FF blog

Anyone who reads our blogs, will often come across our warnings of inflation and the danger it presents to any economy.  To “an average consumer”, it really is very hard to understand just how dangerous and damaging inflation is.  The last time it was out of control in the UK was over 50 years ago…

Over 55? Short of income in retirement to live the life you would like? Looking to gift a relative money? Repay an existing mortgage or unsecured debt? Landscape your garden? As people now are living longer and longer we are finding more and more of our clients are enquiring about lending in retirement.  As Professional…

Please sign our petition to parliament to make defibrillators cheaper by removing the VAT! All grass roots and voluntary clubs would get a 20% saving off the cost of life saving equipment! http://chng.it/QYNQ4WLM Small business that are not VAT registered, those that are VAT exempt including most voluntary/community/charities would all need to pay the extra…

Following Scottish local elections, the SNP (Scottish National Party) fell just short of an overall majority in the Scottish devolved assembly responsible for any devolved matters.  However, looking at the others result it is clear that a majority of members were returned on a “pro-independence” ticket! Arguments about whether this is the right time (given…

According to the Bank of England and many other commentators, the UK is about to enjoy its fastest rate of economic growth for over 70 years!  Not since 1951 and the end of devastating conflict has growth like it been seen!  The Bank of England has published it expects growth in GDP of 7.25% in…

A basic principle of investing is compound interest!  Basically it is where you invest for the long term and essentially earn “interest on your interest”!  For example, lets pretend you have £50,000 in a pension and leave it invested for 25 years, earning 4% per year.  Here are the results: Simple interest:  £100,000  (£50,000 increase)…

5 star review! ” If you are first time buyer and headache of mortgage, please speak to Malcolm!!! he really helped me a lot to help me out of the predicament. At the beginning I undoubtedly trusted the broker recommended by the estate agent but sadly they took 3 weeks more and only gave me…

This seems to be the big thing right now and our regulator (the FCA) is moving to make discussion of ESG (Ethical, Sustainable & Governance) part of every investment review.  So why is this and does it really matter? Why consider ESG? ESG considerations is being driven largely by 3 factors as follows: Client demand…

Well, it came and went as we knew it would, but the surprising thing is there were definitely no dramatic tax rises (other than corporation tax rises for companies making over £50,000 per year).  The vast majority of us could be forgiven for thinking not a lot will change, however – as always the devil…

If you have total pensions approaching the Lifetime Allowance limit £1,073,100 you may be interested to know the allowance has been frozen until at least 2026. It was expected to increase on 06th April every year (to maintain its value) but this “small change” will mean many more pension savers will trigger a tax charge…

In 2020, the Government announced they would look at a one-off “wealth tax” to help balance the books and the department responsible has now reported its findings with some very surprising recommendations!  If you have more than £500,000 “wealth” you could be caught up! Basically, what is suggested is a “one-off” wealth tax of 5%…

Do you pay council tax?  Then read on!  As we keep banging on, the UK is in a “bit of a pickle” having spent our grand-children’s taxes (let alone the taxes being raised today) and therefore being rocket-scientists, we are trying to best guess what taxes could raise next (and then helping our clients avoid…

There is no better time than now to review your finances.  Despite the doom and gloom of lockdown due to Covid-19, on the positive side millions have found themselves saving more money than ever before. Statistics show the percentage of disposable income that households have saved has risen to an all-time high, with four in…

Escaping the dreaded inheritance tax can be a worry but where your estate (everything you own) is worth more than £1million a tax bill of 40% can be even worse!  Many clients come to us as they want to escape this easily avoided tax but still require access to their money!  According to research by…

In 2019, the UK became the first major economy in the world to actually pass legislation binding itself to achieve net-zero carbon by mid-21st century!  The UK was a trail-blazer in this regard and has now been followed by the EU, South Korea and Japan.  Even China is talking about something similar, aiming to achieve…

As clever as we may be, rocket scientists we are not!  However, it doesn’t take a rocket scientist to understand the Chancellor of the Exchequer will soon need to start plugging the massive £300billion hole in the public books.  What could this possibly mean?  Put brutally, less public spending coupled with higher taxation. Reading between…

More and more clients are becoming interested in ethical investments and with the TV constantly spitting out dramatic footage of our plastic littered sea’s, rivers being poisoned or reporting a steady stream of man-made disasters, we believe the demand will only increase for ethical investments in the coming years. There is even a stock market…

