UK ‘through worst of financial crisis’
Monday 3rd August 2009, 12:15PM BST.
POSITIVE economic growth is ahead, according to Spearpoint chief investment officer Kevin Boscher.
He stated his belief that the UK was through the worst of the financial crisis at a recent trust seminar co-hosted by Spearpoint and Carey Olsen.
Mr Boscher encouraged investment managers not to adhere to the buy-and-hold strategy but to be active and dynamic in their investments.
‘The Armageddon scenario has slowly unwound since early March. Equities have recovered strongly, government bond yields have risen, mortgage rates have risen, commodity markets have rallied and credit spreads have fallen.
‘Although the market environment remains very challenging, many of these factors indicate that we are at least back to levels of last September, which is pre-collapse, so we are in a position to spread a more positive message.’
Speaking alongside Mr Boscher at the Managing risk in turbulent times seminar were Carey Olsen partner Russell Clark and Sanna-Liisa Valtanen of Asset Risk Consultants.
Advocate Clark reminded the trust professionals in the audience of their responsibilities during difficult times.
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I hope they’re right, but history shows from previous recessions that there are normally a series of false dawns of recovery before a full recovery takes place. I believe that there were seven such false dawns in the great depression, and economic cycles are usually repeated.
It may be a bit too early to be too optimistic, but then it’s in the interests of those at the conference to encourage trading, isn’t it?
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What an idiot this guy is. Possibly only a couple of quarters of negative GDP left. However that ignores the reality that UK unemployment count will increase by at least another million before it starts to come down again. In addition the UK tax payer will see taxes rise to pay off the £1 trillion plus that they are on the hook for to stop the UK banking system imploding. A financial crisis that the likes of Guernsey and its lawyers and administrators were happy to facilitate with the off balance sheet vehicles that greatly contributed to the collapse in lending standards.
I know the stock markets are in economic terms a leading indicator, but these comments are just so crass.
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Yep, and the high cost of borrowing takes the biscuit. Call this a good climate for entrepreneurs?
Corporatism. The electorates of the affected countries have no say on how these multinationals operate, and the deals they do with governments based on economic blackmail.
We toil for less while the bankers have a laugh.
We must ask the politicians questions on what exactly we are facilitating here. Is the argument that it provides us with more disposable income good enough? Well, it may be, but since the news around the world is always bad, and it is bad that the investment arms of the big banks are raking it in – that’s cash that the taxpayers are paying for, in the very poorest countries too, then maybe someone could come out and explain why we are so important in ‘oiling the wheels’ of global wealth. Instead of getting industry cronies to come over and say how “impressive” we are, why not get some independent assessors, unlinked to the accounting firms, with transparent objectivity to fill in the gaps to allow for proper democratic choices for the electorate.
I really want to know if our arrogant grandstanding is a deflection of the realities of some of our business. Some.
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