MP loses ‘big chunk’ of savings due to Brexit – are you at risk?

Martin Lewis lays out the best savings deals available

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Layla Moran, the Member of Parliament for Oxford West and Abingdon, revealed in a recent interview how her stocks and shares ISA was affected by the UK’s decision to leave the European Union. During the last General Election in 2019, the Liberal Democrats called for a second referendum to resolve the gricklock in Parliament over Britain’s exit from the political institution.

The issue of Brexit raised concerns for many people regarding their savings and investments due to potential economic volatility.

Now nearly two years since Brexit, the Liberal Democrat MP is sharing how her personal finances were affected by the historic decision.

Speaking to The Times, Ms Moran said: “I have a stocks and shares ISA, which I enjoy dabbling in.

“I lost a big chunk of it during Brexit but I made some canny decisions in the pandemic, investing in technology. It’s a relatively low-risk way to engage in the stock market.”

A stocks and shares ISA is a savings account offered by most UK banks that people can use for their investments.

It is considered a tax-efficient way to grow investments as savers can invest up to £20,000 in the current tax year, without having to pay any income tax or capital gains tax.

However, any value of tax benefits will depend on a saver’s individual circumstances. Furthermore, savers should be aware that tax rules may change in the future.

Anyone who chooses to invest in a stocks and shares ISA should remember that investments can go down as well as up. Savers may not get back the money they invested.

As well as discussing how Brexit has affected her finances, Ms Moren also revealed her savings habits which help her boost her pot.

She added: I’m very much a saver these days, but I have to admit that I love a sale and get a lot of my clothes in the summer or January sales.

“I try to buy high-quality makes that last. I’m a particular fan of Boden outfits, which are good value and popular with a lot of MPs.

“My last big-ticket buy was a £30,000 hybrid Toyota that I got with my partner on a 0 percent interest leasing deal. I wanted to go full electric, but couldn’t quite afford it.”

Outside of savings accounts, the MP also revealed how much she makes as well as whether or not she pays into a pension.

Ms Moran said: “My MP’s salary is nearly £82,000. All my outside income is donated to charity.

“Being an MP is my best-paid job by a mile. It’s a brilliant job with an excellent salary. I feel grateful every day.

“As an MP I pay into a pension. But I’ve always assumed that by the time I retire I’ll have paid off my mortgage, and have enough in my pension pot to see me through my latter years.

“Of course I’ve no idea how long I’ll be an MP for — it’s a high-risk job.”

The Liberal Democrat politician is on the record as being against Brexit but has described her party’s policy of a second referendum during the last General Election as a “mistake”.

In an interview with Sky News last year, Ms Moran explained: “I have been around the country listening to voters.

“They come back and say in the election that revoke was a big mistake because it felt very top down, and actually cooperation is a key part of what we believe as Liberal Democrats and we need to earn their trust again.”

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