It was with a sense of joy and relief - certainly on a personal level - that I read the statistics about the rebounding of the UK economy after what has been a rocky old time of late. With the further easing of lockdown and strong indications that the progress made so far in the battle with Covid-19 is being maintained, it is hoped that this positive trajectory continues.
Whilst this is of course good news, the uncertainty of the last 15 months or so has been a rollercoaster for anyone involved in the investment or management of money. For myself as a professional deputy, there has been a continual rollercoaster of emotions and significant concerns about the state of the markets, economy and investments for my clients (especially where awards of significant damages have been invested to meet essential expenditure). Weighed against the knowledge that as a deputy, my decisions are lower risk, longer term and cautious. Whilst the last 15 months will no doubt appear as a 'blip' in the various graphs over the coming years, the long-term trajectory should remain positive for long term investors.
For my part, I have been immensely grateful for the regular market information, insight and calming words of those IFAs with whom I have the pleasure of working and have reassured me on those more stressful days; especially as with such unprecedented circumstances, there are few guarantees.
For myself and my clients, I'm hoping for a bit more stability in investment markets over the coming years. And if that stability helps improve bank interest rates too, I for one will be delighted!
The UK economy will enjoy its fastest growth in more than 70 years in 2021 as Covid-19 restrictions are lifted, according to the Bank of England. The economy is expected to expand by 7.25% this year, with extra government spending helping to limit job losses. However, it follows a contraction of 9.9% in 2020, the biggest in 300 years.