You may have seen the recent headlines about Marks & Spencer (M&S) and the significant cyberattacks the retailer has been a victim of, causing immense disruption to its online operations and costing an estimated £300 million in profits.

In this case, scammers have stolen key customer information, which the BBC reported could include names, email addresses, telephone numbers, and dates of birth, and are using this data to scam people through a process called “social engineering”. This involves them pretending to be an authority, such as your bank or the police, and using the small amount of information they have illegally obtained to trick you into giving away more of your personal details, or even steal money from you.

Even if you are not an M&S customer, the story may have left you feeling concerned about being contacted by fraudsters and scammed yourself.

When it comes to financial fraud, knowledge is power. That’s why we’ve produced a brand-new guide, featuring everything you need to know about scams and how to avoid them.

The guide contains all kinds of useful insights into scams, including:

• The cost and impact of scams on victims
• 10 common scams and how to spot them
• How to spot a cloned firm, and five signs of a pension scam
• Why people fall for scams, and how you can prevent yourself from being a victim
• Who to turn to if you’re worried about scams.

To read more about scams and staying safe, download your copy by clicking the button below.

Download the guide

If you’d like to speak to us about keeping your wealth safe and secure from fraud, please get in touch today.

A recent article published by an influential think tank, the Institute for Fiscal Studies (IFS), has suggested that the Labour government should consider increasing the basic rate of Income Tax in order to boost revenue and curb the amount of money it has to borrow.

Doing this would break a so-called “taboo” as no chancellor has increased the basic rate of Income Tax for 50 years. Indeed, for much of that time, the aim of most chancellors has been to cut the basic rate as a symbol of their commitment to low personal taxation.

In this article, you can discover why the IFS is suggesting the government make this move, and how it could affect your finances.  

The basic rate of Income Tax has been gradually reduced over the last 50 years

The last chancellor to increase the basic rate of Income Tax was Dennis Healey in 1975, who raised it from 33% to 35%. At the time, the UK government was facing the combined financial threats of economic weakness at home, together with global uncertainty driven by the oil crisis. 

Since that time, the basic rate has only ever been reduced, with the final reduction to its existing rate of 20% made by the former chancellor, Gordon Brown, in 2007.

In reality, however, the freeze in tax thresholds and the Personal Allowance since 2021 has actually resulted in many individuals paying more Income Tax. The Personal Allowance stands at £12,570 and is set to be frozen at this level until 2028, meaning that the more a person earns, the higher their Income Tax is likely to be. This is commonly known as a “stealth tax”.

Previous governments have sought alternatives to Income Tax to raise revenue

Instead of increasing the basic rate, successive governments have used other methods to raise revenue, such as implementing higher taxes on businesses and capital gains.

The rate of VAT has also increased markedly in the last 50 years, from 8% in 1975 to 20% in 2025/26, as chancellors have seen taxing consumption more politically acceptable to the electorate than taxing income.

Previous governments have also put up the rate at which individuals pay National Insurance contributions (NICs) on their income. While having the same effect as an increase in Income Tax, this does seem to be somewhat less emotive. This could be down to the fact that NICs receipts are hypothecated and used to fund the State Pension and other benefits such as Maternity Allowance, so earners understand where their contributions are going.

Election promises have restricted the government’s revenue raising options

During the 2024 general election campaign, the Labour Party manifesto pledged no increases in:

• The standard rate of VAT
• Employee NICs
• Income Tax.

Labour made it clear that the government intends to fund increased public spending through the proceeds of economic growth rather than higher taxes. It has also committed to only increase borrowing to fund growth.

To this end, this government has announced a series of measures, including a massive house-building programme, along with big infrastructure projects such as airport expansion and the Oxford-Cambridge corridor.

However, all those measures will take time to come to fruition and deliver growth. In the meantime, public services, such as the NHS, schools, and local government, remain in need of financial support.

External events have blown government plans off course

As well as internal challenges, the government’s financial position has been made even more precarious by two external events:

1. The reduction in the US financial and military commitment to Ukraine, which has forced other nations, including the UK, to boost defence spending.
2. The imposition by President Trump of a 10% tariff on all UK exports to the US.

