The team at Financial Markets Online have created a lot of noise over the last few months, sharing their expert opinions in some of the UK’s most well-known news outlets. In this article, we highlight some of the most interesting points both Sam and James made in the Daily Mail and Metro.
The crashing pound
After news broke that the pound had dropped to its lowest level against the dollar since decimalisation was introduced in 1971, Sam shared his thoughts with the Daily Mail on how the plunging pound will impact future travel.
The Director explained: ‘’Trips to Disney World in the United States just got more expensive. This year £1,000 exchanged into US dollars will buy you around $250 less than last year. But the bad news doesn’t end there. Dozens of world currencies are pegged to the US dollar and that has ramifications for Brits planning holidays in other hotspots too. Countries peg their currencies to the dollar to make their economies more stable. It means that when the dollar strengthens against the pound, these other pegged currencies can strengthen too. Travellers planning trips to places like the Caribbean, Malaysia and Middle Eastern states like World Cup hosts Qatar will also see prices rise.’
The mini-Budget shake-up
After the uproar of the pound came to light, the mini-Budget announced on the 23rd of September quickly caused havoc amongst the public. Speaking to Metro.co.uk from Dubai, James Bentley revealed the difficulty in navigating the markets due to the current volatility.
‘The fact of the matter is that there’s a real tug of war out there at the moment and the key attribute you need to have is the ability to adapt,’ he said. ‘The market is very volatile and sensitive to data releases. For example, you have the UK unemployment rate dropping to 3.5%, which is the lowest figure since 1974. To the naked eye, that sounds like great news until you start to factor in the way inflation has torn into wage growth, so it’s very difficult to come away from conflicting signals like that with a confident assessment of the future path of the economy.’
Dealing with change
Despite the pound slowly growing back up, the mini-Budget has been met with unwelcomed rises in mortgage rates and costs caused by government borrowing, leaving everyone questioning why the Chancellor hasn’t been clear on how taxes will be cut without creating a rise in borrowing.
Financial expert James said: ‘It’s a mess out there and it’s wild. Trading has been an emotional rollercoaster. There’s no assertiveness in the market at all and the announcements by the Bank of England have only added fuel to the fire.’
‘What we do isn’t easy. We tell complete beginners that they’re in for quite a ride, they’re going to get some grey hairs and this will not be a get-rich-quick thing. But if you put the work in, the opportunities are endless and it can take as little time as an hour a day.’
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