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Week Ahead – The focus remains on COVID-19, the Fed and Congress

Week Ahead – The focus remains on COVID-19, the Fed and Congress

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4 years ago

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US

The US economic recovery depends on three factors, namely, COVID-19, the Fed, and Congress. The battle against the coronavirus in the Sunbelt is improving, but the US is still seeing the death toll rise by over 1,000 every day. The CDC forecasts nearly 189,000 US coronavirus deaths by 5 September. A big amount of focus will fall on how successful some schools are with their in-person classes. If large parts of the country see failed openings of schools, that lead to a fresh surge of virus spread, the reopening of the economy will struggle strongly and sink risk appetite.

The Fed put has never been greater and that is why risky assets have rebounded sharply since the end of March. The upcoming Fed minutes could provide further insight on how the review of its monetary policy framework is progressing. The 28-29 July FOMC meeting provided no surprises as they reiterated that they will keep rates very low until they are confident the economy is underway and the increase of asset holdings will stay at the current pace. The minutes will likely emphasize the importance of fiscal support and given Washington DC’s current struggles; the Fed will likely be forced to do more for the economy.

The aftermath of Saturday’s meeting between the US and China will likely have a big impact with risk appetite. US and Chinese negotiators review the terms of the phase-one trade deal, with Beijing pushing to widen the agenda to include President Trump’s crackdown on businesses including TikTok and WeChat. It would make all the sense in the world for both sides to deliver a de-escalation, but that seems less likely.

US Politics

Capitol Hill failed to deliver the next round of stimulus and next week will likely be the blame game. The economy has been heavily reliant on government aid and we could quickly find out that the recovery will quickly stall now that it seems nothing will be done till September.

Former-VP Biden will officially accept the Democratic nomination at the 2020 Democratic National Convention. The four-day event will be held on 17-20 August, at the Wisconsin Center in Milwaukee, Wisconsin. All the speeches will be virtual due to concerns about the coronavirus.

EU

ECB minutes shouldn’t reveal too much of note this week, with the central bank committed to stabilizing the economy but unlikely to increase its programs just yet having only recently done so with PEPP. Reports of Euribor falling below the ECBs own official rate this week appear to suggest the system is flooded with liquidity but probably too early to consider removing any unless it becomes a common feature.

UK

The UK is in its most severe recession ever but growth in June was encouraging, at 8.7% compared with May. The Bank of England recently raised its forecasts for the year, likely reflecting such a rebound as shops reopened.

The UK added France, Netherlands, Monaco and more to the quarantine list that already contains Spain this week as the countries exceeded 20 cases per 100,000 people over the course of seven days. With Europe seeing a rising number of cases at the moment and the UK keen not to see a severe second spike of its own, others may follow.

Brexit

Talks to continue next week with the aim of finding agreement on the more contentious issues, notably fishing rights and level playing field. Both sides are keen to have an agreement by September but we’ve all seen how these things play out. A deal remains the hope of both sides, especially under the circumstances with the pandemic wreaking havoc on the global economy, but it may go down to the wire.

Turkey

Divided by financial markets that want higher interest rates and President Erdogan who wants cheaper funding costs, the Central Bank of the Republic of Turkey will likely make no changes to interest rates, but leave the door open for stealth hikes.

China

China’s Retail Sales and Industrial Production hints that it is not immune from the global slowdown. However, all eyes will be on the trade deal progress report meeting between the US and China this weekend. Its outcome will set the tone for the early part of the week in Asia.

China’s PBOC will launch a new medium-term lending facility on Monday, ostensibly to roll over the CNY 400 bio that is maturing, but it could also increase the amount and boost markets. The PBOC has actually been withdrawing liquidity over the past two months.

The PBOC is unlikely to cut its one and five-year Loan Prime Rates on Thursday. China is keeping its monetary powder dry, as it has for much of the year.

Hong Kong

Covid-19 restrictions have been tightened again in Hong Kong as it battles to contain the latest wave of Covid-19.

Another day, another set of arrests under the new security law is further eroding confidence in the SAR. How banks navigate the delicate path between China security and US sanctions will be an evolving story in Q4.

Wednesday’s unemployment data expected to remain steady at 6.20% with the SAR mired in a deep recession.