While increased military expenditure could ultimately be an effective growth driver, it poses an immediate funding problem for the treasury.

Tariffs on UK goods and services entering the US provide a more immediate challenge. A paper issued by the Department for Business and Trade confirmed that these have led to a reduction in business confidence, and a report in the Guardian suggesting that this would hinder the very growth the government is hoping for.

The effect of an Income Tax rise on your income

Clearly, there is no danger of Income Tax rates reverting to the level they were at in 1975.

However, according to the government, just a 1% increase in the basic rate would raise £6.55 billion in 2025/26 and £7.9 billion the following year. Additionally, if the government were to announce an increase of 1% on all Income Tax rates, this would raise £8.1 billion next year.

So, how would an increase in Income Tax affect your take-home pay?

According to Forbes, the UK national average salary is £37,430, as of April 2025.

Assuming you are entitled to the full Personal Allowance of £12,570, the table shows the comparative amounts of Income Tax you would pay.

Annual income £37,430	Income Tax payable
Basic rate of 20%	£4,970.30
Basic rate of 21%	£5,220.60
Annual increase in Income Tax	£250.30

Source: Government website

While any potential increase in Income Tax is likely to be relatively small, it’s clear that this would be controversial, especially given the manifesto commitment the Labour Party made not to take such a step.

However, the government could justifiably argue that it could not have foreseen the issues around defence spending and US tariffs.

As a result, it may be tempted to earmark any Income Tax rise for defence spending, which may well help to increase the public’s acceptance of it.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate tax planning.

According to a Citywire report, forecasts from the Office for Budget Responsibility (OBR) suggest the amount of Inheritance Tax (IHT) paid to HMRC will have increased by 11.6% in 2024/25 compared to 2023/24.

This will mean that the total amount of IHT paid in the 2024/25 financial year will have reached a record high of £8.4 billion.

The report suggests that the big year-on-year increase has been primarily driven by the long-term freeze of the level at which IHT becomes chargeable, and the increase in asset values.

With the freeze on thresholds due to continue until 2030, this highlights the importance of ensuring you are taking effective estate planning measures to mitigate the amount of IHT payable on the value of your assets. Doing this can help ensure that your beneficiaries are not left with an unwelcome and substantial tax charge on your death.

There are series of straightforward measures you can make use of to reduce your IHT liability. One of these, which is often overlooked, is known as “gifting from surplus income”.

In this article you can read about how it works, and help ensure that as much of your wealth as possible passes to your beneficiaries rather than HMRC.  

Gifting assets is an effective way to reduce your IHT liability

In the 2025/26 tax year, IHT is normally charged at 40% on the value of your estate in excess of the £325,000 allowance, commonly referred to as your “nil-rate band”.  

If your primary residential property is included in your estate and it is passed to a direct descendant, your total tax-free allowance will likely increase to £500,000.

It’s also important to bear in mind that these allowances apply to individuals, so a couple can enjoy a combined tax-free allowance of up to £1 million.

The most common and straightforward way to reduce your IHT liability is by gifting assets – belongings, investments, or cash – to your beneficiaries during your lifetime, so they no longer form part of your estate.

You have three annual gift allowances you can make use of:

1. A £3,000 annual exemption, which can be split among as many recipients as you like. You can “carry forward” any unused allowance from one year into the next. This means that you and your spouse or partner could gift £12,000 immediately if you have not previously made any gifts
2. Wedding gift allowances of £5,000 for a child’s wedding, £2,500 for a grandchild’s wedding, or £1,000 for anyone else. This exemption counts in addition to the standard annual exemption.
3. Unlimited small gifts of £250 or less to other individuals, provided they have not been the recipient of another of the above exemptions.

Beyond these three allowances, all other gifts you make will be treated as potentially exempt transfers (PETs) and subject to the “seven-year rule”.

This means that if you live for seven years from the date of making the PET, no IHT will be payable. Within those seven years, however, a taper relief system is applied, which means that the amount of IHT will depend on how long you live after making the gift.  

