Quarterly Newsletter - August 2019 - Paul Beard Introduction
by Alexander Beard, on Aug 14, 2019 12:00:57 PM
Welcome to the Summer edition of our Client newsletter.
After what seemed like an age of speculation, we finally have Boris Johnson as the new UK Prime Minister. Some might say it is just in the nick of time, but it is hard to imagine what negotiations can be completed before 31 October and so a ‘no-deal’ Brexit is increasingly likely. Whatever happens, it’s clear that the amount of trade between the UK and Europe warrants a smart solution to these political machinations, in the interests of all concerned.
My view? There will probably be a short-term downside from the likely slide in the value of the Pound, indeed we have already started to see this in the last few weeks. As a result, it seems that British holiday makers will suffer as their spending power diminishes; manufacturers and supermarkets chains who import raw materials will see their costs rise, in turn the cost of a UK family’s weekly food basket is likely to increase. These factors may well contribute to a fall in the UK stock markets, but perhaps less so in other parts of the world. Don’t forget we still have the currency and trade wars between the US and China to consider, which is of greater global importance even if our domestic woes seem more pressing……
I must confess to not sharing the gloomier medium to long term predictions for the future of a no-deal Brexit, it is going to be tough in the short term, but as a businessman (with direct interests in Europe through our companies in the Netherlands and France) I remain positive and this is a general outlook shared by all entrepreneurs and business leaders, otherwise we could not do what we do! Businesses tend to find a way to surmount obstacles, manage companies differently where necessary and survive and prosper in their sectors.
Just before we were due to send out the newsletter, this last day or so has had some quite dramatic movements on markets. I thought it might help to get an ‘in-house’ view from our Investment Director, Andrew Moore and the team at Alexander Beard.
Here at ABG Head Office we continue to strengthen our back-office teams and I welcome the following people to the group:
Christina James joined our Expat team on 1st July as a specialist paraplanner.
David Marnell joined our Accounts team on 22nd July.
Emily Coates and Rachel Hall joined our Employee Benefits admin team on 12th August.
We are preparing to relocate both our Yorkshire and central London branches mid-September, both in close proximity to the existing premises; all clients affected by this move will be notified in due course of new address and contact details.
Finally, we always welcome your views on the newsletter’s content and any suggestions you may have for regular features or one-off subjects in the financial world.
Enjoy the rest of the summer.