Phil MeekinView Profile
As always the New Year brings the usual sales frenzy. Although, nowadays the sales seem to start in January and finish on the last day of December.
As always the New Year brings the usual sales frenzy. Although, nowadays the sales seem to start in January and finish on the last day of December. I’m not attacking the way the British public are targeted with various advertising campaigns but there are only so many sofa’s and carpets we can fit in our homes.
I understand to get the British economy going, the public are required to purchase consumer goods in large quantities. Added to this, they need to have confidence in their own ability to earn the money. This comes from having security of employment and most importantly, a long term financial plan.
It seems signs for Britain’s financial recovery are getting stronger. The country, along with the rest of the world, seems to be coming out from the dark, bleak financial clouds. Let’s take the motor trade for instance, car sales increased by almost eleven percent in Britain, in 2013. According to various sectors of the motor industry, an amazing 2,264,737 cars were registered in 2013. An increase of 10.8% from 2012. That was around six hundred extra sales per day.
There were two major contributing factors for these figures according to experts. One was the quick cash injection fix of re-payments from the mis-selling of payment protection insurance. This estimated to have given up to £3000 per household who received compensation. The other main reason given for the dramatic rise in car sales were the many, too good to miss, financial offers from the motor companies themselves, such as Vauxhall’s, five year, 0% offer.
Things are on the up, but let’s not get complacent. Don’t jump into any financial commitment without being sure about your future.
A rise in bank interest rates may be just around the corner, and that could spell disaster for new companies starting out or for members of the public re-furnishing their homes on the “Never Never”
If you have overstretched your finances in the past, financial advisers and insolvency practitioners are waiting in the wings with sound advice to help should the need arise.