Investments and pensions taken out since 2012 are what we in the industry call “clean” shares meaning the annual management charges are as low as possible and the share itself doesn’t murkily and perpetually pay commission to the adviser that set it all up.  In the bad old days before the industry tried to clean…

According to Legal and General, the amount lent to family members entering the property market in 2018 rose to £5.7bn The average contribution from a family member was £24,000 making family the 11th largest mortgage lender! How can this be explained?  Well, as average house prices have continued to rise and wages under pressure coupled…

Can’t recommend Financial Fortress highly enough Ian Daltrey provided us with outstanding advice for overhauling our pensions, explained everything every step of the way and made everything so seamless that took all the worry away for us. So happy with the advice and service we have received.

Given Lockdown 2 is now upon us, our investment management team has been busily scouring investment opportunities and believe we have spotted an amazing opportunity but be quick!  We have received “insider information” which has even been picked-up by the BBC!  WOW!  ACT NOW!   What could these investment opportunities be?  We have it on very good regard that there are lots of “numpties” and “irrational thinkers” currently “stock-piling” toilet paper…

Fraud is definitely on the increase and recent stats show around £58 million getting scammed with “Corona-inspired” scams this year!  Here we explain what is meant by different types of  fraud and how to protect yourself!  The “interception scam.” Pretty simple really, fraudsters “intercept” your email (Cyber-space) or letters (Snail-mail), alter the bank/contact details and…

Fancy a “guaranteed 10%+ annual return”?  Then read on… An existing client has sent us a brochure for an amazing investment they have come across, so we are putting this out there… Would you invest?  There is a very well published, professional looking 32-page brochure available inviting you to invest in …. Wait for it…….

Fraud is definitely on the increase and recent stats show around £58 million getting scammed with “Corona-inspired” scams this year!  Here we explain what is meant by different types of fraud and how to protect yourself!  The “unregulated investment scam” Pretty simple really, fraudsters (sometimes even genuine advisers!) convince you invest your hard-gotten savings (or…

REX Financial Services defaulted in September after ceasing all regulated business in the July, leaving its clients in the lurch and potentially facing huge losses.  The FSCS (Financial Services Compensation Scheme) has already received many claims against REX for “dodgy” advice, specifically regarding “self-invested Personal Pensions – or SIPP’s”!  The bad thing is, as a responsible firm,…

Inflation is vital, as we keep saying.  The ability for people to plan-ahead and gently encourage us all to spend our money is vital and this is why steady, managed inflation is important.  A figure of around 2% is seen as “economically required” long term.  Why? – Well imagine if the price of bread rose 100%…

The Bank of England has now written to the UK retails banks, making sure they are prepared for negative interest rates!!  This is not a new thing (on the international stage anyway), Japan and Switzerland are both trail-blazers in this regard but what is happening and what would this mean to your wealth? Under any…

Being as passionate about our team members as we are our clients, we are delighted to announce that our Apprentice Marketeer, Ryan has passed the first of his 3 exams taking a great step forward towards being awarded the BCS Level 3 in Marketing Principles!  We are extremely proud of Ryan, his achievements and his…

As our existing clients know, we always get together at least once per year to check their investment and pensions, allowing for any changes in the year whilst making sure their long-term plans (such as a happy retirement) remain on track!  We also have no doubt that in January we will be inundated with new…

Are you approaching retirement and want to get your finances in order?  Here is the Financial Fortress guide to getting ready!  Get an understanding of your current pensions.  Do you know what they are worth?  Whether you can draw lump sums or income?  Do you even know where they are?  Use our guide to tracing…

In our blogs and articles were always banging on about the economy here or the economy there but we thought we would let everyone know about our business and how we have changed our practises to weather this storm!  In fact, given the changes we have embraced it has arguably allowed us to thrive as…

First things first, inflation is real even though we often over-look this!  Remember how much a bag of crisps cost when you were a child?  How much would a bag cost now?  How many sweets were in a “10p mix up” whereas a 10p mix up probably doesn’t even exist anymore!!  Inflation is the biggest…