Years between gift and death	IHT payable on the gift
Less than 3 years	40%
3 to 4 years	32%
4 to 5 years	24%
5 to 6 years	16%
6 to 7 years	8%
7 or more years	Nil

As well as allowable gifts and PETs, a further effective way to mitigate your IHT liability is by utilising the “gifts out of surplus income” rule.

Gifts out of income are usually Inheritance Tax-free

Making gifts out of your regular income is an effective estate planning measure. Not only are these gifts usually IHT-free, making them carries the added benefit of you being able to provide the recipient of your gifts with valuable ongoing financial support. 

While there is no limit to the amount you can gift in this way, there are three strict conditions you need to comply with:

1. You must be able to demonstrate that the gifts you make are from your income, such as your salary or regular pension, rather than your accrued capital.
2. The gifts must be made on a regular basis and not simply be one-off transfers.  
3. By gifting from your income, you must ensure that you are not reducing your own standard of living, and that the income in question is surplus to your requirements.

As well as not reducing your living standards, you will also need to assess how making such gifts on a regular basis could affect your own long-term financial plans.

You will need to review your own arrangements to confirm that the gifts you make are affordable when set against your other priorities, and that you are not creating future problems for yourself if the money you are gifting could be better allocated for other uses.

For example, you might you better off setting money aside for future care provision, or to cover moving costs if you intend to downsize to a smaller property.

You should also carefully consider how any gifts of this kind will be used. Earmarking these for a specific purpose can often be advantageous. This could include paying annual school fees for your grandchildren, or putting regular amounts into a Junior ISA, that they can then access when they are 18.

You should keep accurate records of all gifts you make

As with all your personal finance transactions, it’s important to keep detailed records of all gifts you make, whether they are out of income, within your gift allowance, or PETs.

This is certainly the case when it comes to gifts out of income and substantial PETs, as your executors are likely to need to provide these to HMRC when they are dealing with your estate on your death.  

Accurate records can help expedite the process of obtaining probate, and ensure that your beneficiaries are able to enjoy your bequest to them without any unnecessary delay.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate tax planning or estate planning.

Remember that taper relief only applies to gifts in excess of the nil-rate band. It follows that, if no tax is payable on the transfer because it does not exceed the nil-rate band (after cumulation), there can be no relief.

Taper relief does not reduce the value transferred; it reduces the tax payable as a consequence of that transfer.

Financial protection may provide you or your loved ones with a financial injection when you need it most. Calculating what level of cover is appropriate for you is an essential step to take when comparing options.

Over the last couple of months, you’ve read about why financial protection is important and the different types that might be useful to you. Now, read on to find out how three questions could help you assess the level of cover you’d need to offer peace of mind.

The level of cover refers to how much you or your family would receive should you need to make a claim. Usually, you can select a level of cover that suits you and your circumstances.

So, what questions might be useful to answer?

1. What are your outgoings?

When certain circumstances are met, financial protection can provide either a regular income or a lump sum. To calculate the level of cover you need, you may want to start by reviewing your regular expenses – what are your essential household bills?

Knowing your monthly expenditure is useful when you’re taking out income protection or family income benefit, which would provide a regular income.

Life insurance and critical illness cover would pay out a lump sum. As a result, you might need to consider how long you or your family would potentially need to rely on the payout when assessing the level of cover you’d need to provide long-term security.

2. What existing cover do you have?

Before you start looking at your options for financial protection, take some time to review your existing cover.

If you have previously taken out financial protection, check if you’re still covered, in what circumstances it would pay out, and what the level of cover is.

You might also benefit from financial protection you haven’t personally taken out. For example, some companies, like banks, may offer life insurance or another form of financial protection when you open an account with them.

In addition, your employer may provide benefits that are similar to financial protection, such as:

• Enhanced sick pay: Statutory Sick Pay would leave most families struggling to meet essential outgoings. However, your employer might offer enhanced sick pay, which could help you bridge the gap. Be sure to check what portion of your salary your employer would pay if you were unable to work and for how long.
• Death in service: Some firms may also offer a death in service benefit, which would provide your family with a lump sum if you passed away while employed at the company. This is usually a multiple of your salary, so it’s important to review what your loved ones may receive and if there are any restrictions.