India

Covid-19 continues to wreak havoc on the domestic economy, heightening fears about growth as the stability of the banking system. The Rupee has stabilized for now thanks to a weaker US Dollar but continues to be an Asian underperformer along with the Indonesian Rupiah. India’s economic conflict with China is heightening, if anything, but it’s fallout on the domestic economy is limited at this stage. India has more pressing concerns.

Reserve Bank of India minutes released on Thursday will be interesting reading as the RBI threads the needle between monetary stimulus and supporting the currency.

Australia

The Reserve Bank of Australia was unchanged this week, but extremely dovish in its outlook. That was reinforced by statements by various RBA officials later in the week. The RBA will press the monetary policy accelerator to the floor if necessary.

Concerns continue about the drag on the economy of the Victoria state lockdown, with movement restrictions in force between other states. An escalation of the community outbreak in Sydney could rapidly unravel Australia’s recovery.

RBA minutes will reinforce that message and Friday’s Services PMI should continue to remain in recovery territory. The Australian Dollar’s advance has well and truly stalled, risking a decent correction lower this week.

Japan

Japan has a heavy data week ahead. Monday likely shows Japan’s GDP likely contracted by an enormous 27% annualised in Q2 with Industrial Production shrinking 18%. Wednesday should show a modest MoM recovery in Machinery Orders, but Friday’s PMI is expected to be flat at 45.0. Overall, the picture painted will be one still mired in a deep recession.

USD/JPY has rallied strongly recently as Japanese fund managers rotate into overseas bonds. The data will reinforce that premise and USD/JPY could well advance to near 108.00 by the week’s end.

Covid-19 cases continue to stubbornly increase in Japan, presenting yet another growth risk to a government that is determined to keep the economy open, no matter the outcome.

 

MARKETS

Oil

Oil prices have been consolidating over the past few months as energy demand slowly improves. The focus this week will fall on Wednesday’s OPEC+ JMMC meeting which will study compliance with the coalition’s output restraint deal and strategies going forward. Initially planned for Tuesday, the meeting was pushed back a day at the request of Russia.

The global oil market is slowly stabilizing and that will likely keep OPEC+ committed to keeping the production cuts in place for the rest of the month. The crude demand outlook is not improving fast enough to warrant the easing of output cuts.

Gold

Gold mania is ready for a break and with that prices could see a small period of consolidation between the $1900 and $2000 level. The pullback could deepen if Treasury yields continue to rise, but that seems difficult in the short-term. Gold’s strong fundamentals will likely see a broad spectrum of investors buying every major dip. The primary drivers for higher gold prices remain unprecedented stimulus will continue until next year, global growth risks, geopolitical tensions, and the fall wave of the coronavirus.

Bitcoin

Bitcoin continues to attract new investors as central bank show no end in sight for their stimulus measures. The largest cryptocurrency in the world continues to dominate, now making up just under 80% of the crypto market. Bitcoin seems like it has room to run higher but calls for a return to record highs seems premature.

 

KEY ECONOMIC EVENTS

Saturday 15 August

-The UK government must announce by 15 August whether casinos and other facilities in England can reopen. The move was delayed by concern about spikes in the number of coronavirus cases, which have led to local social-distancing measures and may do so again. Parliament is in recess until 1 September.

Monday 17 August

-Democratic National Convention is held in Milwaukee, Wisconsin. The speeches will be virtual, including Joe Biden’s acceptance speech. Biden’s running mate, Kamala Harris, will give her acceptance speech on 19 August, and Biden will accept the nomination on the final day of the event, 20 August.

-Bank of Canada releases its Senior Loan Officer Survey on the business lending practices of Canadian financial institutions.

-Atlanta Fed President Raphael Bostic discusses “inclusive innovation” at a virtual event hosted by the Rotary Club of Atlanta

Economic data:

  • S. empire manufacturing, net TIC flows
  • Japan GDP, industrial production
  • Singapore exports
  • Thailand GDP
  • Philippine overseas remittances
  • K. Rightmove house prices

Tuesday 18 August

-The sixth round of talks on a trade deal between the EU and the U.K. is scheduled to take place in Brussels through the rest of the week.

-Norway’s $1.2 trillion sovereign wealth fund publishes its first-half report.

Economic data:

  • S. building permits, housing starts
  • Australia central bank minutes

Wednesday 19 August

– Fed’s Minutes of the 28-29 July meeting that highlighted that the economy has picked up in recent months but still below pre-pandemic levels.

– Key OPEC+ ministers will meet online to review strategies for poor compliance, a dominant topic of recent gatherings.

