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Duty frozen in the last-chance saloon  Last week’s Spring Budget was eagerly anticipated, not least because it could yet turn out to be the last of the current Conservative era. Technically any General Election does not have to take place until the end of January 2025,...

Britain is open for business The Chancellor, Jeremy Hunt, used his Autumn Statement to ‘go for growth’. Because of better-than-expected economic performance, he put the increased tax receipts to use by unveiling a headline-grabbing 110-point plan for promoting growth. The highlights include making permanent, generous reliefs...

Investors will need no reminding that 2022 was one of the worst in living memory, with almost all mainstream assets delivering negative returns. But perhaps even more galling was that much of the damage to returns was caused by lower risk assets, the kind that...

If you are going to remove a Band-Aid, the best approach is very often to rip it off quickly, rather than tentatively easing it off. Sure, it might make your eyes water, but the discomfort is seldom long-lasting and certainly more palatable than prolonged discomfort. This...

Since we published our last update at the end of September it has been quite a tumultuous few weeks for investors. And it is not just shareholders that have had frayed nerves. Sterling has been hammered and safety-first investments like gilts, have been far from...

Note: Since this note was written, the International Monetary Fund (IMF) has openly criticised the tenor and content of last week’s budget. Whether this leads to any kind of moderation is unclear but in IMF terms, this was a blunt message. We will know more...

This will be a familiar term to any parent taking a young family on a long car journey. In the 1970s on the backseat of a hot, cloying Ford Cortina, I remember my own brother asking the very same question as we embarked on a...

It has been a few weeks since our last update and during that time financial markets have continued to gyrate. In the US, the S&P500 is down around 200 points, but in the UK, the FTSE100 is actually up by a corresponding amount. Two years ago...