We are delighted to announce the entrance to our team of Bella Scully as Marketing & Events Co-ordinator!  Bella’s role is to further enhance our Marketing & Communications strategy, ensuring our existing and new clients remain of high priority whilst building their own Financial Fortress!  Having worked over 6 years for an IT Services & Solutions company and over 20 years of experience being in the IT industry,…

In 2014, we were told this would happen – but the UK Government has now announced they will legislate to raise the age at which you can access your pension from 55 now to 57 in 2028.  If you were born after 1971 you will be affected!  So why are they doing it?  Simply put…

We are sad to reveal, we have received our first ever 4-star review! Read on to see what was said….. “Used Financial Fortress to review and sort out my pension pots which were several. The person that I dealt with was Wayne M. The service I received was fabulous! Would defiantly use them again and…

Now it doesn’t take a rocket scientist to realise that with the UK debt to GDP ratio surpassing 100%, the widely praised (so far) Chancellor of the Exchequer Mr Sunak now has a battle on his hands to reign in not only the spending but work out how this is to be repaid.  In short,…

The countdown is over and whilst other companies seem to be shrinking, as usual Financial Fortress bucks the trend with no less than 2 new colleagues joining our ranks taking the team to 9 dedicated experts in all things financial! Emyr joins us from another team of advisers with huge pedigree reaching back to 1992…

According to Morgan Stanley, the stock market is “dislocated from reality” and looking at how far they have rebounded since the depths of Corona-virus this statement is not really surprising.  The S&P (an American index) has rebounded more than 50% since the March lows and has actually now hit an all-time high today (18/08/2020)!  The…

The good news is, the world seems to be getting back to some normality on the employment front with business’s returning employees safely where they can.  Even “higher risk” sections of the economy such as hospitality and catering are returning to normal and from an economic point of view – this can only be a good thing. …

Bank of England data released today (20/08/2020) show that In May 2020, the number of mortgages being approved fell to their lowest ever recorded levels!  The small print shows however that records only began in 1993 (which was also a time of great recession – remember the negative equity debacle?).  This figure got better in June 2020 but were still nearly…

The House of Commons today has published key economic indicators for the UK housing market and it makes for some interesting reading!  Between April 2019 and April 2020 house prices (as measured by the UK House Price Index) increased by 2.6%.  On a “seasonally adjusted basis” however, they have fallen by 0.9%.    It also depends where you…

A “passive fund” can also be known as an “index tracker”, “index fund” or simply “tracker” and aims to replicate (or copy) a particular stock market index with the most common perhaps being the FTSE 100.  As it doesn’t rely on fund managers or stock pickers, they tend to be an extremely cost-effective form of…

Malcolm helped me secure a mortgage during a tricky time, after receiving two previous declines and in the middle of a pandemic!Malcolm provided honest and clear advice from the start. He ensured he only submitted my application to the most suitable lender by assessing my needs thoroughly and researching various lenders and products. He was…

This Saturday sees Chester Pride coming to our living rooms for the first time with Chester Digital Pride. Its the carnival of colour and acceptance, but members of our LGBTQ+ community (and indeed opposite sex couples living together) face some very specific challenges to their finances which, given correct planning in advance can easily be…

If you have reached the grand old state retirement age (currently 67), the way your income escalates (or goes up for inflation) every year is currently guaranteed by something called the “triple-lock”.  Basically, it means your state pension will be increased every year by the higher of 2.5%, price inflation or average wage increases.  Now…

Now any regular reader will know that we always harp on about the threat of inflation being too high, indeed the Bank of England is legally charged with keeping this under control (2% is seen as satisfactory long term) but could inflation now come to the rescue of Governments and the population whose debts are…

What a strange time we live in!  Trying to navigate our clients investments through this turmoil is a nightmare given most of the data is only available “after the events” and depending on how you read it can indicate either good news or bad news!  For example: Figures released last week show that the British…

Since the Corona-virus crisis, mortgage lenders have been withdrawing from various markets basically in complete fear!  Why would you borrow someone money where their job may be at risk or at best only have 80% of their income?  Low-points of the past 3 months include Nationwide pulling all tracker mortgages and no lender offering any mortgage with…

If your buying a property worth up to £500,000 until 31st March 2021 then the good news is, you don’t have to pay any stamp duty with immediate effect!  This could save you up to £15,000 – Wow!  However, if you live in Scotland or Wales, given stamp duty is a “devolved matter”, you will still have to…

