Anna Macdonald, Investment Strategy Director, Hargreaves Lansdown:
“John Healey’s appointment as Chancellor brings valuable experience and a degree of continuity at an important moment. Having served in the Treasury before, he will be seen as a relatively safe pair of hands, but both markets and households will now be looking for greater detail in the days ahead and, ultimately, at the Budget.
The priority should be a credible, investment-friendly plan for economic growth, alongside clarity and stability on tax. Constant speculation, including around capital gains tax, risks making people more cautious about moving their money from cash into long-term investments, at precisely the moment when Britain needs more people to invest for their future.
For individual investors, the best response is not to overreact to the political headlines. Sterling has strengthened slightly, although bond and stock markets are closed, and there will inevitably be more noise as the new government sets out its plans. Changing a long-term investment strategy in response to a change of Chancellor can easily do more harm than good. Staying invested and focused on long-term goals remains the most sensible approach.”
Notes to Editors
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