Understanding the protection you already have in place could ensure you’re able to pick options that complement these and potentially lower your premiums. For instance, if your employer would provide sick pay for six months, you might take out income protection that has a longer deferment period to reflect this, which could reduce the cost of cover.

3. What other assets do you have that might support you?

As part of your financial plan, you might have taken other steps to help you or your family overcome a financial shock, like creating an emergency fund. So, considering your wider financial circumstances when assessing if financial protection could be right for you is often valuable.

Financial protection can bridge the gap between your income and your expenses

With this information, you can start to assess what level of cover is right for you.

If you’re considering income protection, you can calculate the potential gap between your essential expenses and expected income if you were unable to work. You can then select cover that would bridge this gap and allow your family to maintain their current lifestyle.

Similarly, if you want to take out life insurance to ensure your loved ones would be financially secure if you pass away, you may multiply the outgoings to calculate the lump sum they’d need to meet expenses for a certain number of years.

Get in touch to talk about your financial protection

If you’d like to discuss taking out financial protection or want to review your existing cover, please get in touch. By reviewing financial protection alongside your wider financial plan, you could understand which option may be right for you.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

Note that financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.

Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.

Achieving “financial freedom” is an aspiration many people have. Yet, it can mean different things to each person and is influenced by other lifestyle goals, so defining how to measure it for you could help you turn it into a reality.

Securing financial freedom so you can retire with confidence is a common goal.

A January 2025 Legal & General survey asked people what their perfect retirement would look like. The top answer was “living stress-free without financial worries”. Correspondingly, the biggest barrier to retirement was financial concerns, which ranked higher than potential health issues and fear of boredom.

Some modern money trends have arisen from the desire to achieve financial freedom too.

For example, FIRE, which stands for “financial independence, retire early”, involves workers devoting large portions of their income to savings and investments. Followers of the movement aim to retire from traditional work as soon as possible and live off the passive income their assets generate.

The common theme among people working towards financial freedom is to live the lifestyle they want, including giving up work if they choose, while maintaining their financial security. However, how much you need to do this can vary enormously.

So, setting out what financial freedom would look like to you could be useful. Answering these two questions may provide a useful starting point.

1. What do you want the freedom to do?
2. What do you want to be free from?

Read on to find out what you might consider when reflecting on these questions and how financial planning could help you create an effective road map to financial freedom.

Setting out the lifestyle you want to enjoy

To calculate how much you need to secure financial freedom, you need to understand how much your desired lifestyle will cost. This is where you think about what you want the freedom to do.

Some people would prefer to live more frugally if it meant they could step back from work sooner, while others might be looking forward to a more luxurious lifestyle. From how often you’d like to eat out to what holidays you’d like to take, setting out lifestyle expectations is an essential step.

So, answering questions like those below may help you define what financial freedom means for you.

• What would your day-to-day lifestyle and spending look like?
• How could your income needs change during your life?
• Are there one-off costs you need to consider?

It may be useful to break down your income needs into essential and non-essential spending. This way, you could understand how adjusting your lifestyle might mean you’re able to reach financial freedom sooner – would you choose a lifestyle that involves spending less if you could retire earlier than expected? 

Understanding your worries is important for financial freedom

To fully enjoy the lifestyle you want, you often need to have confidence in your finances. So, when you’re thinking about what you want to be free from, concerns and worries are common.

For example, to make the most of financial freedom, you might benefit from being free from worrying about:

• The potential long-term effects of inflation
• How you’d cope if you faced a financial shock
• How periods of investment volatility could affect your income
• If your partner would be financially secure if you passed away first.

Addressing these concerns when you’re setting out what financial freedom means to you could help you take steps to protect your long-term financial security and ease your mind.

Modelling your finances could demonstrate how you could achieve financial freedom

Armed with your answers to the above questions, your financial planner can work with you to create a financial plan that focuses on securing financial freedom.