– EIA crude oil inventory report

-The National Economist Club hosts a conversation with Richmond Fed President Thomas Barkin on the economic outlook.

Economic data:

  • Canada CPI
  • New Zealand PPI
  • Japan trade, core machine orders
  • Australia Westpac leading index
  • Hong Kong jobless rate
  • Philippine balance of payments
  • K. inflation rate

Thursday 20 August

-San Francisco Fed President Mary Daly discusses the new future of work at an event hosted by her bank.

-Bank of Canada Deputy Governor Lawrence Schembri gives a video webcast speech.

-The ECB publishes the account of the monetary policy meeting of the Governing Council held July 15-16.

Economic data:

  • US initial jobless claims, leading index
  • Argentina economic activity
  • China loan prime rate
  • Turkey interest rate decision
  • Philippine interest rate decision
  • Taiwan export orders
  • Hong Kong CPI
  • Norway rate decision
  • Macau visitor arrivals

Friday 21 August

Economic data:

  • S. Baker Hughes U.S. rig count, Markit manufacturing PMI, existing home sales
  • Mexico retail sales
  • Canada retail sales
  • South Korea PPI
  • Japan CPI
  • New Zealand credit card spending
  • Malaysia CPI, foreign reserves
  • Euro-area PMIs, consumer confidence
  • K. PMIs, public sector net borrowing, retail sales

Sovereign rating updates:

  • Turkey(Fitch), Switzerland (S&P), and France (Moody’s)

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Buried Project Veritas Recording Shows Top Pfizer Scientists Suppressed Concerns Over COVID-19 Boosters, MRNA Tech

Buried Project Veritas Recording Shows Top Pfizer Scientists Suppressed Concerns Over COVID-19 Boosters, MRNA Tech

Submitted by Liam Cosgrove

Former…

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4 hours ago

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March 12, 2024

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Buried Project Veritas Recording Shows Top Pfizer Scientists Suppressed Concerns Over COVID-19 Boosters, MRNA Tech

Submitted by Liam Cosgrove

Former Project Veritas & O’Keefe Media Group operative and Pfizer formulation analyst scientist Justin Leslie revealed previously unpublished recordings showing Pfizer’s top vaccine researchers discussing major concerns surrounding COVID-19 vaccines. Leslie delivered these recordings to Veritas in late 2021, but they were never published:

Featured in Leslie’s footage is Kanwal Gill, a principal scientist at Pfizer. Gill was weary of MRNA technology given its long research history yet lack of approved commercial products. She called the vaccines “sneaky,” suggesting latent side effects could emerge in time.

Gill goes on to illustrate how the vaccine formulation process was dramatically rushed under the FDA’s Emergency Use Authorization and adds that profit incentives likely played a role:

"It’s going to affect my heart, and I’m going to die. And nobody’s talking about that."

Leslie recorded another colleague, Pfizer’s pharmaceutical formulation scientist Ramin Darvari, who raised the since-validated concern that repeat booster intake could damage the cardiovascular system:

None of these claims will be shocking to hear in 2024, but it is telling that high-level Pfizer researchers were discussing these topics in private while the company assured the public of “no serious safety concerns” upon the jab’s release:

Vaccine for Children is a Different Formulation

Leslie sent me a little-known FDA-Pfizer conference — a 7-hour Zoom meeting published in tandem with the approval of the vaccine for 5 – 11 year-olds — during which Pfizer’s vice presidents of vaccine research and development, Nicholas Warne and William Gruber, discussed a last-minute change to the vaccine’s “buffer” — from “PBS” to “Tris” — to improve its shelf life. For about 30 seconds of these 7 hours, Gruber acknowledged that the new formula was NOT the one used in clinical trials (emphasis mine):


“The studies were done using the same volume… but contained the PBS buffer. We obviously had extensive consultations with the FDA and it was determined that the clinical studies were not required because, again, the LNP and the MRNA are the same and the behavior — in terms of reactogenicity and efficacy — are expected to be the same.”

According to Leslie, the tweaked “buffer” dramatically changed the temperature needed for storage: “Before they changed this last step of the formulation, the formula was to be kept at -80 degrees Celsius. After they changed the last step, we kept them at 2 to 8 degrees celsius,” Leslie told me.

The claims are backed up in the referenced video presentation:

I’m no vaccinologist but an 80-degree temperature delta — and a 5x shelf-life in a warmer climate — seems like a significant change that might warrant clinical trials before commercial release.

