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"You saw smaller companies in the UK get hit particularly hard," said Iain Barnes, chief investment officer at Netwealth. "Anything that's trading off the confidence in the UK market combined with interest-rate exposures, has really struggled, so we're avoiding those areas completely."
"Hopefully, the dialogue can provide some concrete quick wins, as both economies could benefit from it." Gerard Lyons, Chief Investment Officer, Netwealth
'“In a period of time when macroeconomic growth has been pretty unexciting and other sectors have had their challenges, that reliability of earnings delivery has given the market confidence” in US tech, said Iain Barnes, chief investment officer at Netwealth.
“Netwealth has seen a fourfold increase in the number of investors taking the tax-free cash from their pensions this year, with the average amount withdrawn a hefty £190,000. Many have used the company’s network model to transfer the cash into the names of adult children in their 20s and 30s.”
Gerard Lyons, chief economic strategist at Netwealth, says that while he still expects the BoE to cut interest rates, an impact of the increased spending announced in the Budget could mean inflation stays slightly higher for longer, limiting the ability of the BoE to cut interest rates.
“For example, Netwealth offered a free tax-harvesting service to lock in gains ahead of the Budget. The 25 per cent of clients who used this hopefully now feel justified at the news of a CGT rise from 20 per cent to 24 per cent at the top rate.”
Charlotte Ransom, chief executive of Netwealth, suggests the Government might cap the pension assets that can sit outside an estate on death. Alternatively, they could only allow tax-free passage to a spouse, as with other investments.
'The inheritance tax treatment of defined contribution pensions is currently very generous,' says Charlotte Ransom, chief executive of Netwealth.