As you’ll typically need to consider the long-term effects of saving, investing, spending, and more, a cashflow model may be a valuable tool. Cashflow modelling could help you visualise how the value of your assets might change over time.

For example, you could see how the value of your investment portfolio might rise over the next decade as you divert more of your income to it. Once you give up work, you might draw an income from your investments. A cashflow model could show how the value would change depending on the withdrawal rate, investment returns, and how long it’ll be used to create an income.

As a result, cashflow modelling could help you calculate how much you need to be financially secure.

You can also model different scenarios on a cashflow model, which may be useful for addressing the concerns you want to be free from. For instance, you might adjust expected investment returns to understand how a period of volatility could affect your long-term finances.

Being aware of the potential risks often gives you an opportunity to create a financial buffer or take other steps to mitigate the effects. So, cashflow modelling could mean you’re able to enjoy your financial freedom, rather than worrying about what’s around the corner.

It’s important to note that the outcomes of a cashflow model cannot be guaranteed, but the information can provide valuable insights and help you make more informed financial decisions.

Get in touch to talk about what financial freedom means for you

If you’d like to talk to one of our team about your financial plan or how we could help you reach your goals, please get in touch.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

The Financial Conduct Authority does not regulate cashflow modelling.

Uncertainty continued to lead to market volatility in May 2025. However, there was some good news for investors as some markets recovered the losses they experienced in April 2025. Read on to find out more and what factors may have influenced your portfolio’s performance recently.

While market movements may be worrisome, remember, it’s a normal part of investing. Keep your long-term goals and strategy in mind when you review how the value of your investments has changed.

Tariff announcements continued to affect markets towards the end of May 2025

The month got off to a good start for investors – the FTSE 100, an index of the largest 100 companies listed on the London Stock Exchange, recorded its longest-ever winning streak. On 3 May, the index had made gains for 15 consecutive days and almost recovered all the losses that followed tariff announcements in April.

The European markets experienced some volatility at the start of the month as Friedrich Merz lost the vote to become Germany’s chancellor. It led to some calling for a fresh election, and also uncertainty – on 6 May, the German index DAX fell 1.9%.

After a tit-for-tat trade war sparked investor fear in April, many were optimistic when trade discussions between the US and China began on 7 May. Combined with the People’s Bank of China cutting interest rates by half a percentage point, this led to Asian stocks lifting. Indeed, the Shanghai Composite rose by almost 0.5%. 

This was followed by Donald Trump, president of the US, announcing a “full and comprehensive” trade deal with the UK. When markets opened on 8 May, Wall Street was up 0.6%.

Hope that other countries will also reach agreements with the US lifted European markets. The DAX in Germany increased by 0.6% to reach a record high, while France’s CAC was up 0.5% on 9 May.

Wall Street surged on 12 May when it was revealed the US and China had agreed to a 90-day pause on tariffs. The Dow Jones Industrial Average (2.3%), S&P 500 (2.6%), and Nasdaq (3.6%) all rallied.

Similarly, when markets opened in Asia, Chinese indices jumped, particularly technology and financial stocks.

However, the positive news didn’t last throughout the month.

On 19 May, credit ratings firm Moody’s downgraded the US’s rating from triple-A to Aa1. The decision was linked to the growing US national debt, which is around $36 trillion (£26.6 trillion) and rising interest costs. The announcement led to global volatility.

What’s more, on 23 May, Trump threatened further tariffs, which led to markets falling.

In a bid to encourage technology giant Apple to make its iPhone in the US, Trump suggested the company could face a 25% tariff. Apple’s shares fell by around 3% before markets opened after the comments were made.

Trump also said EU imports would face a 50% tariff from the start of June. He added he wasn’t looking to make a deal with the bloc, but instead wanted EU businesses to build plants in the US. The news led to falls across European markets, including the DAX (-1.9%), FTSE 100 (-1.1%) and Italy’s FTSE MIB (-2%).

However, just a few days later, on 28 May, Trump agreed to delay EU tariffs and suggested meetings would be arranged to discuss a trade deal.

UK

The Bank of England (BoE) decided to cut its base interest rate by a quarter of a percentage point to 4.25% – the lowest rate in two years – at the start of the month.

