Following on from our “mini-budget” summary this morning, we consider the impact of the latest announcements.

With the high street name Boots announcing a vast swathe of jobs cuts this week, UK unemployment continues to rise1. October will see the winding down of the furlough scheme, causing the concern that economic demand and consumption will not be enough to protect those who have been furloughed from losing their jobs, a risk that Chancellor Rishi Sunak is all too aware of.

The summer statement delivered by Sunak on Wednesday has provided the UK with a raft of new economic support that could be worth up to £30 billion. He announced that he had a ‘plan for jobs’ and was looking to kickstart a job creation scheme for young people which would pay the wages of new young employees for six months. Initially, £2 billion has been set aside, however the Chancellor has said there will be no cap on the number of places available2. Along with this is the increase in the number of job centre coaches and an apprenticeship scheme that will see businesses supported by bonuses. For every apprentice under 25, hired companies will receive a bonus of £2,000 and £1,500 for those over 253.

As we have discussed before, this crisis was going to take casualties and the names are going to continue. One of the questions we have been asking ourselves is whether many of these businesses would have survived long term if we hadn’t experienced the pandemic. With many sectors such as retail, leisure and entertainment already struggling under large debt burdens and dwindling margins pre-crisis, there is an argument that the economic fallout from COVID has led to an acceleration in the structural change that was needed and always going to happen.

Although it isn’t pleasant to see businesses failing, removing zombie companies (indebted companies that can repay the interest on debts but not repay the principal) will have long term benefits on the health of the economic ecosystem4.

Moving to property (pun intended), and the government announced a stamp duty holiday, rising the threshold from £125,000 to £500,0005. With this applying to first-time buyers who were already entitled to a holiday up to £300,000, the current scheme will be available to current homeowners as well as landlords. Much of the hope is that this will help prop up the housing market in the short term.

The ‘green agenda’ was addressed as part of the summer statement, with the announcement of £5.4 billion ‘green stimulus’, which includes a grant of £2 billion to improve energy efficiency in homes across the country6. Although any step in this direction is pleasing, it does not compare favourably to other European countries. The UK green stimulus plan equates to £80 per person whereas France, Germany and Denmark’s equate to £231, £308 and £615 respectively. It is fair to say that we are falling behind7.

As you’re probably already aware, Holden & Partners specialises in ethical, sustainable and thematic investing. This has been a key part of our investment offering since the inception of our business. Whilst we’re proud of this heritage, we’re keen to ensure this approach remains relevant for our clients who are interested in responsible investment. With this in mind, we wish to evolve our processes so we can continue planning for a sustainable future. One such ‘Oh please change’ is to increase interaction with our clients when it comes to making decisions. This way we can be sure that our choices are truly reflective of clients’ wishes. Therefore, we’d love for you to fill out the survey below to help us decide on future changes.

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Content of the articles featured in this publication is for your general information and use only and is not intended to address your particular requirements. They should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. Thresholds, percentage rates and tax legislation may change in subsequent finance acts.








My wife and I really value the advice and support we’ve received over many years. Our key contact is Tim Cosway, whose friendly and calm manner is a real plus. He also involves team members who are equally committed. We particularly value that their approach is that no question is stupid – we always receive a clear and helpful explanation. We have full confidence in the team’s management of our finances and definitely recommend them.


We have consulted Holden and Partners for 10 years.  Having been in financial disarray because of poor advice from our previous financial advisor, we have Tim Cosway to thank for digging us out of a deep financial hole.  As a result of his painstaking tenacity pursuing a claim against our former financial advisor through the Financial Ombudsman Service, which resulted in substantial compensation, we can anticipate a comfortable retirement.  We continue to take Tim’s advice on all financial matters.  He is a pleasure to deal with, and we whole heartedly recommend Holden and Partners, and Tim in particular.

Mike & Jacque

I have been a customer of Holden & Partners since its inception. During this time, no matter what the state of the financial climate, I have always found that their advice has been balanced and fair. They have a good understanding of everyone’s individual circumstances and produced tailored strategies to match these needs and expectations.

Duncan B, NHS consultant

I’ve always received high quality, personable advice at a time of my convenience. My adviser has often travelled to my home in order to provide very personal service. The advice given is clear and unambiguous. The risks of different types of investment have been clearly discussed to allow me to make an appropriate decision on the nature of my investment portfolio. This has been of great importance when considering the available investment options for my forthcoming retirement. I have always considered that Holden & Partners is very client centred and they have my best interests at heart. I have been with Holden & Partners since 1996 and have recommended them to friends and colleagues on many occasions.

Michael, Surgeon

Holden & Partners manage our company pension scheme with a totally professional and dedicated approach. They have worked with us over a number of years, and are able to explain the potential ‘minefield’ that is pensions, to make it perfectly accessible for the staff.

Jeremy, Print Management Partner

On retirement after 40 years of salaried employment, I interviewed several financial advisers, amongst whom Mark Dodd of Holden & Partners was the nicest and seemingly the most understanding of my investment needs and priorities. Since then my wife and I have had regular (c.6-monthly) meetings with him in order to check and, when necessary, adjust the holdings in our portfolio. This has been very helpful and provided a comforting sense of confidence and security. I have recommended Holden & Partners to others and will certainly continue to do so.

Patrick, retired university professor

It’s easy to feel powerless in the face of global trends such as climate change and environmental destruction. But I feel I regain power as a consumer and a citizen by thinking about where I spend my money and to whom I entrust my savings. I chose Holden and Partners because they were recommended to me and because of their strong track record in ethical investments. It has proven to be a wise choice. Their advisors listened carefully to my needs and created an investment strategy and portfolio that has met and indeed continues to exceed my expectations. The culture of a company also matters to me, I have found their advisors to be well informed and financially shrewd but also easy to speak to and engage with. Many of us find it difficult to trust institutions and organisations these days, but I do trust Holden and Partners to make the right decisions on my behalf.
I would have no hesitation in recommending them to others.

Patrick, Advertising and Marketing Consultant

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