciate many people will have concerns not least ensuring they and their families keep well which has to be the top priority for the moment.
Best wishes from everyone in the team at McCreas.