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Quarterly Newsletter - Spring 2012

The fallout from George Osborne’s March 21st Budget shows little sign of receding as commentators of all political hues draw attention to the unintended consequences of policy making ‘on the hoof’.  The reduction of the 50% rate, the so called “Granny tax” and the infamous “pasty tax” have all highlighted the difficulties of constructing a coherent policy when there are marked divergences from Coalition partners.  Imagine if the UK was governed by a coalition of seventeen…..

Plus ça change…..  Once again, the overriding issue seems to have been the current state of the Eurozone bond markets and the possibility for a break-up of the single currency.  Positive market moves are despite European problems, negative moves are because of them.  The Eurozone crisis remains as a bell-weather for investor sentiment despite a seemingly imminent solution at the time of our last Newsletter.