Despite this information technically being public, there has been virtually no media scrutiny or even coverage — and in fact, most were told the vaccine for children was the same formula but just a smaller dose — which is perhaps due to a combination of the information being buried within a 7-hour jargon-filled presentation and our media being totally dysfunctional.

Bohemian Grove?

Leslie’s 2-hour long documentary on his experience at both Pfizer and O’Keefe’s companies concludes on an interesting note: James O’Keefe attended an outing at the Bohemian Grove.

Leslie offers this photo of James’ Bohemian Grove “GATE” slip as evidence, left on his work desk atop a copy of his book, “American Muckraker”:

My thoughts on the Bohemian Grove: my good friend’s dad was its general manager for several decades. From what I have gathered through that connection, the Bohemian Grove is not some version of the Illuminati, at least not in the institutional sense.

Do powerful elites hangout there? Absolutely. Do they discuss their plans for the world while hanging out there? I’m sure it has happened. Do they have a weird ritual with a giant owl? Yep, Alex Jones showed that to the world.

My perspective is based on conversations with my friend and my belief that his father is not lying to him. I could be wrong and am open to evidence — like if boxer Ryan Garcia decides to produce evidence regarding his rape claims — and I do find it a bit strange the club would invite O’Keefe who is notorious for covertly filming, but Occam’s razor would lead me to believe the club is — as it was under my friend’s dad — run by boomer conservatives the extent of whose politics include disliking wokeness, immigration, and Biden (common subjects of O’Keefe’s work).

Therefore, I don’t find O’Keefe’s visit to the club indicative that he is some sort of Operation Mockingbird asset as Leslie tries to depict (however Mockingbird is a 100% legitimate conspiracy). I have also met James several times and even came close to joining OMG. While I disagreed with James on the significance of many of his stories — finding some to be overhyped and showy — I never doubted his conviction in them.

As for why Leslie’s story was squashed… all my sources told me it was to avoid jail time for Veritas executives.

Feel free to watch Leslie’s full documentary here and decide for yourself.

Fun fact — Justin Leslie was also the operative behind this mega-viral Project Veritas story where Pfizer’s director of R&D claimed the company was privately mutating COVID-19 behind closed doors:

Tyler Durden Tue, 03/12/2024 - 13:40

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Association of prenatal vitamins and metals with epigenetic aging at birth and in childhood

“[…] our findings support the hypothesis that the intrauterine environment, particularly essential and non-essential metals, affect epigenetic aging…

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March 12, 2024

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“[…] our findings support the hypothesis that the intrauterine environment, particularly essential and non-essential metals, affect epigenetic aging biomarkers across the life course.”

Credit: 2024 Bozack et al.

“[…] our findings support the hypothesis that the intrauterine environment, particularly essential and non-essential metals, affect epigenetic aging biomarkers across the life course.”

BUFFALO, NY- March 12, 2024 – A new research paper was published in Aging (listed by MEDLINE/PubMed as “Aging (Albany NY)” and “Aging-US” by Web of Science) Volume 16, Issue 4, entitled, “Associations of prenatal one-carbon metabolism nutrients and metals with epigenetic aging biomarkers at birth and in childhood in a US cohort.”

Epigenetic gestational age acceleration (EGAA) at birth and epigenetic age acceleration (EAA) in childhood may be biomarkers of the intrauterine environment. In this new study, researchers Anne K. Bozack, Sheryl L. Rifas-Shiman, Andrea A. Baccarelli, Robert O. Wright, Diane R. Gold, Emily Oken, Marie-France Hivert, and Andres Cardenas from Stanford University School of Medicine, Harvard Medical School, Harvard T.H. Chan School of Public Health, Columbia University, and Icahn School of Medicine at Mount Sinai investigated the extent to which first-trimester folate, B12, 5 essential and 7 non-essential metals in maternal circulation are associated with EGAA and EAA in early life. 

“[…] we hypothesized that OCM [one-carbon metabolism] nutrients and essential metals would be positively associated with EGAA and non-essential metals would be negatively associated with EGAA. We also investigated nonlinear associations and associations with mixtures of micronutrients and metals.”