One of the most important sayings we have is “past performance is no guarantee of future returns” but can turning to history ever help spot long term trends?  Particularly as we are in the middle of a technical depression that has not been seen in modern times?  There are very few parallels to this “Corona-crisis” but you…

So what do I mean about “Corona-aid”.  The facts are the last 3 months have been extremely expensive times for the tax-man and a combination of people not paying tax (think VAT holidays, 80% wages and corporation tax delays) plus huge payments out of furlough wages and guaranteed support to companies and the self-employed, this…

What a brilliant group of professional people! My particular interest was getting my Pension sorted out, which has been accomplished perfectly. Thank you Wayne, Ian, Kieran and everyone else I met, at your Office.I am grateful for your help, and amazed at the speed and effectiveness of your work! Flying in from Canada to take…

Recent statistics from the Pensions Policy Institute (PPI) and sponsored by Age UK show that the poorest pensioners are relying on the state pension for over three quarters (78%) of their income. Where other state benefits such as housing benefit or pension credit are included, this figure rises to a whopping 86% of income being…

I know we constantly bang on about it but – pension scammers are scum bags that pillage the life savings of innocent hard-working people on a daily basis but…it seems the tide may be turning! Since the summer of 2018, the Government has been running campaigns (including TV adverts) warning people not to “let a…

Statistics from the Pensions Policy Institute (PPI) and sponsored by Age UK show that the poorest pensioners are relying on the state pension for over three quarters (78%) of their income. Where other state benefits such as housing benefit or pension credit are included, this figure rises to a whopping 86% of income being provided…

The British and their castles… I mean err houses!  We have definitely seen an uptick lately in the number of enquiries for people to raise mortgages.  I would even go further and say probably 75% of enquiries are from first time buyers which, from a housing market point of view is a very good sign!…

During this crazy and unexpected time, there are some investments that continue to provide good returns and we get asked all the time, what should we buy?  We often talk about “defensive stocks” making up the bedrock of any portfolio.  Defensive stocks are said to have “elastic demand” and what this means is no matter…

At the beginning of the Corona-virus crisis, when every one was panic-buying their toilet rolls and hand sanitizer I was explaining to the team how complex and lengthy our supply chains really are.  Take apples for example, it takes around 10 years for an apple tree to produce enough fruit to make planting one worthwhile…

Firstly, anyone reading this will be far too young to have experienced first hand a real “depression” but during a recent chat with a senior Director or a UK Bank (which shall remain nameless), they suggested to me that the Board was seriously planning for such an eventuality. A depression is a sustained and long-term…

When all this Corona-virus first kicked off, we were very relaxed about it and thought that the indestructability of advanced and ultra-modern medicine would soon see the virus off and the first time we seriously realised that something was seriously amuck was when UK Government borrowings went into overdrive! Since then, we estimate the Government…

Why is it once again, we find ourselves inundated with clients trying to “beat the tax-man” and use their tax allowances before the end of the tax-year when they have had all year to plan?  Oh well, just a good job we are fully staffed (albeit working from home) and willing to help then, but…

According to the “Financial adviser” (an industry news-paper) there has already been £970,000 lost in Corona-virus linked pension scams since the start of February!  Demonstrating further that even in these confusing times you can never be too careful with your savings and whilst the country is generally pulling together and achieving amazing things, there are…

Nationwide Building Society, the UK’s second largest mortgage lender, has pulled all its tracker mortgages from the market following the Bank of England’s decision to reduce interest rates to an ALL TIME RECORD LOW of 0.1%! There are however many other lenders still in the market and being independent we have access to most and…

Holy shmoly! (that is a technical financial adviser term by the way so sorry for the jargon) but what a time we are in!  Any way in this-fast moving environment we thought we would update you with some more sources of assistance in this chaotic time.   We continue to manage our client’s wealth to…

Another very tough day in the markets after Friday’s brief lull (which we now know was a “Dead cat bounce”).  So, what is going on?  The answer is actually quite simple – no-one knows – which is why we are now firmly in the eye of one of the most chaotic investment storms we have…

If you are the proud owner of a property, chances are you will probably have a mortgage meaning the recent reduction in the “Bank of England Base Rate” has meant you now have opportunity to pay the least amount of interest ever!  The lenders amongst us (Banks, Building Societies etc) were already tripping over themselves…

