Hello advisers,&nbsp;Amid the cost of living crisis and reports that the level of arrears and possessions in the buy-to-let sphere is worrying and that households face an increased threat of repossession under rising interest rates, do you think the UK is facing a looming debt crisis, or have we avoided it somehow?How have your clients been impacted (investments, savings, loans)? Are they facing financial challenges? How are you helping them?Can we take any solace from the latest reduction in inflation?ThanksIma&nbsp;&nbsp;

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Is the UK facing a looming debt crisis? / Impact on clients?

While our clients are relatively insulated from the ongoing cost-of-living crisis and challenges in the buy-to-let sector, they are still not completely immune from these issues. The relentless pursuit of rate hikes by the Bank of England, without regard for real-world consequences, cannot be overlooked. This approach risks driving us dangerously close to a looming debt crisis, and the burden on ordinary families from escalating costs and rates is a serious concern. Particularly disheartening is the plight of public sector employees; despite their invaluable contributions during the Covid crisis, the government seems determined to further squeeze their wages. The need for a balanced, responsible approach to economic management has never been more evident

Scott Gallacher

Scott Gallacher is a Chartered Financial Planner, Independent Financial Adviser and Director of Rowley Turton, a Chartered independent financial planning firm based in Leicester. He has worked in financial planning for nearly 30 years and regularly comments in the national media on retirement, pensions, inheritance, investing, tax and later-life planning. Scott is the author of 50 Today 100 Tomorrow: Planning Your Money and Life for the Next 50 Years and founder of 100 Tomorrow, where he writes about retirement, longevity, financial planning and making the most of the years ahead. He is APFS qualified and holds specialist qualifications in pensions, taxation, trusts, investments, long-term care, equity release and divorce. Scott has a particular interest in the human side of financial planning, including when people have enough, when they can afford to retire, how much they can safely spend and how they can help the next generation without compromising their own financial independence.

Is the UK facing a looming debt crisis? / Impact on clients?

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Scott Gallacher

Director at Rowley Turton

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