Monument Bank chief reports affluent clients in fear ahead of Budget

Affluent British households are experiencing a heightened state of anxiety ahead of the upcoming Budget, according to the chief executive of Monument Bank. Ian Rand stated that his client base is increasingly concerned about economic uncertainty and the risk of making incorrect financial decisions in the current climate. The bank, which serves individuals with six-figure investable assets, has observed a significant shift in customer sentiment as they seek to protect their savings amid broader economic turmoil and speculation regarding further tax changes.

Rand described the client demographic as those who appear wealthy on paper but do not necessarily feel secure in their financial position, noting that this disconnect has never been more pronounced. He identified specific policy areas, including inheritance tax, rental property regulations, and value added tax on private schools, as key sources of concern for this community. Customers are reportedly re-evaluating their financial strategies in ways they have not previously considered, driven by a genuine fear of the future and a desire to avoid missteps in asset protection. Rand indicated that while the Budget may provide some clarity, the ongoing cycle of fiscal policy changes continues to create uncertainty for high-net-worth individuals.

The comments come as Chancellor John Healey prepares to deliver his first Budget at the end of the month. Economists have suggested that the government’s fiscal headroom, which stood at £23.6bn in March, may have been halved due to the impact of the Iran war. This reduction implies that spending cuts or tax increases may be necessary to meet fiscal rules, a challenge compounded by significant spending commitments from Prime Minister Andy Burnham. These commitments include nationalisation measures, capping bus fares, and removing VAT from energy bills. Burnham has previously emphasised the need for a greater sense of fairness in how public funds are managed and distributed.

Rand noted that many individuals who are not wealthy enough to employ financial advisers are particularly worried about their ability to protect and grow their wealth without professional guidance. His remarks coincide with the release of Monument’s accounts for the 2025 financial year, which showed net income rising by 35 per cent to £13.9m. However, the bank’s losses widened to £19.4m from £14.5m in the previous year, a result Rand attributed to investments in its banking platform services. Interest income at the bank grew by 87 per cent to £149m. Rand stated that 2026 is a year of building the business, expressing confidence that strong profitability will follow as the company scales, rather than remaining small and profitable.