With chancellor George Osborne getting ready to deliver his first budget for the new government on 8 July, we look at Money Management’s May 1999 issue when the then chancellor Gordon Brown delivered his third budget. In a feature written by Brian Lawless, technical services director of Sun Life, the budget was described as extremely technical.
The budget speech announced a 10 per cent starting rate of tax to be applied for 1999/2000 to the first £1,500 of taxable income. The author argued this would not make much difference to most but only those with low income, of below about £6,000 per annum. The budget also announced changes in inheritance tax. The major shift was an increase in the nil rate band to £231,000.
The magazine also analysed results of unit and investment trust savings plan over 5, 10, 15 and 20 years. The results show that unit trust funds like Fidelity, Invesco GT and Henderson had performed very well. Over five years, the Fidelity North American fund turned total savings of £3,000 into £7,891, an equivalent annual yield of almost 40 per cent per annum. A little way behind Fidelity over five years is Invesco GT European growth fund with an annual yield of nearly 32 per cent.
The story was similar with investment trusts where Henderson and Fleming topped the list. In the five year results list, Fleming which turned in an unbelievable return of 76.4 per cent topped.
The magazine also carried an interesting feature on genetic testing and its complex relationship with life insurance.
In other news....
1 May - First episode of SpongeBob SquarePants, named “Help Wanted”
6 May - Elections are held in Scotland and Wales for the new Scottish Parliament and National Assembly for Wales
18 May - The Backstreet Boys release their album, Millennium and ‘I want it that way’ topped the charts
19 May - Star Wars: The Phantom Menace is released in theaters.
23 May - Bluetooth is announced
More Back in the day....
April 1992
July 1983
May 2010
