Wealth – In the news
Land driving surge in UK’s net worth
Recent data from the Office for National Statistics (ONS)1 shows that the UK’s net worth rose by £1trn in 2021, to total £11.8trn, the largest annual increase on record (9.2%). This rise can be attributed to the increasing value of land, accounting for over 60% of net worth. Aligned with this, the data shows that households’ net worth grew to £12.3trn in 2021, 7.6% up on the previous year, representing the strongest growth since 2016. ‘Land continues to be the largest asset driving more than half of the sector’s growth,’ according to ONS.
The UK government has unveiled plans to ‘robustly regulate’ cryptocurrency market activities like trading and lending by bringing the regulation of crypto assets closer to that of traditional finance. The Treasury confirmed, ‘We remain steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes crypto asset technology. But we must also protect consumers who are embracing this new technology – ensuring robust, transparent, and fair standards.’
A consultation has been launched which runs until 30 April 2023; once legislation is made, the Financial Conduct Authority (FCA) will consult on its detailed rules for the sector.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.