“Money makes the world go round” or so goes the saying and one of the most important “tools” that those responsible for governing the economy has, is the decision to raise or lower interest rates.  A very cumbersome tool as it is difficult to be used in a targeted way and is set by The…

1 in 6 UK adults in their early 30’s are postponing either buying a home or having a family due to fears about the financial impact on their lives!!  According to a recent YouGov survey. Nearly one-quarter (24%) of 30-35 year olds said they were concerned about the financial impact of major changes in their…

Client’s receiving professional & ongoing financial advice between 2001 and 2006 were on average £47,706 better off by 2014-16!  Wow what a stat and really shows the potential power of using a great financial adviser (like us)!! Research by Royal London and the International Longevity Centre (ILC) released recently went on to say that “people…

Whilst the virus has been in the news since last year, as the coronavirus was generally contained to China, markets had largely ignored it until this week when news emerged that it was spreading more quickly to the “developed world”.  This has then fed through to markets this week resulting in a sell off in…

Leading local financial advice firm, Financial Fortress Ltd continues to invest in new talent with their latest apprentice, Ryan Hardwick joining their friendly team in Chester. Ryan joins Financial Fortress as Apprentice Marketeer having previously worked for a Supermarket.  He has already been enrolled on the Government recognised Level 3 Digital Marketing course and is…

According to the Prudential, arguably one of the UK’s largest pension and investment companies. Whilst this is a horrific number, the trend is actually positive and past research from the Prudential for example shows it was almost 1 in 4 (23%) of retirees just 10 years ago. The survey of almost 10,000 adults also showed…

Beware is the message from any reputable finance company (ours included) as the number of “scams” and “rip-offs” is on the increase. Indeed, leading lender NatWest has recently warned that first-time buyers are particularly at risk. So how can we protect ourselves? The deposit scam (AKA Money Muelling). This is where a fraudster steals your…

Given the continued uncertainty, more and more people are asking us what this means to their finances and how they can “Brexit proof” them so here are a few pointers for you to consider: Savings: Firstly, do you have savings with a EU (European Union) or EEA (European Economic Area) based savings account? Worried about…

How long are we going to live? A morbid question we know but all too often we get asked “what would you do” and our reply is always the same. Answer 1 simple question and we’ll calculate it to the penny…. “what date will you die?”. If we only knew it would make our job…

Why is this so important?  Because you will probably be paying your lenders “standard variable rate” and this will probably be much higher than necessary!  Having checked the “standard variable rate” of Halifax, Nationwide, NatWest and Barclays they are all 4.24% as this is written.  Given the cheapest available mortgage is 1.19% (and that is…

Whats your financial new years resolution ? Check out your debts.Review your mortgage.See if your investments are working hard.Find out where your pensions are. Ready for your new year review ? Contact your local experts to build your very own financial fortress !

We hope you are enjoying your day and spending time with your family, but when the festivities are over maybe you should start thinking of your new year’s resolutions!   Here is our short guide to sorting out your finances: Review your mortgage and make sure you have the cheapest interest rate Look at your pensions…

According to investment giant Scottish Friendly, the fact that interest rates have been rock-bottom for over 10 years means investors that used cash ISA’s could have lost out on over £40,000 in potential returns when compared to someone who used an investment ISA instead! Since 1999, investors in stocks and shares ISA’s have received an…

As you may by now know, Queen Elizabeth II presented the Queens speech to Parliament on Monday but what you may not have realised is that Her Majesty is proposing some changes to pensions legislation!  Read on for our explanation: In announcing the Pensions Bill, Her Majesty used the words “To help people plan for…

A “passive fund” can also be known as an “index tracker”, “index fund” or simply “tracker” and aims to replicate (or copy) a particular stock market index with the most common perhaps being the FTSE 100.  As it doesn’t rely on fund managers or stock pickers, they tend to be an extremely cost-effective form of…

Following publication of the FCA’s Mortgage Market Study, the UK financial services regulator (Financial Conduct Authority) found that 30% of all consumers could have found an identical or better deal elsewhere, regardless of whether they received advice or not!  On the back of this the FCA proposes that when advisers do not recommend the cheapest…

Action fraud now gets around 600,000 fraud reports per year! – wow that is a lot of potentially ripped off clients! As our clients know we can’t stand pension (and investment) pilfering scum bags but here at Financial Fortress we have spotted a recent theme – beware of the 8% return! Now it may very…

