What a week of market turmoil and the Bank's intervention on gilts means for your money

One piece of good news this week was the National Savings & Investment increasing the prize rate for premium bonds It’s been quite the week for the economy – and your finances. Here is how the past seven days has affected your pounds and pence.– but try and put that to the back of your mind if possible. Ideally you should do absolutely nothing. If you are not retiring soon, just keep paying your pension via your workplace.

Yes, what is happening is unnerving but we’ve had shocks before and there is more than enough time for your money to recover. If you’re retiring today or tomorrow, the best advice is to draw onif you have any, consider continuing working – are there any forms of work you can do to supplement your income – so you’re not exposed to the market during a stressful time and seek professional advice if you can afford it., don’t sell if you can avoid it because you’ll be locking in your losses.

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Liz Truss had to be convinced to issue statement amid market turmoil after mini-budget'Faced with market turmoil, spiking borrowing costs, and the drop in the value of the pound in the foreign exchange markets, the PM's initial instinct was to stand firm and say little or nothing.' Read the exclusive report from SamCoatesSky 👇 SamCoatesSky The worst double act since Phil and Holly. SamCoatesSky The Conservative Party is well and truly taking the piss now and needs to get out of office. SamCoatesSky Tories first instinct when chaos ensues - Hide
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