Millbank Financial Solutions

Your weekly News in Review is LIVE! 📰

Here’s what’s making the headlines this week:
➡️ Andy Burnham officially became the leader of the Labour Party last Friday and outlined a series of key promises.
➡️ The government’s first major policy decision is for VAT to be removed from domestic energy bills from October.
➡️ Latest GDP figures from the Office for National Statistics (ONS) show the UK economy returned to growth in May.

👉 https://millbankfs.co.uk/2026/07/22/news-in-review-286/

Could your pension become part of your Inheritance Tax bill?

For years, pensions have been one of the most tax-efficient ways to pass on wealth. But from April 2027, proposed changes could mean unused pension funds are included as part of your estate for Inheritance Tax purposes.

What's surprising is that almost 9 in 10 people aren't aware of the proposed changes.

It's understandable that this has prompted some people to consider accessing their pension earlier than planned. However, making decisions too quickly could have unintended consequences for your retirement income.

The key isn't to panic - it's to plan.

Our latest blog explains:
✔ What the proposed 2027 changes could mean
✔ Why rushing into decisions may not be the answer
✔ How careful financial planning can help protect both your retirement and your family's future

Read the full blog on our website: https://millbankfs.co.uk/2026/07/14/pensions-and-iht-the-shake-up-many-are-missing/

Has your pay rise pushed you into a higher tax band?

You might be earning more... but are you actually taking home as much as you expected?

With income tax thresholds frozen, more people are becoming higher-rate taxpayers without even realising the wider impact. It could affect everything from your pension tax relief to your savings allowance and even your Child Benefit.

Our latest blog explores:
✔ Why more people are paying higher-rate tax
✔ The tax allowances you could be missing
✔ Simple planning opportunities that may help reduce your tax burden

A few small changes today could make a real difference to your finances.

Read the full blog on our website: https://millbankfs.co.uk/2026/07/07/freeze-the-higher-rate-tax-burden/

Your weekly News in Review is LIVE! 📰

Here’s what’s making the headlines this week:
➡️ The IoD Directors’ Economic Confidence Index, which measures economic sentiment, fell from -53 in May to -61 in June.
➡️ The International Monetary Fund (IMF) has improved its growth forecast for the UK: to expand by 1.0% in 2026.
➡️ Defence dominated as a key topic last week’s Nato Summit amid ongoing uncertainty over the war in Iran.

👉 https://millbankfs.co.uk/2026/07/15/news-in-review-285/

Your Summer Housing Market Snapshot! 🏡

Thinking about buying, moving or re-mortgaging this year?

The housing market continues to evolve, with some encouraging signs emerging alongside ongoing uncertainty.

Here's what we're seeing:

➡️ House prices have remained resilient overall, although growth varies significantly across different parts of the UK.

➡️ More affordable regions, including the North East and North West, continue to outperform, while London and the South East have seen prices soften.

➡️ Borrowers are also changing their approach. Demand for tracker and variable-rate mortgages has increased as many people wait to see where interest rates go next, while shorter fixed-rate deals are becoming more popular.

The key takeaway? There isn't a one-size-fits-all approach. Whether you're a first-time buyer, moving home or reviewing your mortgage, understanding the current market can help you make more informed decisions.

Economic Review: June 2026 📊

There was plenty for investors, homeowners and businesses to keep an eye on in June.

The Bank of England held interest rates at 3.75%, inflation remained lower than expected at 2.8%, and the UK economy showed encouraging growth in the first quarter of the year.

However, uncertainty remains. Ongoing geopolitical tensions, political change in the UK and weaker business confidence continue to shape the economic outlook.

In our latest Economic Review, we explore:
✔ Why the Bank of England kept rates on hold
✔ What the latest inflation figures could mean
✔ How markets performed during June
✔ What recent economic data tells us about the months ahead

If you'd like a straightforward overview of what's been happening in the economy and why it matters, our latest blog is well worth a read: https://millbankfs.co.uk/2026/07/02/economic-review-june-2026/

Your weekly News in Review is LIVE! 📰

Here’s what’s making the headlines this week:
➡️ Latest Nationwide data shows house price growth increased by 2.2%, up from 1.7% in May, with regional performance varying.
➡️ Analysis indicates England’s last match, along with the rest of the 2026 FIFA World Cup, has been positive for the UK economy.
➡️ During the ECB Forum, the Governor of the Bank of England said that any plans to reduce Bank Rate are “off the table”.

👉 https://millbankfs.co.uk/2026/07/08/news-in-review-284/

Do you have financial protection in place?

Research shows that just 42% of UK adults have some form of protection policy, yet those who do overwhelmingly say it's one of the most important financial decisions they've made.

Life has a habit of throwing the unexpected our way. Whether it's protecting your income, your mortgage or your family's future, having the right cover in place can provide valuable peace of mind.

Our latest blog explores:
✔ Why so many people still don't have protection
✔ The life events that often prompt people to take action
✔ Why understanding your options doesn't have to be complicated

Take a few minutes to read the full blog and see whether your financial safety net is as strong as you think: https://millbankfs.co.uk/2026/06/30/protection-policies-just-42-hold-one/

Could your loved ones find your important information if they needed to? 💡

From bank details to pension providers, life insurance to solicitor contacts – it’s easy to lose track of key information. But in a crisis, having it all written down can make life a lot easier.

Our 'Important Information' resource helps you organise everything in one safe, easy-to-access place – giving you peace of mind and helping your family when it matters most.

✅ Bank details
✅ Insurance policies
✅ Pension & investment contacts
✅ Professional advisers
✅ Emergency contacts

If you'd like a copy to complete for your own records, just get in touch.
📲 0115 880 0190
📩 [email protected]

Your weekly News in Review is LIVE! 📰

Here’s what’s making the headlines this week:
➡️ UK growth in Q1 was driven by expansion in all sectors, with the services sector making the largest upward contribution.
➡️ Andy Burnham has outlined his plans for a decentralised government in the first speech of his bid to become Prime Minister.
➡️ The Treasury is to introduce a 22% tax levy on cash held in Stocks and Shares ISAs from April 2027.

👉 https://millbankfs.co.uk/2026/07/01/news-in-review-283/