However, inflation data may raise concerns for the BoE. While inflation was expected to rise, it was higher than predicted. In the 12 months to April 2025, inflation was 3.5%, with increasing energy costs playing a key role in the rise.

GDP data was positive. The UK grew by 0.7% in the first quarter of 2025, making it the fastest-growing G7 economy. Yet, the think tank Resolution Foundation warned a rebound is unlikely, and it expected April data to be weaker.

The UK unveiled a trade deal with India, covering a range of products from cosmetics to food. The agreement represents the biggest trade deal since Brexit in 2020 and is expected to increase bilateral trade by more than £25 billion over the long term.

While many businesses are worried about the potential effects of trade tariffs, aerospace and defence firm Rolls-Royce said it could offset the impact. CEO Tufan Erginbilgic said the company expected to deliver an underlying operating profit of between £2.7 billion and £2.9 billion in 2025 on 1 May, which led to share prices increasing by 2.7%.

The firm benefited from a further boost of 4% on 8 May when the UK-US trade deal was announced.

However, other firms aren’t expected to fare as well.

Drinks company Diageo, which produces around 40% of all Scotch whisky, predicts it will lose around £150 million due to tariffs.

Europe

Inflation in the eurozone continued to hover above the 2% target at 2.2% for the 12 months to April 2025.

Eurostat lowered its estimate for economic growth in the eurozone in the first three months of the year to 0.3%. In the first quarter of 2025, Ireland boasts the fastest-rising GDP (3.2%), while contractions were measured in Slovenia, Portugal, and Hungary.

Unsurprisingly, the European Commission also cut its growth forecast for the eurozone in 2025 from 1.3% to 0.9%. It said this was “largely due to the increased tariffs and the heightened uncertainty caused by recent abrupt changes in US trade policy”.

HCOB’s PMI output index for the eurozone fell from 50.9 to 50.4 in April – a reading above 50 indicates growth. While still growing overall, it’s notable that France’s private sector contracted for the eighth consecutive month and Germany’s output barely rose. However, there was a strong increase in Ireland, and Spain and Italy also expanded.

There is potentially good news on the horizon. Germany’s factory orders jumped by 3.6% in March as companies tried to get ahead of tariffs.

US

Trump’s tariffs, which aim to reduce the trade deficit, have initially, at least, had the opposite effect.

As businesses tried to stock up before new tariffs were imposed on goods from abroad, the US trade deficit reached a record high in April. The deficit increased by $17.3 billion (£12.8 billion) to $140.5 billion (£104 billion).

GDP data also suggests Trump’s policies are having a negative effect on the economy. In the first three months of 2025, GDP fell by 0.3%; this is in stark contrast to the 2.4% rate of growth recorded in the final quarter of 2024. It marks the first time the US economy has shrunk in three years.

The University of Michigan’s index of consumer sentiment indicates households are worried about their finances. Americans are concerned about potentially weakening incomes, with the index falling 26% year-on-year.

Tariffs are expected to affect a range of businesses, including the car manufacturing sector.

The three big US car manufacturers – General Motors, Ford, and Stellantis – all have some manufacturing facilities in Mexico or Canada that serve the US market and are likely to be affected by trade tariffs.

General Motors expects tariffs to cost the company as much as $5 billion (£3.7 billion) this year. Similarly, Ford has said tariffs will cost around $1.5 billion (£1.1 billion) in profits this financial year and has suspended its guidance while it seeks to understand the full impact of consumer reaction and competitive response. 

Asia

At the start of the month, the Bank of Japan cut its economic growth forecast for the fiscal year ending March 2026 from 1.1% to 0.5%. The bank cited trade policies as the reason for the fall.

Indeed, GDP for the first quarter shows Japan’s economy contracted by 0.7% due to a decline in exports and private consumption as households cut back their spending.

Trade between China and the US fell sharply in April. Shipments to the US fell 21% year-on-year, and imports declined by 14%. However, the data suggests that Chinese manufacturers have found alternative markets. Overall exports jumped by 8.1% compared to the forecast rise of 1.9%.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.