A quick update on three things:
Town Close Funds
I can confirm that I have started moving your RJIS investments into the new Town Close funds where applicable. If you are using RJIS only for PIP-VEVE you can scroll down to the next section.
There will be a few tranches to minimise time out of the market, and I expect the process to complete by the end of next week.
You might see your valuations jump around as investments are sold and bought.
There shouldn’t be anything to worry about but if you feel untoward, please give me a ring or drop me a line.
PIP-VEVE
The money we have set aside for PIP-VEVE will remain as it is and available to use.
With that in mind we are waiting for the next chance to benefit from a bounce.
The current high of 97.07 was reached on 30 October.
On 7 November we came within a whisker of closing 3% down and therefore buying VEVE, but things have bounced back somewhat since then.
We will see VEVE hit 100 before we buy again? Who knows?
The upcoming UK budget
It seems as if every possible tax raising measure has been run up the press flagpole these last several weeks. Such is the conviction of the modern politician.
The now seemingly annual tradition of scaremongering over the 25% pension tax-free allowance has been firmly put to bed. It was 1995 when this allowance was first rumoured to be going – just 8 years after it was introduced – and it must have been raised again at least a dozen times in the intervening 30 years.
I feel pretty certain that the basic rate of income tax will rise, and there will be a corresponding cut in NI so “the workers” (not me or you I guess) are not affected unduly.
I am also pretty certain that there will be no reflection that we, as a nation, are simply living way beyond our means. And have been for the best part of the last 20 years.
But who has the appetite or political will to address that?