Posted by: WealthIFA | December 16, 2011

Financial News Update we 16/12/2011

Can you believe we are only just over a week away from Christmas?

We tried to see our local nativity this week but, sticking with tradition and having walked with the performers through the village as they looked for a place to stay for the night, when we arrived at the venue there literally was no room at the Inn – others had skipped the walk and grabbed a place in the chapel so we (along with many others) were turned away?!

Not sure if it was the weather earlier in the week that meant the numbers had swollen but the children were disappointed not to get to see the whole thing although they did get to walk with Mary, Joseph, the singers and, of course, the Donkey so all was not lost!!

In the news, as the fallout from the HSBC/NHFA scandal continues, care fees have been in the spotlight this week for other reasons too.

It has been suggested that the care reforms recommended by the Dilnot commission back in July of this year, on which a white paper was originally due next spring, will now not take effect until 2025?

Mr Dilnot himself has described this on BBC’s Radio 4 programme, as “unacceptable” and, in my opinion, also represents a massive breach of trust.

As he says, whilst the cost of £1.7bn does sound a massive amount of money, when you consider it represents just  1/400th of the total government spending (of around £700bn), in the scheme of things, it doesn’t sound too bad does it?

BBC R4 Today: Dilnot response on delay to elderly care reform:  http://bbc.in/vc7HTa

Oh well, this draws to a close my updates for 2011 so have a fantastic Christmas and I hope to see you in 2012!

This Week …

Estate Planning

Law firm sees early interest in proposed inheritance tax break on legacies: http://bit.ly/tYUQaS
Confirmed freeze on IHT a blow to home owners: http://bit.ly/sqiZxb
Practice Note LPAs: Law Society issues new professional guidance http://bit.ly/vGmcc3
Law Commission proposes significant reform to intestacy law http://bit.ly/u7WJnx

Long Term Care

A radical departure from traditional care homes: http://bit.ly/vksVYO
Mis-selling scandal: Who can you trust?: http://bit.ly/tfrBaK
Guide: How should we pay for our care?: http://bit.ly/sCDf7K
Bank’s £10.5m fine highlights the need to prepare in advance for long-term care: http://bit.ly/tZjQ1a
Care home reforms to be shelved for a decade: http://bit.ly/v7GLXE

Retirement

Today’s retirees 60pc worse off as gilt yields fall to record lows: http://bit.ly/vchTzP

Investments

Banks to advertise guarantee for savers http://bbc.in/umY7PU

Regards
Kieron

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