US economy declines for first time since 2020 as UK business failures hit 60-year high

Money Tips Daily by Charles Kelly, former IFA and author of

The world’s largest economy contracted by an annualised rate of 1.4% in the first three months of this year. The sharp drop follows growth of over 6% in the final quarter of 2021.

Business insolvencies in England and Wales jump to 60 year high.

Rapid increase in voluntary liquidation is driven by inflation and supply chain difficulties.

World Bank warns of human food catastrophe and war causes shortages and soaring prices.

Food prices are now at the highest rate since UN Food Index tracking records began 60 years ago after jumping 13% in March.

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What does inflation mean to you?

The costs of goods and services has risen by 49.4% since 2010, which means you need £14,936 to have the same buying power as £10,000 in 2010.

Stock Markets jittery

Stock markets in Europe and Asia fell sharply this week at n fears of Chinese lockdowns but later recovered.

House prices still rising in the UK

A shortage of family homes continues to drive up demand despite recent interest rate rises.

3 quick tips to GET CONTROL of your finances in times of rising prices.

1. Get control of your outgoings and expenditure.

2. Get control of debt.

3. Get control of spending.

Also check out my ‘5 Inflation-Busting Tips’ for money saving ideas to help you through this. -https://youtu.be/2jZCO4V7uX0

Make the most of your money and resources and learn how to get control and manage your finances.

Consider investing in real assets which tend to hold their value and act as a hedge during times of high inflation.

Assets like property, stock and shares and gold have long been held as a long-term inflation hedge.

Do people get rich during recessions and depressions?

The answer is yes!

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