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Decisive action will bring back growth

As expected, the terrorist attacks of September 11 continue to dominate the agenda and Chancellor Gordon Brown&#39s pre-Budget report speech in Parliament on Tuesday was no exception.

A great deal of emphasis was placed on economic growth in the speech and, despite lowering forecasts for 2002, the figures still look encouraging, with UK growth set to be the highest in Europe.

As with so many pre-Budget and Budget speeches, the good news is predominantly in the headlines but as the closer detail becomes clear the story loses much of its shine.

However, despite this, the action that has already been taken and measures put forward in Brown&#39s speech, in conjunction with those being put forward and implemented in the US and other major world economies, will certainly be good for the UK economy.

However, we must not forget that no country can insulate itself from a global slowdown and the UK is certainly no exception.

What happens in the US next year will determine the likely progression of equity markets around the world.

I believe that the decisive action taken on both mon-etary and fiscal policy by the UK Government will allow us to get through this period of uncertainty and to resume growth.

I am confident in predicting a positive return for equities in 2002.

Peter Seabrook manages the SG Asset Management UK growth fund


Savers&#39 boost for societies as the markets seesaw

Gross advances by building societies increased by £380m last month to £2.3bn from £1.9bn in September, says the Building Societies Association.Net advances leapt by 55 per cent to £487m from £315m the previous month. This was their highest figure since July, when they stood at £589m.The BSA says lending by its members have benefited from […]

&#39Disastrous&#39 new loan figures for Nationwide

Mortgage brokers have branded Nationwide&#39s interim results “disastrous” after the society admitted that its share of the new mortgage market has collapsed since April.Nationwide took only 0.2 per cent of the new mortgage market – from 9.1 per cent in the six months to October – after dropping discount loans from its range in February […]

Jupiter boosts multi-manager credentials

Jupiter propelled itself into the top flight of multi-manager providers last week as it acquired the independent managed funds business of Lazard Asset Management.The deal, for an undisclosed sum, will bring an extra £250m of assets to the group and will reunite Jupiter&#39s funds of funds team, led by John Chatfeild-Roberts, with the funds they […]

National insurance

The rate of employer&#39s National Insurance contributions reduces from 11.9% to 11.8%. The rate for employees is unchanged.Levels of National Insurance contributions for tax year 2002/2003 were set as follows:-(a)EmployeesThe Primary Threshold (ie. the threshold above which employee&#39s NI contributions are payable) is increased to £89 per week. The upper limit is increased to £585 […]

Is volatility dead? No, sell credit

There are several arguments that one could currently make for why credit markets look unattractive. These include signals that the US economy is in late cycle, the fact that corporate leverage has been increasing (with 2016 setting a record for the amount of global bond issuance), and that US high-yield default rates have risen considerably […]


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