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The Kilminster Practice Newsletter 2021 – 5

Rushi Sunak budget 2021

Rushi Sunak’s “Robin Hood” Budget will work

 

It’s a balancing act

 

Rushi Sunak budget 2021Firstly, Rishi Sunak realises that the pandemic has closed down large elements of our economy and that impacts on employees and businesses alike, thus the Conservatives have not been found wanting in their compassion.

This is evidenced in Keir Starmer’s attempts to find fault in a budget that effectively neutralised the Labour party’s objections.

We applaud Sunak’s determination to care for the population.

Secondly, he is calling for us to pay more tax and if the country is to have the benefit of an 18-month handout, it is to be expected that we must pay for it or leave a legacy of debt to our children and their children too.

We think the future is bright – here is why

 

  1. It is already clear that the UK is now able to pursue its own policies as its sovereign right and that the first signs of that emerged yesterday with the announcement of eight new free ports in England
  2. Put that alongside 64 outline international trade agreements and its evident that we are moving far more quickly than our European neighbours.
  3. Capital allowances.  The Chancellor confirmed that businesses that invest, say, £1,000,000 in a capital item can claim £1,300,000 in tax allowances when they do so.  In simple terms, they can claim 30% more than they actually invest. This will massively boost investments in business.

 

But will our investments grow?

 

Yes, the UK will adapt to the new environment and more and more businesses will seize upon the opportunities offered by an increasingly “green” economy and the free ports

Therefore, if we are successful it is finally possible that UK centred companies, the FTSE 250 and UK Smaller Company sectors, will accelerate in value.

The FTSE100 meantime relies a lot on the strength of the pound as over 70% of its earnings come from abroad.  Thus the largest UK companies have to meet the global challenges for them to increase in value.

Free enterprise

 

At last, we are free to pursue free enterprise with a government that is relying upon a consumer and commerce led economic revival to create wealth and alleviate the debts of the pandemic.  It can and it will!

We commend this budget to the country!

PS  Today, 4th March 2021 markets fell, they will recover.  This short term volatility is a tussle between believing in the ability of future based companies to create real value.

Valuations for these businesses are very high and markets do not like the uncertainty attached to holding “wonder stocks” that truly are the future.

The alternatives are US Treasury Bonds (being actively avoided by Warren Buffett), Commercial Property savaged by the demise of the high street, Corporate Bonds that possibly offer some growth, Commodities but they depend upon confident investment in infrastructure to rise in value and, finally, Dividend-yielding shares currently decimated by the pandemic.

Thus, the only place to be is in Equities with real growth potential.

We could see a 10% adjustment before the share prices rise again so this is not the time to sell shares or the funds that hold them.

Hold tight, real growth will return.