Monday 9 March
– Foresight Solar Fund final results
– Phoenix Group Holdings final results
Tuesday 10 March
– M&G final results
– Standard Life Aberdeen final results
– Simplybiz Group final results
– Close Brothers interim results
– Germany consumer price index
– Europe GDP
– UK retail sales
Wednesday 11 March
– UK budget
This year’s budget has been tricky to predict, not least because of the last-minute change in chancellor. However, as is customary, a few things have been mooted and speculated on.
There are suggestions chancellor Rishi Sunak could cut the inheritance tax rate to 10%, from the current 40%, while lowering the amount of tax-free allowances such tax-free gifts between families and set a £30,000 cap on cash gifts during a lifetime.
Killik & Co head of education Tim Bennett said: “A flat rate of 40%, applied in all but a few circumstances, arguably penalises the relatively small number of estates that are caught by this tax unduly harshly. Any simplification of the rules would therefore be welcome.”
The Treasury is also understood to have drawn up plans to cut the rate of pensions tax relief for higher earners from 40% to 20%, this would raise £10bn per year.
Bennett said: “Any move that disincentivises pension saving, such as scrapping higher rates of tax relief on contributions, would be counterproductive.”
The Conservatives have also pledged to give at least a 30% discount to local first-time buyers.
“The government should focus on solving the lack of supply when it comes to suitable properties for first time buyers, rather than introducing yet more measures on top of schemes such as Help-to-Buy and lifetime ISAs that effectively only stimulate demand and therefore drive up prices,” said Bennett.
– Prudential final results
– UK balance of trade, industrial and manufacturing production figures
– UK GDP
– US inflation
Thursday 12 March
– Brooks Macdonald interim results
Brooks Macdonald recently revealed several additions to its senior management line-up to incorporate the acquisition of Cornelian Asset Managers which completed on 28 February. Brooks reported discretionary FUM of £13.1bn at the end of last year, not including the £1.4bn from the Cornelian acquisition.
– ECB interest rate decision
AJ Bell investment director Russ Mould noted the US Federal Reserve, Reserve Bank of Australia, Bank of Canada and Hong Kong Monetary Authority have all cut interest rates this month in response to the Covid-19 outbreak. This takes the total of global rate cuts in 2020 to 31, compared with just three increases from Tajikistan, Kyrgyzstan and the Czech Republic.
“All eyes will therefore be on the ECB and its President Christine Lagarde, although both have only limited room for the manoeuvre since the headline deposit rate already stands at zero.
“Ms Lagarde had already been calling for increased fiscal stimulus to kick-start the eurozone economy. It will therefore be interesting to see if the ECB loosens policy and if so how it chooses to do so or whether it is content to rely on individual countries’ fiscal initiatives to combat any fall-out that it expects from the viral outbreak.”
– Germany inflation figures
– EU industrial production
– US unemployment figures
Friday 13 March
– US crude oil inventories