Bohlin EGAA and Horvath pan-tissue and skin and blood EAA were calculated using DNA methylation measured in cord blood (N=351) and mid-childhood blood (N=326; median age = 7.7 years) in the Project Viva pre-birth cohort. A one standard deviation increase in individual essential metals (copper, manganese, and zinc) was associated with 0.94-1.2 weeks lower Horvath EAA at birth, and patterns of exposures identified by exploratory factor analysis suggested that a common source of essential metals was associated with Horvath EAA. The researchers also observed evidence of nonlinear associations of zinc with Bohlin EGAA, magnesium and lead with Horvath EAA, and cesium with skin and blood EAA at birth. Overall, associations at birth did not persist in mid-childhood; however, arsenic was associated with greater EAA at birth and in childhood. 

“Prenatal metals, including essential metals and arsenic, are associated with epigenetic aging in early life, which might be associated with future health.”

 

Read the full paper: DOI: https://doi.org/10.18632/aging.205602 

Corresponding Author: Andres Cardenas

Corresponding Email: andres.cardenas@stanford.edu 

Keywords: epigenetic age acceleration, metals, folate, B12, prenatal exposures

Click here to sign up for free Altmetric alerts about this article.

 

About Aging:

Launched in 2009, Aging publishes papers of general interest and biological significance in all fields of aging research and age-related diseases, including cancer—and now, with a special focus on COVID-19 vulnerability as an age-dependent syndrome. Topics in Aging go beyond traditional gerontology, including, but not limited to, cellular and molecular biology, human age-related diseases, pathology in model organisms, signal transduction pathways (e.g., p53, sirtuins, and PI-3K/AKT/mTOR, among others), and approaches to modulating these signaling pathways.

Please visit our website at www.Aging-US.com​​ and connect with us:

  • Facebook
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  • Reddit
  • Pinterest
  • Spotify, and available wherever you listen to podcasts

 

Click here to subscribe to Aging publication updates.

For media inquiries, please contact media@impactjournals.com.

 

Aging (Aging-US) Journal Office

6666 E. Quaker Str., Suite 1B

Orchard Park, NY 14127

Phone: 1-800-922-0957, option 1

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Journal

Aging-US

DOI

10.18632/aging.205602

Method of Research

Observational study

Subject of Research

People

Article Title

Associations of prenatal one-carbon metabolism nutrients and metals with epigenetic aging biomarkers at birth and in childhood in a US cohort

Article Publication Date

26-Feb-2024

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International

A beginner’s guide to the taxes you’ll hear about this election season

Everything you need to know about income tax, national insurance and more.

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5 hours ago

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March 12, 2024

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Cast Of Thousands/Shutterstock

National insurance, income tax, VAT, capital gains tax, inheritance tax… it’s easy to get confused about the many different ways we contribute to the cost of running the country. The budget announcement is the key time each year when the government shares its financial plans with us all, and announces changes that may make a tangible difference to what you pay.

But you’ll likely be hearing a lot more about taxes in the coming months – promises to cut or raise them are an easy win (or lose) for politicians in an election year. We may even get at least one “mini-budget”.

If you’ve recently entered the workforce or the housing market, you may still be wrapping your mind around all of these terms. Here is what you need to know about the different types of taxes and how they affect you.

The UK broadly uses three ways to collect tax:

1. When you earn money

If you are an employee or own a business, taxes are deducted from your salary or profits you make. For most people, this happens in two ways: income tax, and national insurance contributions (or NICs).

If you are self-employed, you will have to pay your taxes via an annual tax return assessment. You might also have to pay taxes this way for interest you earn on savings, dividends (distribution of profits from a company or shares you own) received and most other forms of income not taxed before you get it.

Around two-thirds of taxes collected come from people’s or business’ incomes in the UK.

2. When you spend money

VAT and excise duties are taxes on most goods and services you buy, with some exceptions like books and children’s clothing. About 20% of the total tax collected is VAT.

3. Taxes on wealth and assets

These are mainly taxes on the money you earn if you sell assets (like property or stocks) for more than you bought them for, or when you pass on assets in an inheritance. In the latter case in the UK, the recipient doesn’t pay this, it is the estate paying it out that must cover this if due. These taxes contribute only about 3% to the total tax collected.

You also likely have to pay council tax, which is set by the council you live in based on the value of your house or flat. It is paid by the user of the property, no matter if you own or rent. If you are a full-time student or on some apprenticeship schemes, you may get a deduction or not have to pay council tax at all.

