Living correspondent cost
Cost of living producer
BBCWhether it is the cost of pension, mortgage, investment or everyday items, many of you have been in touch with your voice, your BBC news to ask how the global tariffs and recent stock market turmoil can affect your personal finance.
The cost of BBC’s living correspondent, Coleta Smith, is answering your questions.
‘If I have a private pension, am I going to lose money?’
If you are far from the age of retirement, sit tight as pension is a long -term investment. As we have seen, very few spaces can change in a very short time so that they do not panic.
If you are getting closer to retiring, then your pension pot is likely to be taken to low risk -filled investments, such as government bonds. When the stock markets fall, these bonds do better than traditional investments.
Pensioners should not be affected with a certain annuity.
But if you are currently staying away from a pension that has been invested, it may mean that you can get less than expected due to the decline in this stock market.
It is important to make a plan how you will create any deficiency.
‘I have lost £ 1,500 in three days. When will things be stable? ,
BBC News64 -year -old Brian Waldy has been investing in Child Trust Fund for his youngest daughter since 2007.
In the last three days, they have lost from £ 1,500 account.
“We were trying to simplify our daughter’s life, but this is the money that I cannot take the risk of losing,” they told your voice, your BBC news.
If you invest directly through shares and shares of ISA or Child Trust Fund, you must have seen some major changes in the last few days.
Providers should always tell you that along with investment, investment can also go down.
If you want more certainty, it may be worth facing reality and preparing a new financial plan.
‘I do not understand what is going on. What does tariff mean? ,
There are taxes on tariffs that are imported from other countries. Companies have to pay taxes to the government of those countries, which they are sending their goods to the country. Donald Trump has said that he wants American citizens to buy more American-made products and is hoping to do so that the cost of things brought from other countries is more expensive. While we do not know what it will have, there are some concerns that can affect jobs here, especially for people working in car construction and machinery. The cost of goods in shops may increase, and general uncertainty can make it difficult for the government to meet the economic goals set by itself.
‘If we put 10% tariffs on all the items coming in our country, will it stop other countries from dumping cheap goods on us?’
Government has said There is no hurry to make any decision About starting tariffs on goods coming to the UK.
Right now, the items coming from the USA can eliminate higher costs well, but it is also possible that the products of countries hit with tariffs to import into the US can simply decide that it is cheaper to send its products instead.
With cheap foreign imports coming from countries like China, Japan and South Korea, it can push down the prices of some products in high street as firms compete with each other to attract customers with lower prices than rivals.
‘How can a stock market accident be less hostage?’
Many people are asking about how uncertainty can affect the mortgage. In Sussex, Chris came in contact to find out if it could cause a fall in interest rates.
Bank of England is worried that businesses and consumers are nervous so they want to encourage people to spend more and borrow more.
We were expecting two interest rate cuts this year and now it is predicted that there will be an additional third cut.
Lenders are already pricing in their equations and we are seeing The resulting mortgage rates fall.
