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What can you do before a crash?

What can you do before a crash?

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 The Bank of England has suggested we're facing mega economic uncertainty right now. Stock markets are at record highs. Shadow banking is exposed to AI speculation. The war in Iran has no end in sight. And the minister responsible for managing crises in the UK - Darren Jones MP- is telling us to keep calm and carry on. That is not good enough. There are things you could actually be doing right now.

These are practical steps to protect yourself:

    • Pensions: if you are near or are in retirement, take advice now on pension risks and withdrawals and choose the right risk exposure for you.
    • Savings: if you hold more than £120,000 in a single bank, split it to stay within the government guarantee limit.
    • Your job: this might not be the moment to change employer; job security is more valuable than it looks at times like this.
    • Mortgages: You might want to avoid locking in a long fixed rate; consider a variable or one-year deal, as interest rates may fall sharply if the economy crashes.
    • Energy: if you can afford a fixed-price contract, it may be worth taking one now before prices rise further.
    • Secondhand goods: sell your unwanted items now to realise cash, before a downturn floods the market and prices collapse.
    • Cars: do not buy now, but wait for a better-quality used car at a lower price as finance deals unwind, as many might do soon.
    • Voting: back parties that believe in state intervention: the Greens, SNP, and Plaid Cymru are most likely to act in your interest when markets fail

The government is not being straight with you. The tools to protect yourself exist, but you need to act before the crash, not after.
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