MPI Sevices (Saffron Walden) Ltd

MPI Sevices (Saffron Walden) Ltd Independent Financial Advisers based in Saffron Walden, Essex offering advice on all types of mortgages including equity release.

We advise on all types of pensions and Pension Drawdown. We offer investments via all investment types and IHT planning. MPI Services have been established since 1992. We offer a friendly, open approach with the aim of providing our clients with the services and products that best suit their needs. As independent mortgage brokers and financial advisers, we offer 'whole of market' advice with no al

legiance or bias to any one, or group of, provider(s). We can help with both your personal and business financial requirements. We advise across a spectrum of financial services products including mortgages, equity release, pensions, saving plans, investments, life assurance and income protection. Our clients have the right to expect a lot - honesty, professionalism, innovation and value for money. We've built our business on delivering much more. We go out of our way to ensure that clients get continuity, choice and, above all else, have the peace of mind that they are in safe and professional hands. The only thing that comes as standard is our high quality old-fashioned service; everything else is tailored to each client's needs.

21/01/2026

So inflation moves up so will this lead to delayed base rate falls?

07/05/2025

You may now notice the change to our logo.

It has been on my mind for sometime that I will not be able to take my clients much further on their financial journey due to my age. MPI Services has now been running for 33 years and its now time for me to step away.

I have really enjoyed advising for many years and it is with great reluctance that I pass on that responsibility to someone else. I will, however, still be here albeit very much in the background for the next few months to ensure the transition is seamless and our mortgage business will continue hence the new logo.

All my clients have now been made aware of these changes and to all of them I thank you for your business over the years.

23/09/2024

The latest figures on consumer confidence fell, ending a steady string of increases. Figures for the budget deficit also overshot.

Economic data which had been coming in stronger than expected are now slowing and turning negative on some measures.

Nevertheless, I think the pessimism is overdone. Overall real incomes are growing, as the wage/price spiral operates in reverse, and workers benefit from cuts to National Insurance contributions.

Although the BoE left rates unchanged last week, the market expects hefty cuts to come. 2 and 5-year swap rates have tumbled as a result and mortgage rates are falling.

Growth forecasts for next year remain deeply depressed, at just 0.4%. I think the number will be higher dependent of the Budget outcome and market reaction.

04/09/2024

Tax Reform?

Labour’s Manifesto made no mention of pensions tax relief – and silence breeds speculation that Labour might be discussing this in the background with Treasury officials. This is perhaps not surprising bearing in mind the Chancellor’s announced £22 billion ‘black hole’ in the public finances, coupled with Labour’s commitment not to increase income tax, National Insurance or VAT. It would be surprising if Labour didn’t, at some point, consider pensions tax. The Manifesto did talk of addressing unfairness in the wider tax regime and some would argue that elements of the pensions tax system could be fairer. So this is something to watch for in future Budgets, the first of which is confirmed as 30 October.

As well as flat rate relief, considerations might include changes to tax treatment of death benefits, restrictions on tax free cash or a change or reintroduction of certain limits. As previous Chancellors have found, a move to flat rate relief would be hugely complex. This is particularly true for DB schemes, but it would be highly contentious to make the change just for members of DC schemes, which would exacerbate the existing private / public sector divide.

A flat rate above the current basic rate would benefit basic rate taxpayers. But it cuts the tax relief for higher and additional rate taxpayers and in addition could land them with a substantial tax bill on their employer pension contributions.

So the big question is whether Labour will have the appetite or indeed bandwidth to tackle this in its first year in power, or defer consideration until a later date?

Watch this space

03/09/2024

What decisions have been made on UK State Pension ages?

The government has legislated for an increase from 66 to 67 in 2026-28 and to 68 in 2044-46. However, the timing of the rise to 68 is in doubt and will be looked at by an independent review after the next election.

These reviews are held each parliament and come back with recommendations which the government accepts, rejects, or comments on. The 2017 review suggested the rise to 68 should be in 2037-39. The 2022 review recommended a slower increase to 68, in 2041-43, and it mooted a possible rise to 69 in 2046-48. The government acknowledged the recommendations but delayed the decision, promising to hold another review within two years of the next parliament.

Those most affected:

The rise to 67 affects those born on or after 5 April 1960.
The rise to 68 (between 2044 and 2046) affects those born on or after 5 April 1977.

Buying after periods of strong performance (when valuations are higher and expected returns are now lower) and selling a...
21/08/2024

Buying after periods of strong performance (when valuations are higher and expected returns are now lower) and selling after periods of poor performance (when valuations are lower and expected returns are now higher) is not a prescription for successful investing.

And yet, because of recency bias, it is the way many individuals invest. Disciplined investors do the opposite: they rebalance to maintain their well-thought-out allocation to risky assets.

