Consumer champion Martin Lewis has urged voters to keep calm and carry on as uncertainty rages over the UK’s Brexit vote. The MoneySavingExpert said the economy risked further upset if the public start to panic about it. He said: “The vote result changes the way people think or act. "That’s why the markets have gone down – that’s why people have asked if they should complete on their house sale, or complete their bank account change. “The danger of this ‘sentiment change’ is it becomes a self-fulfilling prophecy. "People are worried about the economy so they don’t do things that they would have done otherwise, and that hurts the economy. "We have to be very careful of the sentiment change issue.” He said instead that change would be a slow process, and one which still contains several unknowns. He said: “The most important thing to say to people is: ‘Don’t panic.’ “Nothing has actually changed yet. There is time for things to play through.
The latest research from LMS has found that during May, over half of those remortgaging decided to take advantage of the competitive rates available to lower their mortgage rate.
Following the news that the UK has voted to leave the European Union, both sterling and shares have taken a steep tumble. The London stock market dropped more than 8% and the FTSE 100 index fell more than 500 points in the opening minutes of trading this morning. Banks were especially hard hit, with Barclays and RBS falling about 30%.
The survey carried out by the group risk insurer found that: 19 million UK employees do not have any form of income protection. Over two in five (44%) of these would rely on savings if they were unable to work. But our respondent's average savings pot of £8,849 would last just 16 weeks based on typical expenditure. One in ten (9%) workers don't worry about losing income as they believe they could live off State benefits. Yet more than half (53%) could not survive on Work-Related Employment and Support Allowance
According to a worrying new report from Scottish Widows, half of the UK’s mortgage holders have no life cover in place. This equates to 8.2 million people who have left themselves and their families financially exposed should the worst happen. The research also found that only 20% have a critical illness policy, leaving many more millions at risk of financial hardship or losing their home if they were to become seriously ill.