Quarter life, a series by The Conversation

This article is part of Quarter Life, a series about issues affecting those of us in our 20s and 30s. From the challenges of beginning a career and taking care of our mental health, to the excitement of starting a family, adopting a pet or just making friends as an adult. The articles in this series explore the questions and bring answers as we navigate this turbulent period of life.

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If you get your financial advice on social media, watch out for misinformation

Future graduates will pay more in student loan repayments – and the poorest will be worst affected

Selling on Vinted, Etsy or eBay? Here’s what you need to know about paying tax

Put together, these totalled almost £790 billion in 2022-23, which the government spends on public services such as the NHS, schools and social care. The government collects taxes from all sources and sets its spending plans accordingly, borrowing to make up any difference between the two.

Income tax

The amount of income tax you pay is determined by where your income sits in a series of “bands” set by the government. Almost everyone is entitled to a “personal allowance”, currently £12,570, which you can earn without needing to pay any income tax.

You then pay 20% in tax on each pound of income you earn (across all sources) from £12,570-£50,270. You pay 40% on each extra pound up to £125,140 and 45% over this. If you earn more than £100,000, the personal allowance (amount of untaxed income) starts to decrease.

If you are self-employed, the same rates apply to you. You just don’t have an employer to take this off your salary each month. Instead, you have to make sure you have enough money at the end of the year to pay this directly to the government.

Read more: Taxes aren't just about money – they shape how we think about each other

The government can increase the threshold limits to adjust for inflation. This tries to ensure any wage rise you get in response to higher prices doesn’t lead to you having to pay a higher tax rate. However, the government announced in 2021 that they would freeze these thresholds until 2026 (extended now to 2028), arguing that it would help repay the costs of the pandemic.

Given wages are now rising for many to help with the cost of living crisis, this means many people will pay more income tax this coming year than they did before. This is sometimes referred to as “fiscal drag” – where lower earners are “dragged” into paying higher tax rates, or being taxed on more of their income.

National insurance

National insurance contributions (NICs) are a second “tax” you pay on your income – or to be precise, on your earned income (your salary). You don’t pay this on some forms of income, including savings or dividends, and you also don’t pay it once you reach state retirement age (currently 66).

While Jeremy Hunt, the current chancellor of the exchequer, didn’t adjust income tax meaningfully in this year’s budget, he did announce a cut to NICs. This was a surprise to many, as we had already seen rates fall from 12% to 10% on incomes higher than £242/week in January. It will now fall again to 8% from April.

Read more: Budget 2024: experts explain what it means for taxpayers, businesses, borrowers and the NHS

While this is charged separately to income tax, in reality it all just goes into one pot with other taxes. Some, including the chancellor, say it is time to merge these two deductions and make this simpler for everyone. In his budget speech this year, Hunt said he’d like to see this tax go entirely. He thinks this isn’t fair on those who have to pay it, as it is only charged on some forms of income and on some workers.

I wouldn’t hold my breath for this to happen however, and even if it did, there are huge sums linked to NICs (nearly £180bn last year) so it would almost certainly have to be collected from elsewhere (such as via an increase in income taxes, or a lot more borrowing) to make sure the government could still balance its books.

A young black man sits at a home office desk with his feet up, looking at a mobile phone
Do you know how much tax you pay? Alex from the Rock/Shutterstock

Other taxes

There are likely to be further tweaks to the UK’s tax system soon, perhaps by the current government before the election – and almost certainly if there is a change of government.

Wealth taxes may be in line for a change. In the budget, the chancellor reduced capital gains taxes on sales of assets such as second properties (from 28% to 24%). These types of taxes provide only a limited amount of money to the government, as quite high thresholds apply for inheritance tax (up to £1 million if you are passing on a family home).

There are calls from many quarters though to look again at these types of taxes. Wealth inequality (the differences between total wealth held by the richest compared to the poorest) in the UK is very high (much higher than income inequality) and rising.

But how to do this effectively is a matter of much debate. A recent study suggested a one-off tax on total wealth held over a certain threshold might work. But wealth taxes are challenging to make work in practice, and both main political parties have already said this isn’t an option they are considering currently.

Andy Lymer and his colleagues at the Centre for Personal Financial Wellbeing at Aston University currently or have recently received funding for their research work from a variety of funding bodies including the UK's Money and Pension Service, the Aviva Foundation, Fair4All Finance, NEST Insight, the Gambling Commission, Vivid Housing and the ESRC, amongst others.

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