What advisers need to know about the year ahead
- On January 10, 2024
- By GrowthInvest Marketing
Another year has ended, a fresh one has begun and with it will come a raft of new regulations, a possible new government and, many would hope, economic improvement.
The past year will be remembered for the introduction of consumer duty, a shaky economy and jitters in the housing market.
The next 12 months will see an additional host of new rules, the potential for falling interest rates, and the expectation of a subdued but stabilising economy.
Here is a round-up of what lies ahead in 2024 for financial advisers:
Many economists agree the UK’s economic outlook for 2024 is less positive than they would wish.
Gross domestic product fell 0.3 per cent between September and October, unexpectedly, after a 0.2 per cent expansion in the previous month. Economists had expected no change in the quarter.
KPMG expects GDP to continue to grow at a modest pace of 0.5 per cent this year, and to reach its steady-state rate of about 1 per cent in 2025.
The International Monetary Fund takes a similar view on UK GDP growth and predicts it to be 0.6 per cent in 2024, down from a previously forecast 1 per cent.
The OECD expects growth to remain modest in 2024 and 2025, and forecasts UK GDP to grow by 0.7 per cent this year – down from 0.8 per cent.
But the Institute for Fiscal Studies is less optimistic, saying in a report in October that it believes the UK economy “remains stuck between weak growth on the one hand and the risk of persistently high inflation on the other”.
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