Hold your nerve or seek advice from a professional.

09/04/2024

Inflation has fallen materially, and is now within touching distance of central banks' targeted levels. Meaning, soon there will be no reason not to cut interest rates, if indeed inflation is under control,” said Morningstar’s European market strategist Michael Field.

ECB council members have also done their part to fuel that expectation. The governor of Spain’s central bank Pablo Hernandez de Cos told Bloomberg earlier this week that his “central scenario is that June could actually be the first reduction”. The governor of France’s central bank, Francois Villeroy de Galhau, echoed the sentiment, saying the bank will start with a "moderate" interest rate cut this spring, Reuters reports.

UK to follow?

03/04/2024

In our industry, we often find ourselves trying to explain why markets haven’t followed what would be deemed as ‘rational’ lines of thought.

For example, why does a company’s share price sometimes fall, even if there’s been ‘good’ news? Why does bad economic data lead to a rally in something that would logically suffer? (If you have literally nothing better to do, check out the main business headlines and then see how a company’s share price reacts on the day of a press release – it’s not always as you’d expect!)

Every so often though, faith is restored. The script is followed and the narrative is clear.

It’s felt that way this week. As we enjoy lighter evenings - and some of us have taken that opportunity to study Hop Types rather than European equity constituents - we’re reminded that winter eventually gives way to the warmer days and all things move in cycles.

24/03/2023

The Bank of England followed the Swiss National Bank and Norway’s central bank in raising rates on this side of the pond yesterday. While the SNB hiked 50bps, the Norges Bank and the Old Lady both raised rates by 25bps. The BoE decision was in line with market expectations after Wednesday’s surprise inflation number with a 7-2 vote, taking the bank rate to 4.25%. It was the 11th consecutive increase in borrowing costs which began at the end of 2021, although this was the smallest rise since June of last year. Monetary Policy Committee members Silvana Tenreyro and Swati Dhingra again voted to keep rates on hold, whilst the committee's biggest hawk, Catherine Mann, backed the 25bps rise.

In the minutes, the BoE said it would leave its options open as to rate rises in future meetings depending on emerging data and that recently both the economic and financial outlook had become less certain. “If there were to be evidence of more persistent price pressures, then further tightening in monetary policy would be required” the committee noted.

However, the bank does expect inflation to fall “significantly” in the second quarter, due in part to lower energy prices and the government’s decision to continue to support household bills. Wednesday’s higher inflation number was partly due to higher footwear and clothing prices, which “tend to be volatile and could therefore prove less persistent”.

23/11/2022

There’s plenty of political debate surrounding the FIFA World Cup. But behind the sports and the controversy, the event also highlights an interesting relationship between geography and economics.

Do World Cups run on natural gas?

Qatar’s wealth comes from fossil fuels (oil and gas). They account for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings.

In GDP capita terms, Qatar is in the top five economies in the world; $85,000 per person, vs. a global average of $21,000, according to the World Bank.

And, of course, fossil fuels have funded ~$220bn of spending on Qatar hosting the 2022 World Cup. In fact, fossil fuels have funded a fair bit of FIFA’s recent work.

The table below shows the top five countries in the world, in terms of natural gas riches.

Natural Gas (% of global reserves)
Russia 23%
Iran 16%
Qatar 12%
United States 6%
Turkmenistan 5%
Source: 7IM/US Energy Information Administration

Russia hosted the World Cup in 2018. Qatar in 2022. And the United States is joint host in 2026 – along with Canada and Mexico, no slouches when it comes to oil and gas reserves.

So, with the 2030 and 2034 World Cups still up for grabs, will we see an Iranian or Turkmenistani bid?

It might depend on what happens with the energy transition. As the world moves away from fossil fuels, who are the are the next winners of the natural resource lottery?

Take lithium for example (pretty important in batteries).

Lithium (% of global reserves)
Chile 42%
Australia 26%
Argentina 10%
China 7%
US 3%
Source: 7IM/US Geological Survey 2022

Anyone for Chile in 2030?
Thanks 7IM for this

28/09/2022

The International Monetary Fund has waded in with a dire warning for the Kwarteng/Truss fiscal warship to turn itself around before it's too late. The IMF, to misquote PG Wodehouse, can never be confused with a ray of sunshine - its forecasts tend to be on the gloomy side (and sometimes wide of the mark). But, unlike the chancellor's tax cuts, the IMF still has credibility with international investors. Now short sellers of the pound are being accused of being unpatriotic, hating the Tories, woke (?) and left-wing. So there's a first for the City, which has just been softened up with tax cuts and the removal of bonus caps.

Now comes news that the Bank of England is intervening in the government bond market to try and stabilise equity markets and the pounds value.

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