2024 has seen many of the world’s central banks reducing interest rates back down to more normalised levels. Although the decreases in the UK’s interest rate may not thus far have been as substantial as we might have hoped, the Bank of England, European Central Bank and US Federal Reserve all appear on course to continue to reduce rates to more palatable levels by the end of 2025 – good news for those with mortgages. 

Following the US election, at the time of writing, we wait to see if President Trump implements the policies set out during his campaign, including possible import tariffs on goods from China and the Eurozone. The impact of this and other market trends are a key focus in this edition: Head of Investment Office, Jon Cunliffe provides a snapshot of themes in the wider global economy in our new In Focus series, while the unique characteristics of Japan’s economy and demographics are the theme of our editorial here. William McCubbin explores the remarkable shift the country with the world’s oldest population and highest debt-to-GDP ratio has undergone in the 70 years from the post-war period to the highs its Nikkei 225 Index has achieved in recent times. 

At home, the Autumn Budget announcement has had a major impact and will undoubtedly still be top of mind for many of you. It was rather a mixed bag – whilst tax rises were anticipated, less expected was the inclusion of pensions within estates for inheritance tax purposes. Whilst we wait to see final details of the technical consultation next year, you may perhaps be considering your options for inheritance tax planning: Ryan Gordon of our wealth planning team covers the anticipated impact of the pension change here. Our wealth planners recently ran a client webinar on ‘protecting wealth across the generations,’ to act as a useful starting point for those thinking about how best to pass wealth on to their loved ones. A recording of the webinar is available here on the JM Finn website, which you may find beneficial – and the wealth planning team remain on hand for any client queries about this topic or the Budget’s effect on your own finances. 

Meeting client needs is at the heart of what JM Finn strives to do – and I’m proud to say that for the fourth consecutive year, we have been awarded ‘Best Wealth Manager’ by the Good Money Guide. What is particularly heartening about the award is that winners are chosen based on public voting and feedback from providers. I would like to say a big thank you to those of you who took the trouble to vote for the Firm.

As we head into 2025 our focus, as ever, is on aiming to deliver long-term returns for clients regardless of changing macroeconomic conditions. Wherever you are spending the festive period, on behalf of everyone at JM Finn, I wish you all a very Happy Christmas and all the best for the New Year.

Hugo Bedford, CEO signature

Hugo Bedford CEO

Managing your wealth

Managing your wealth

Understanding Finance

Helping clients understand what we do is key to building relationships. To explain some of the industry jargon that creeps into our world, we’ve pulled together a section of our site to help.