This Sunday once again sees Chester Pride coming to our great and diverse city with its carnival of colour and acceptance, but unmarried members of our LGBTQ+ community (and indeed all unmarried co-habiting couples) face some very specific challenges to their finances which, given correct planning in advance can easily be overcome. Here we discuss…

Our eagle-eyed readers may have noticed our new branding which we have been developing over the last few months! Apparently, it is more in tune with our “friendly”, “local” and “jargon free” attitude to providing the best standards of financial planning. We hope you like it, get in touch and let us know! Our new…

Based in Wrexham and want to contact your local experts? You can now call 01978 788559 or pop and see us in our new offices on Chester Street, in Wrexham’s town centre! Our clients know we love to help them and we continually strive to make visiting us as hassle free as possible. Give us…

Just when you thought it was safe to plan for the future, MP’s have gone and shown again that the end of the “Brexit tunnel” is no nearer! Given the continued uncertainty, more and more people are asking us what this means to their finances and how they can “Brexit proof” them so here are…

The Government has recently made further changes to the licensing requirements of Houses of Multiple Occupancy (HMO’s) which means a further estimated 177,000 HMO’s may now require a license! If affected you may soon receive a letter from your lender demanding you either revert the property back to a single residence or pay back the…

According to Legal and General, the amount lent to family members entering the property market in 2018 rose to £5.7bn, with a forecast that 2019 will see the figure top £6.3bn!! The average contribution from a family member was £24,000 making family the 11th largest mortgage lender! How can this be explained? Well, as average…

Despite the Governments best efforts, the cost of providing the state pension continues to rise with the total cost now topping a whopping £96.8billion. (that’s £96,800,000,000)! According to the Department for work and Pensions, this is estimated to increase by a further 2.1% in 2019-20. Add in pensioner benefits such as housing benefit and the…

A dormant pension is one that has not been reviewed for some years and therefore, it is very likely the growth will be poor, your charges will be high and generally any money you have invested is doing very little to enhance your long-term financial security! We recently had a case where it had grown…

Don’t forget, we offer everyone our FREE pension tracing service to everyone with no-cost or obligation! A reminder of how it works: Give us a call on our freephone 0800 195 1818, where your named expert will ask for as much (or as little) information you have including former employers, previous addresses and former names….

We had a photographer visit our offices yesterday and we are really pleased with the results! What is it about photos though that makes us all feel uncomfortable? It’s only a camera! Anyway, here is a great team shot of us all looking slightly uncomfortable… as always get in touch with your dedicated expert to…

With the population getting older and remaining fitter for longer, government figures show almost 1 million people continue working whilst in receipt of their state pensions. Problem is, this can then result in heavy tax implications whereas many of these could choose to defer their state pension instead! According to Royal London, of these people…

According to a Which? survey, 66% of recent property purchasers experienced problems with buying their homes before completion! Many of the issues raised can be easily avoided with either some additional knowledge or by using experienced and trusted experts such as mortgage advisers for example. Problems cited in the report included delays with others in…

We are delighted to launch our new FREE pension tracing service which we will provide to all prospective clients without any obligation! Here is how it works:   You have a phone call with a qualified expert They complete a check on the Government’s pension tracing service They contact your possible providers and former employers…

We never get tired of reading our client feedback! Kieran started as a Trainee around 12 months ago and is now a fully qualified mortgage adviser. Nice to see our clients think as much of him as they do our company so well-done Kieran and keep up the good work!! PS: No your not getting…

When you put money into your pension, the Government rewards you by also tipping some cash in. It works by the pension provider automatically reclaiming 20% of your contribution and adding it to your pot. If you are lucky enough to be a higher rate taxpayer (earning more than £45,000 per year), you could even…

An Article produced by Aegon has highlighted the consequences of not been a member of a workplace pension for differing periods of time. Ultimately, this will have a negative impact on the fund value of your pension and lead to thousands of pounds being lost. The study conducted provided an example of a 22-year-old earning…

There were a total of 28,800 first-time buyers in March 2019 which is a drop of 2.4% when compared to the year before according to UK Finance. The total number of home-mover mortgages also dropped by 6% to 25,280 in the same period whilst the buy-to let market completed 5,000 new loans (9.1% drop) and…